During the late 20's, many Americans spent and invested in money they didn't even have. Investors loaned over $8.5 billion from brokers, hoping that the stock pile would continue to increase. Unfortunately, it did not.
On October 29, 1929, the stock market crash a.k.a Black Tuesday, was an event that led to the Great Depression.
When the stock market crashed, many Americans withdrew their money from banks, causing many banks to become bankrupt.
President Herbert Hoover called it "a passing incident in our national lives" and told the Americans that it could just pass in 60 days.
The Dust Bowl caused hundreds or thousands of farmers to be unemployed.
Effects
More than 9,000 banks closed by 1933 which caused millions of Americans to lose their life savings