The United States of America is today infamous for having the largest economy. At least that's according to Investopedia, one of the best information marketing organizations. Thus, the nation became infamous as the “Land of Opportunity”. A good economy has several advantages, but it also has disadvantages. The stock market crash of 1929 was the result of a combination of rising stock prices, bank abandonment as well as unsustainable inflation throughout the 1920s. This led to significant unemployment; approximately 30% of the national workforce was now unemployed, large businesses went bankrupt, and many citizens had to sell their businesses. Overall, the economy was disastrous, the great slogan of the United States was presented to the public as a lie. In this article, I will expand on the many impacts of the stock market crash. Despite all these negative benefactors, the stock market crash paved the way for political reforms as well as an economic and industrial revolution. Throughout history, America was known for having the best economy, this phenomenon was so well known that the region was nicknamed the "Land of Opportunity", simply due to the large number of investment opportunities . The concept of the “American Dream” was so well known that it inspired millions of immigrants to come to the United States to start a new life. One of the benefactors resulting from this incredible economy has been stocks. The general public could profit from these so-called stocks, which were so profitable that many individuals made millions from the industry. This is how a location in industrial New York became infamous for the stock market. This place was known as Wall Street. Brokers would offer you to buy shares of a company, basically you own a part of that company. If the company does well, the value of that stock increases, so you make a profit. If the company doesn't do well, the value of your stock goes down, so you lose money. By 1929, the value of stocks had fallen dramatically due to the number of large companies going bankrupt unexpectedly. Millionaire Wall Street brokers as well as shareholders who had invested in a large number of American companies had lost all their investments in terms of value. There were several economic disasters occurring at the same time, one as a result of the other. All these disasters, including the Bank Run and inflation, acted as a catalyst for each other. Say no to plagiarism. Get a custom essay on “Why Violent Video Games Should Not Be Banned”?Get the Original Essay The abandonment of banks in the United States was a major contributor to the stock market crash. The banking sector was important in all regions located in the United States. Many business owners deposited their income into the banking systems, which clearly showed the importance of the banking system. This was the fundamental basis for anyone making profits and investing in savings. Before the market crash in 1929, there was a time when the public was finally informed about the state of the economy. That's when all Americans decided they needed to get their deposits back so they wouldn't lose more money. 16.4 million shares were traded in one day. The big banks were forced to close their doors because they had gone bankrupt. No currency was circulating on the market. Basic consumers including those who had invested in the banking systemare found empty-handed. Billions of savings have been lost due to the number of individuals returning their deposits. This is what caused the “Bank Run”, an event that began in Nashville, Tennessee in the 1930s, where people withdrew all their virtual savings from their accounts. This has had a devastating effect on banks, to the point where they are no longer reliable at all. Unsustainable inflation played a major role in destroying the United States economy. Inflation is the ideology that the price of general products increases over time. Inflation is most common when the value of a currency decreases. After the great stock market crash, in order for companies to continue to profit from their activities, they had to increase their production. This consequently forced the public to purchase this same process for a large sum of money. During this period, the value of the dollar declined considerably. So the public started losing money. This was devastating to the public as banks failed to return their deposits while the value of the dollar fell. People simply couldn't afford to buy products that were increasing in value. This affected both the public and large businesses. As a result, due to the immense loss of funding, these companies have been forced to cut salaries or even eliminate jobs altogether. The number of people employed is a benefactor that contributes to the development of an economy. This explains why countries like China and India have extremely sustainable economies. These countries rarely experience economic disasters. Their considerable, but growing, number of employed people contributes to national GDP, meaning that domestic production and exports are very productive. In the United States, employment rates were very good. The stock market crash caused a serious economic downturn, followed by the Great Depression. This event was probably the most devastating economic collapse in American history. At its lowest point, about 15 million Americans were unemployed. The stock market crash only affected shareholders and brokers, as companies were unable to sustain themselves, they had to cut salaries and job opportunities. The average family income fell 40 percent between 1929 and 1932. Income fell from $2,300 to $1,500 per year. Today it is worth $19,000. No one could afford basic necessities. Despite all the negative impacts of the stock market crash on the general public, several benefactors emerged from such a devastating economic disaster. Every business had lost money, families were left homeless, and overall nothing was improving. In the minds of all Americans, President Herbert Hoover was widely blamed for the stock market crash. In reality, the stock market crash was the result of an accumulation of regulations from its predecessors. Many unemployed Americans waited in bread lines and lived in places derisively nicknamed Hoovervilles. Once the re-elections were called, President Hoover had lost to President Franklin D. Roosevelt by a landslide. This new president promised to deliver a better economy to all Americans devastated by the economic collapse. This was exactly what the general public wanted, so this president was easily elected. Recovery from the Great Depression began in early 1933. Political reform had focused on realistic political representation, particularly after the stock market crash. The new president had a plan to ensure the stability of the economy by creating.”.