Categories: All - banks - unemployment - poverty - homelessness

by ZOE GREGORUTTI 3 years ago

156

Social consequences of The Crash

The economic collapse led to widespread social turmoil, particularly in the banking sector and among the working class. As banks faced insolvency, millions of savers demanded their money, leading to a virtual collapse of the American banking system by 1933.

Social consequences of The Crash

Social consequences of The Crash

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Unemployment

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People felt ashamed
Humiliation
Anger
People became homeless

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Slept on the streets

Doorways

Sidewalks

Driveways

Parks

Lack of food

Asing on the streets

Charity Kitchen

Rubbish

"Hoovervillles"

Houses made from recycled and found objects

Possesions taken from their home

Outskirts of cities

Couldn't pay rent
The poor
No payment

Stress

Many preocupations

No benefits
Government blamed
President Hoover

Banks in crisis

As the effect of the crisis, millions of savers wanted their money back from the banks
By the 1933, American banking system had virtual collapsed
bankrupt, the smaller banks were the first one
But the banks were in crisis

Who kept their jobs?

Most of the 60 per cent of workers in Chicago who kept their jobs saw their wages cut by a half or more