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The number of shares dumped on this day was 16.4 million. Some people think this was the cause of the great depression but there were many factors. Some of them were war debt policies and and tariffs cut down the foreign market for american goods, there was a crisis in the farming sector, easy credit was available, and there was an unequal distribution of credit.
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after the stock market crashed, many americans panicked and withdrew their money from their banks. 600 banks failed in 1929. 11,000 of 25,000 banks failed by 1933.
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unemployment was at 3% in 1929 and leaped to 25% in 1933
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one out of every four americans was out of a job
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the new deal helped to provide relief to farmers and workers. The Agricultural Adjustment Act raised crop prices and lowered production. The Civilian Conservation Corps put men from 18-25 years of age to work building roads, parks, and planting trees. The National Industrial Recovery Act provided money to states for job creation to construct schools and other buildings.
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Roosevelt extended relief , improved labor conditions, made the social security act, and expanded/regulated utilities. The social security act was one of the most important achievements of the new deal. It provided insurance for retirees 65 or older, an unemployment compensation, and aid to families with children and the disabled.
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