Boom to Bust By IsaaC Berkowitz
In the 1920s the farmers did not do well at all. Before in World War 1 they did amazing because the country did not grow their own crops. When the 1920s hit there was overproduction and the farmers economy was not doing well because the prices were so low. The 1930s for farmers was an ongoing depression. Farms still got closed for foreclosure because farmers could not pay taxes. The 1930s was even worse for farmers. They had their houses destroyed and there was many people that died in the dust storms. The dust bowl hit the Midwestern and Southern plains. In fact, the dust bowl was so bad that many farmers moved to California. It was one of the biggest migrations ever. In the 1920s for bankers and stockbrokers life was perfectly good. They were living the life of luxury. They ignored the warnings of the stock market crash and almost everybody bought stock (mostly on margin). Once the stock market crashed people tried to pull their money out of the stock, but it was just too late. Stockbrokers went into deep debt because they could not collect on their debts. Many people looked toward the banks to give back their money, but they could not because of unpaid loans. Between 1930 and 1933 around 5,500 banks total closed all around the country. The economy was demolished.