Dec 26, 2009

Seabiscuit: An American Legend | Historical Context

The Great Depression

In 1929, the U.S. stock market crashed, and practically overnight, persons of wealth were turned into paupers. Millions of Americans lost their fortunes, their jobs, their homes, and their hope in the years that followed. Although the stock market plummet may not have precipitated the Depression, it certainly contributed to the economic misery of the period. The primary factors leading to the Depression, however, were an uneven distribution of wealth (a small group of people controlling a disproportionate amount of money and power), accumulated war...