Between October 29 and November 13, over $30 billion disappeared from the American economy.  Within the first few hours the market was open, prices collapsed and wiped out all of the financial gains of the previous year.  Farm income fell some 50%, and by 1932, approximately1 out of every 4 Americans, 13 million people, were unemployed.  Banks couldn’t continue to operate.  11,000 of the 25,000 banks in America closed.  Farmers fell into bankruptcy.  By 1933, the value of stock on the New York Stock Exchange was less than a fifth of what it had been at its peak in 1929.  It was one of the worst depressions the world had known.
  The Great Depression lasted for 10-12 years. The presidential campaign in 1932 was chiefly a debate over the causes and remedies of the Great Depression.
  The election resulted in a smashing victory for Franklin D. Roosevelt with 22,800,000 votes.
 
 

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