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Most Americans are aware of the Great Depression of 1929 which may well be the most serious problem faced against our economic system many Americans lost their homes life savings and jobs This paper states the causes of the depression and summarizes the problems Americans faced during the eleven years Also this paper focuses on what life was like for farmers during the time of the Depression and tells what the government did to put an end to the Depression In the 1920s after World War 1 signs were apparent that a great Depression was coming A major cause of the Depression was that the pay of workers did not increase at all Because of this they couldnt afford goods While the factories were still manufacturing goods Americans werent able to afford them and the factories made no money Another major cause was related to farmers Farmers werent doing very well because they were producing more crops and farm products than could be sold at high prices Therefore they made a very small profit This insufficient profit wouldnt allow the farmers to purchase new machinery and because of this they couldnt produce goods quick enough A new plan was created called the installment plan This plan was established because many Americans didnt have enough money to buy goods and services that were needed or wanted The installment plan stated that people could buy products on credit and make monthly payments The one major problem with this idea was that people soon found out that they couldnt afford to make the monthly payment In 1929 the stock market crashed Many Americans purchased stocks because they were certain of the economy People started selling their stocks very fast Over sixteen million stocks were sold Many stock prices dropped to fractions of their value Banks lost
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