Lesson 13-In My day II. The great Depression Causes of the Great Depression Speculation in the 1920s caused many people to buy stocks with loaned money. The stock market boom was very unsteady because it was based on borrowed money and false optimism Politicians believed that business was the key business of America. Thus, the government took no action against unwise investing Stock Market crash on October 24, 1929(black Thursday W BTL E To be continued on the next page.W B T L E Causes of the Great Depression: ▪ Speculation in the 1920s caused many people to buy stocks with loaned money. The stock market boom was very unsteady, because it was based on borrowed money and false optimism. ▪ Politicians believed that business was the key business of America. Thus, the government took no action against unwise investing. ▪ Stock Market crash on October 24, 1929 (black Thursday) II. The Great Depression To be continued on the next page. Lesson 13 – In My Day