The Stock Market Crash Flashcards
1
Q
Give an example of the booming stock market
A
Francis Fitzgerald’s barber earned $500,000 from the market.
2
Q
Why did the stock market crash?
A
Basically, they run out of people to sell to - products were made to last a long time so people didn’t need to keep buying
3
Q
What were the impacts on PEOPLE after the crash?
A
In 1932, 1/4 of the workforce was unemployed, a rise of 22% from just 3 years ago in 1929
4
Q
What were the impacts on SOCIETY?
A
In the 3 years after the crash, 5,000 banks crashed meaning people couldn’t get their money back
5
Q
Were people who still had jobs effected?
A
Yes - hours and wages were reduced
6
Q
What quote shows how people felt about the role of the president?
A
‘In Hoover we trusted and now we are busted’
