GREAT DEPRESSION INTRODUCTION
The 1920's, AKA as the "Roaring 20's," were an age of dramatic political and social change. For the first time, more American's lived in cities than on farms. The nation's total wealth more than doubled between 1920 and 1929. This economic growth swept many Americans into a wealthy but unfamiliar "consumer society." People from coast to coast bought the same goods, listened to the same music, and spent their free time dancing. However, by 1229 consumer spending dropped and unsold goods began to pile up, slowing production. At the same time, stock prices continued to rise, and by the fall of that year had reached levels that could not be justified by expected future earnings. On October 24, 1924, the stock market bubble finally burst. A record 12.9 million shares were traded that day known as "Black Thursday." Five days later, on "Black Tuesday" some 16 million shares were traded after another wave of panic swept Wall Street. Millions of shares ended up worthless, and those investors who had bought stocks "on margin," were wiped out completely.