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The great depression was hard for anyone who lived through it. Times were not easy, many people did not have job and barely had any money to survive week to week. Yet somehow we all seemed to survive. Some were very wealthy at the time and some were very poor. Many found ways to survive and answer to why they had entered the great depression. It was their own fault.   The Great Depression was blamed on many downfalls in the economy, but none like the amount of debt and imbalance of wealth and income in the United States.
During the economic boom of the "Roaring Twenties," the traditional values of rural America were challenged by the Jazz Age, symbolized by women smoking, drinking, and wearing short skirts. The average American was busy buying automobiles and household appliances, and speculating in the stock market, where big money could be made. Those appliances were bought on credit
The down falls in the economy in the 1930’s were rather great. It is said that Smoot-Hawley Tariff Act was a big part of it. Many other economies counted on products from the United States. American exports declined from about $5.2 billion in 1929 to $1.7 billion in 1933. Hardest hit were farm commodities such as wheat, cotton, tobacco, and lumber.   Many were taking out loans and credit to the point where they never had the resources to pay that back. This got people into so much debt that when banks started closing people pulled all their money out and eventually the bans ran out of money to give to the people. The last ones their received none of their money and were in even worse trouble than when they got there.
Debt is seen as one of the causes of the Great Depression. In the 1920s, American consumers and businesses relied on cheap credit, the form to purchase consumer goods such as automobiles and furniture, and the latter for capital investment to increase production.   This eventually got to the point where people had so much credit and no work to pay anything off.   This is...