Summary of The Great Depression Documentary

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of people invested their savings or borrowed money to buy stocks, pushing prices to unsustainable levels. This caused some stocks to be valued 50 times what they’re actually worth. By October 1929, on a day known as “Black Monday”, the stock market lost 12 times more money in three weeks than the US government uses in a year. Billions of dollars were lost, wiping out thousands of investors. The next day, the panic selling reached its peak with some stocks having no buyers at any price.
Another thing I’ve learned from this documentary is that after not being able to sell his stock to the bank, a Man departed and apparently spread a false report that the bank had refused to sell his stock. By mid-afternoon a large crowd had surrounded the Bank of United States, estimating 20,000 to 25,000 persons. Many people started panicking, hysteria spread like wildfire. With $2 million being withdrawn from this branch alone, depositors who asked for their money and already got it ...

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