After October 29, 1929, stock prices had nowhere to go but up, so there was considerable recovery during succeeding weeks. Perfect prep for The Great Depression (1920–1940) quizzes and tests you might have in school. I. Introduction. During the first five years of the depression, the economy shrank 50%. They were the first to be laid off from their jobs, and they suffered from an unemployment rate two to three … Blamed for the Depression, the Republicans lost control of both Congress and the White House for almost two … By the end of the year, 650 banks had failed. In 1929, economic output was $105 billion, as measured by gross domestic product. The impact was widespread and the most severe depression ever experienced in the western world, causing high levels of unemployment for years … Test your knowledge on all of The Great Depression (1920–1940).  Effects of the 1929 Stock Market Crash: The Great Depression. African Americans - African Americans - African American life during the Great Depression and the New Deal: The Great Depression of the 1930s worsened the already bleak economic situation of African Americans. Lasting almost 10 years (from late 1929 until about 1939) and affecting nearly every country in the world, it was marked by steep declines in industrial … The problems of agriculture were made worse by several years of drought that turned a good part of the Great Plains into a dust bowl and triggered an internal migration of destitute farmers to California.   That's equivalent to more than $1 trillion today. The depression was caused by the stock market crash of 1929 and the Fed’s reluctance to increase the money supply GDP during the Great Depression fell by half, limiting economic movement. The Great Depression began with the stock market crash of 1929, which sent Wall Street into a frenzied panic and wiped out the savings and investments of millions of investors. As people became increasingly anxious about the security of their money, they withdrew their funds in cash, leading to bank … The Great Depression (1929-1939) was the worst economic downturn in modern history. Although it was released during the first year of the Great Depression, the 1930 film High Society Blues captured the speculative hope and prosperity of the previous decade. The economy began shrinking in August 1929. The Great Depression started in the United States causing an enormous reduction in the worldwide gross domestic product, which fell in the period from 1929 to 1932 by fifteen percent. “I’m in the Market for You,” a popular musical number from the … The last time Republicans controlled the presidency and Congress was in 1928, and the U.S. sunk into the Great Depression within a year. The wonder of the stock market permeated popular culture in the 1920s. National Archives, Washington, D.C. (12573155) The Great Depression of the late 1920s and ’30s remains the longest and most severe economic downturn in modern history. The Great Depression was a worldwide economic depression that lasted 10 years.