There was an unprecedented amount of financial growth that was unable to be sustained due to the 1920s, but not everyone in the nation shared in this prosperity; this is a major contributing factor of the Great Depression. Herbert Hoover had an outdated belief on “rugged individualism” that kept him and his administration from intervening and regulating the government. The stock market was a big part of society, but “Black Tuesday” was the beginning of this recurring and prolonged cycle of booms and busts. There were multiple “black” days during this time, but October 22, 1929, “Black Tuesday” was the day millions of middle and working class people lost their life savings; this resulted in credit drying up, workers being laid off and “Hoovervilles” began to form (Globalyceum, “The Great Depression”). The unemployment rate in 1929 went from 3% to 25% all within a span of four years. The leading
There was an unprecedented amount of financial growth that was unable to be sustained due to the 1920s, but not everyone in the nation shared in this prosperity; this is a major contributing factor of the Great Depression. Herbert Hoover had an outdated belief on “rugged individualism” that kept him and his administration from intervening and regulating the government. The stock market was a big part of society, but “Black Tuesday” was the beginning of this recurring and prolonged cycle of booms and busts. There were multiple “black” days during this time, but October 22, 1929, “Black Tuesday” was the day millions of middle and working class people lost their life savings; this resulted in credit drying up, workers being laid off and “Hoovervilles” began to form (Globalyceum, “The Great Depression”). The unemployment rate in 1929 went from 3% to 25% all within a span of four years. The leading