AI overview of Great Depression--copied and pasted.

The Great Depression, a severe global economic downturn, began in the United States with the stock market crash of October 1929, often referred to as "Black Thursday," and quickly spread worldwide, marked by bank failures, high unemployment, and a decline in global trade. Here's a more detailed explanation: Stock Market Crash (October 1929): The rapid expansion of the stock market during the 1920s, fueled by speculation and buying on margin (borrowing money to invest), led to an unsustainable bubble. When the bubble burst, stock prices plummeted, wiping out billions of dollars in investments and triggering a wave of panic. Banking Panics: The stock market crash exposed weaknesses in the financial system, leading to banking panics as people rushed to withdraw their money from banks. Global Economic Contraction: The US was the largest economy in the world at the time, and its economic downturn had a ripple effect on other countries, particularly those reliant on US trade and loans. Smoot-Hawley Tariff Act (1930): This act, which imposed high tariffs on imported goods, further exacerbated the global economic crisis by hindering international trade. Gold Standard: The adherence to the gold standard, where currencies were pegged to gold, meant that countries had to raise interest rates to maintain their currency's value, further depressing economic activity. Other Factors: Other factors that contributed to the Great Depression included overproduction in agriculture, mounting consumer debt, and decreased industrial production. Great Depression - Wikipedia

The economic contagion began in 1929 in the United States, the largest economy in the world, with the devastating Wall Street stoc...

Wikipedia

The Great Depression - Federal Reserve History

The Great Depression began in August 1929, when the economic expansion of the Roaring Twenties came to an end. A series of financi...

Federal Reserve History

Great Depression Facts - FDR Presidential Library & Museum

The beginning ofAmerica's "Great Depression" is often cited as the dramatic crash of the stock market on "Black Thursday," October... FDR Presidential Library & Museum Show all Generative AI is experimental.