The Great Depression lasted for a decade and occured when the stock market crashed due to people from millionaires the cleaners poured their savings into stocks. Because of this the market underwent a massive expansion peaking in August. By this time production declined and unemployment increased making stocks valued more than they were worth and wages at an all time low.
It was a shock when the stock market crashed sending wallstreet into havoc and wiped out millions of investors. Over the next several years, investments and spending were decreasing rapidly, causing steep drops in industrial output and employment as failing companies laid off workers. By 1933 the great depression hit rock bottom with at least 15 million unemployed Americans and half the country’s banks had failed.