The effects in the U.S were catastrophic. A lot of banks foreclosed and collapsed people were left unemployed and with the stock market crash every one lost all their savings. Farmers had to sell their farms and all of their possessions because that was the only way they could get payed.
The effects in Germany were also dreadful, because the German Mark was basically worthless at the time that translated into daily life. An average German citizen would have to save up for weeks and with hyperinflation of their currency a loaf of bread could cost up to thousands of dollars.