Topics: Wall Street Crash of 1929, Great Depression, United States Pages: 2 (470 words) Published: February 15, 2014
The United States has been the land of opportunities where many people around the world have moved in order to change their standard of living. Since the independence of the United States, Americans have strongly believed their traditional values. Datesman, Crandall, and Kearny (2005) list perfectly the six American values, which are individual freedom, self-reliance, equality of opportunity, competition, material wealth and hard work (p.29). One of the most important traditional values that people have strongly believed is called equality of opportunities which means that everyone has a chance to succeed. In addition, by working hard, Americans had invented and created many technologies by the ends of 1890s. Hence, the early 1900s were the years of the industrial revolution. People had gotten rich overnight, and the unemployment rate was very low. Life was so beautiful, and many people achieved their American Dream. Some people Started having a bigger dream by buying some stocks in the many firms such as General Motors, General electric’s and Ford. However, late in the 1920s, the United States had had the biggest economic disaster that they had ever had. The stock market crashed; as a result, many people lost everything overnight, so people who were rich the day before would get poor the next days. Many people lost their jobs; therefore, the unemployment rates were very high. People wondered what happened and how they would overcome the problems. How could we explain that someone who was rich the day before would become poor the next day? There are several main causes and effects of the stock market crash of 1929 which led to the Great Depression. The rapid growth of the number of bank in the 1900s was one of the causes of the Stock market crash of 1929. At the end of the 1890s and early 1900s were the years of the industrial revolution. Many big firms were created; thus, many banks were created in order to secure the money produced by those companies....
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