How did the stock market collapse of 1929 have a lasting effect on the American society?

Question

plz... kinda desperate :)

Answer 1

The generation that grew up during the depression became "savers".  They did not spend money but saved it for "a rainy day".  They did not even spend for health care.

The next generation saved their money for a specific item - homes, cars, appliances.  When they had the money, then they purchased what they needed.

The next generation, mine, motto was "Charge".  We charged everything.

The next generation, my children, spend and spend.

This is simplifying it but basically this is it.

Answer 2

Well during the 1920's everybody spent money on things and everyone was doing well until 1927-29. By then the economy was okay but was getting bad. As we all know on Black friday the stock market at the time which was at probably 1,000 points fell all the way down in a couple fo days. People everywhere became poor, and a lot of hardship was found. Since that time many americans usually the baby boomers or people born from that time period always spend things that are cheap and good because they know what its like to be dirt poor.

As of today's standards I am very disturbed by how people use credit cards for everything and cannot pay it off when the bill comes in. To this problem, jobs have been lost, houses devalved, oil was up to 145 dollars(now 113 a barrel), and things got bad. Bear Starnes fell apart and got bought by Chase. The head of the finace or for trading are very cautious as to what to do next with another stimulus package or to raise the interest rates so to get rid of inflation or the events of stagflation. I very sacred that another depression might happen at any time espically right now but I have a lot of confidence since oil went down a lot that things will correct themsleves and the economy will be fine, house be bought, jobs be secured, and oil will be history cause every car company is going electric in 2010. So if the Great depression teaches us anything that is be careful in how u spend your money and to save money if your not using it for another rainy day.  

Answer 3

Hard to imagine the answer to that one.  People today are spoiled rotten, don't appreciate anything, plus they repeated the same behaviour in 2001 -2002, selling off all their stocks without care for the stock market, the selling went rampant, companies mercilessly went totally belly up, lots of people lost their jobs instantly, and millions of people lost tons of savings and saw wealth shrivel up.  They didn't learn from history, they repeated it !  ps - George Bush just sat back and let it happen to all the peons regular people who always suffer while the big shots George Bush and Bin Laden play their games at our expense of our  well beng and our lives.  Shameful !