Hard Times
On February 1928 the stock prices started to climb and within eighteen months it doubles the Dow Jones Industrial average. The trading of mushrooms went from two million shares per day to over five million shares. People started to borrow money so that they could invest in the stock market.
On October 21st and 23 of 1929 there were problems, the stock prices were declining and then picking up. J.P. Morgan and other businessmen tried joining together to coordinate wholesale buying of stocks. They tried to strengthen the market and put limits to the decline. But “Black Tuesday” hit the market where stocks prices dropped dramatically causing the crash of the stock market.
Hoover decided to get the banks that were doing well to contribute two to three million to help rescue the other banks that were affected. Unemployment became an issue; people were out of work, losing their home and hungry. With all of that the drought came which worsen by 1932. The dust storms cover houses, buried animals and cars making people unable to farm. In the beginning of the depression, about half of blacks still live in the South. Blacks living in the city were doing better than blacks in the South.
It was really bad for blacks because they were already doing poorly and now the depression is make it worst for them. Things were given to whites because they were superior and blacks had to do whatever they could to stay alive. The Mexicans and Asians also went through similar things. For example in California, people came from all over the country looking for work and they would get the jobs instead of the Mexicans. Welfare was denied to those of Mexicans descent and about five hundred Mexicans went back to Mexico with the hope of a better life. Asian was not allowed to have certain jobs, so they stayed within their own community.
The confidence of the nation started to change because of the depression. By March of 1929, Herbert Hoover begins his presidency.