People were afraid to spend money. It was the equivalent of a heart attack being suffered by someone with high blood pressure. It started in September and ended late in October, when share prices on the New York Stock Exchange collapsed.. The Wall Street crash had a huge psychological effect on the American population. There was also a Black Thursday and a Black Monday. The Wall Street crash eventually led to the Great Depression. Study suggests that the financial impact of COVID-19 is comparable to the Wall Street Crash of 1929. This is not an example of the work written by professional essay writers. Following the optimism of the 1920s, people were keen to invest in stocks and shares, where they believed they could make a fortune. Banks themselves are investors and they suffered as the stockmarket prices spiralled downwards. The same causes, same effects and same approach in handling the situation. The Wall Street was the initial cause for triggering Great Depression and it is the initial cause for this recession as well. The Effects of the 1929 Wall Street Crash resulted in the closure of banks, high levels of unemployment, bankruptcies, suicides, starvation, evictions and wage cuts that led to the Great Depression. The American economy had been enjoying a boom through the “Roaring 20’s”. 14 hours ago. The Wall Street Crash preceded the Great Depression, which lasted well into the late 1930s. The effects of the Wall Street Crash were felt all around America as people starved, businesses became bankrupt and unemployment rose. After the Wall Street Crash of 1929, the Great Depression brought hemlines crashing back down to the floor with its grim psychological effect on the public. The lack of money and merriment meant the debauchery and risk taking of the ‘20s disappeared and was replaced by a return to a level of modesty – both economically and fashionably. The global impact of the 1929 Wall Street Crash resulted in the world-wide collapse of share values. What were the Effects of the Wall Street Crash? Only a few years after the Wall Street stock market crashed in October 1929, America had fallen into the Great Depression - the greatest financial crisis in its history.. America in the 1920s was generally a … Wall Street Crash: The consequences By Maury Klein Professor of History, University of Rhode Island The crash did not cause the 1930s slump, but it laid the groundwork. This era was known as the Great Depression and would last for another ten to twenty years. For comprehensive facts and information refer to the Causes and Effects of the Wall Street Crash. The Wall Street Crash occurred on the 28th of October 1929, and lead to an international Great Depression that lasted through to 1939. This era was known as the Great Depression and would last for another ten to twenty years. The Wall Street crash had … PLAY. 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