The Great Depression and Recession of 2008There were many causes for the Great Depression of 1929; the most obvious was the stock market crash of 1929. This crash started on October 24th, then on October 29th the stock market crashed on a day called Black Tuesday. After that everything collapsed, the banks went bankrupt because they no longer had the money to distribute to people. There has also been a reduction in purchases across the board. There was also a severe drought and American economic policy towards Europe was harsh, which caused businesses to collapse. These things added to the Great Depression and how bad it became because the people and the land were not cooperating. People living in the Great Depression had many hardships and struggled every day just to find money to buy food. People were starving and hunger, poverty and unemployment were spreading. When stocks crashed, the unemployment rate went from 9% up to 25%. An estimated 15 million people lost their jobs as a result of the Great Depression. Banks had to close because people would take all their money out of the banks and because people did that, the banks had no money to give to their people and would have to close which caused some people to lose all their money. they had money in the banks. About 9,000 banks failed because of this and people who had savings accounts lost everything, more than 9 million savings accounts were wiped out. During the Great Depression, banks failed. Bank deposits were uninsured and caused banks to fail and caused people to lose their savings at the failing bank. Banks that were still going through the Great Depression were unsure of the economic situation and were worried about their survival and hoped that they could simply wait until the situation recovered, so they stopped lending. Also, with the stock market crashing, the fear of it crashing caused people to stop buying things, which caused things made by companies to fail because no one buys their products, which means they have no money to pay their workers, which means companies should do so. declare bankruptcy. When companies go bankrupt things go through the roof like milk or sugar because no one produces it and there is demand so there was inflation in the daily life of a citizen.