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By 1929 over 20 million people owned shares. Many ‘speculators’ bought their shares ‘on the margin’, while ordinary people bought them on HP. In the Autumn of 1929 some investors (including banks) lost confidence and began panic selling shares – this lead to prices tumbling. This became known as the Wall Street Crash. On October 24 otherwise known as ‘Black Thursday’, 13 million shares were sold; on 29 October, 16 million shares were sold.
As the American economy worsened the November 1932 presidential elections came and were won by Franklin Delano Roosevelt, a democrat. Although he had no specific policies, he promised a ‘New Deal’...
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Common topics in this essay:
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