Great Depression
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How did the great depression start?
On October 29, 1929, the great depression started. Could you give me an explanation how it happened, like the people stopping to buy stuff. And this is Canadian history im learning, so if you have anything canadian, that would great, if not, just whatever on the great dep. is great, thanks
Much like the great depression that we are experiencing right now. Wall Street went crazy with wild speculative investments which were little more than a house of cards. People invested good dollars in companies that frittered away the investments ultimately rewarding those on the inside and those with inside information.
Some speculate that an elite few knew what was about to happen and helped it along. Bank credit suddenly became unavailable, people lost their life savings, and the wealthy continued to buy up assets (houses, property, company stock, investment instruments) at bargain basement prices. After the recovery, some of the wealthy elite were even better off.
If you want an answer that your teacher will like, you had better look at one of the many boring high school text books on the subject. It may not be the absolute truth, but it’s the text book answer the teacher expects from top students.
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