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The Events that Lead Up to the Great Depression
Transcript of The Events that Lead Up to the Great Depression
Tariff Act Overproduction Bibliography Black Tuesday took place on October 29th in 1929. It was the worst day of stock market sales during the whole stock market crash at that point, with sales plunging profoundly. When people rode off of their high from the excitement of mass production, they realized that things like refrigerators and mattresses are something that people do not need to constantly replace or buy new ones of them. This led to overproduction, where companies were producing much more than people were buying. Over production combined with the rising prices of stock resulted in underconsumption. Underconsumption is when consumers are not buying as many items as a company is putting out, causing profits to go down. The Hawley-Smoot Tariff Act was a law passed in 1930 to protect United States businesses and farmers by raising the tariffs on imported items. Farmers were effected early on by the Great Depression because they could not sell nearly as much fresh
produce as before. http://jdayhistory.weebly.com/buying-on-margin.html
http://www.enotes.com/smoot-hawley-tariff-act-1930-reference/smoot-hawley-tariff-act-1930 The stock market crash took place during October of 1929. It was a period of plummeting stock prices and helped lead to the start of the Great Depression. Buying on margin was when a stock buyer paid a certain percentage of the price of the stock and loaned the rest from a stock broker. This allowed the person to get a higher profit if the stock did well. Mr. Hawley and Mr. Smoot A Buying on Margin poster A news article about Black Tuesday