THE GREAT DEPRESSION 1929 1940
THE GREAT DEPRESSION
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Most Texas farmers could at least feed their own families
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The stock market didn’t reach Northern Texas
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Texans were more generous with their earnings
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None of the above
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Detailed explanation-1: -The money they brought and the jobs that were created helped to buffer Dallas from the worst of the Depression. The event also helped to focus the world’s attention on the state, promoting the idea of Texas as a place to vacation and do business.
Detailed explanation-2: -Banks began to close, foreclosures increased, and the drop in the price of cotton hurt many farmers. Between 1930 and 1932 crop revenues in the state fell by about 21% and overall per-capita income fell by about 18% (Annual Report of the Comptroller of Public Accounts of the State of Texas, 1930 & 1932).
Detailed explanation-3: -Farmers Grow Angry and Desperate. During World War I, farmers worked hard to produce record crops and livestock. When prices fell they tried to produce even more to pay their debts, taxes and living expenses. In the early 1930s prices dropped so low that many farmers went bankrupt and lost their farms.
Detailed explanation-4: -It began after the stock market crash of October 1929, which sent Wall Street into a panic and wiped out millions of investors. Over the next several years, consumer spending and investment dropped, causing steep declines in industrial output and employment as failing companies laid off workers.