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Which was the more important cause of the depression – the low incomes of most Americans, or the Wall Street Crash?
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| Submitted: Thu Jul 11 2002
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Which was the more important cause of the depression - the low incomes of most Americans, or the Wall Street Crash? The depression lasted from 1929 to 1932; it meant that the U.S economy plummeted, meaning that the lives of U.S. citizens were also adversely affected. Due to the depression unemployment increased drastically, there was up to 80% unemployed in some towns, by 1932 there were 12 million unemployed people in the U.S. Parks became full of homeless and unemployed people, as people lost their life savings due to bank failures, shanty towns (Hoovervilles) built up everywhere. Farmers lost everything as transporting animals to market cost more than the animals themselves; drought and over farming turned millions of acres of farmland into a dustbowl. There was mass migration to the cities. In order to understand exactly why all this happened we need to look at the causes of the depression....
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