The Depression didn't start with the stock market crash. For ag industry it started in the early 1920s after the boom of WW1 turned to bust.
Bank runs forced banks that were basically solvent into insolvnecy as people attempted to turn their deposits into cash (see a Wonderful Life). Today FDIC insurance protects deposits up to $100,000.
The stock market crash was the result of everyone buying on the margin (easy credit) - only putting 10% down on a stock, riding it until it gained 10-20% and selling it and basically doubling their money. But once a stock started to slide the "investor" had to sell immediately to avoid a margin call. With most of the market operating on "margin" the panic sales drove the prices even lower. Similar to the housing market mess today. Many buyers never looked at their home as a place to live and spend the rest of thier life but an investment to be sold when it appreciated in value.
For all the talk about FDR - it has largely been forgotten that his rapid expanision of governemnt programs did nothing to end the depression. The rest of the world had largely recovered by 1936-1937 while the US was mired in it until the expansion of arms production and other material to supply the warring powers in 1940 finally brought unemployment down to "reasonable" levels. As a matter of fact manyeconomist and government officials feared that the depression would resume after the end of the war.
Thing to consider. While recruiting for WW2 the armed forces learned that a large percentage of young men were not fit to serve after years of malnutrition, US rate of rejection (4F) were even worse than the British found amoung their own young men. Today the poor in the US suffer from the exact opposite with extremey high rates of obsiety.
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Today's Featured Article - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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