USA HISTORY

Detailed explanation-1: -The stock market crash of 1929 had a devastating effect on the culture of the 1930s. As investors, businesses, and farms lost money, they started to shutter and lay off workers. Banks closed as well. The Great Depression began in the 1930s, leading to soup kitchens, bread lines, and homelessness across the nation.

Detailed explanation-2: -While the crash of 1929 curtailed economic activity, its impact faded within a few months, and by the fall of 1930 economic recovery appeared imminent. Then, problems in another portion of the financial system turned what may have been a short, sharp recession into our nation’s longest, deepest depression.

Detailed explanation-3: -The 1929 crash didn’t cause the Great Depression outright, with only 16% of Americans invested in the market, but it lowered consumer spending, caused panic that worsened an ongoing recession, reduced corporations’ assets and hurt their future prospects, and contributed to a banking crisis.