1692245
Description
Mind Map by stevenolan40, updated more than 1 year ago
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Created by stevenolan40
over 11 years ago
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America in the 1920s
- Wall St. Crash
- The economic boom led to an over confidence in the stock market
- Americans took out loans to buy shares on the margin
- On October 24 (Black Thursday) share prices began to fall
- Panic selling caused prices to fall quickly
- On October 29 (Black Tuesday) share prices fell by $40 billion in a day
- Panic selling caused prices to fall quickly
- On October 24 (Black Thursday) share prices began to fall
- Many companies were forced out of business
- Banks called in loans and those who could not pay became bankrupt
- Loans to customers stopped too and many could not afford to buy products
- Banks called in loans and those who could not pay became bankrupt
- Rise in unemployment
- Between 1929 and 1932 unemployment rose from 2
million to over 12 million
- Between 1929 and 1932 unemployment rose from 2
million to over 12 million
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