PRESENTATION OUTLINE
When the Stock Market crashed in 1929 investors lost a total of over 30 billion dollars.
People who had not participated in the Stock Market were impacted heavily.
Banks tried to call in loans but people had no money to pay the banks back.
Because the banks had no money, they were unable to pay people who kept their money in savings or checking accounts.
One day people had money in their accounts and the next day they didn't.
As a result, both the rich and the poor stopped buying goods.
More goods were being produced than were sold and businesses began to lay people off.
By 1933, 85,000 jobs had been lost and 1000 people a day were losing their jobs.
President Hoover's solution was to try to save failing banks with the hope that benefits would "trickle ddown" to every day Americans.
