hahaha! HELP! can anyone put the theories for the great depression in small words for me?

Question

Keynesian, Monetarist, the Austrian explanation, and what is the Gold Standard? Smoot-Hawley Tariff Act Glass-Steagall Act...and what are the three main factors of the great depression

Answer 1

The gold standard is the thing that our currency was backed by. Before the gold standard, the silver standard was used, meaning people could trade silver for paper money and vice-versa. The 3 main factors of the great depression were:
1. People could buy things on credit, they didn't need actual money to buy something.
2. An un-even distribution of the money... a small wealthy class with a majority of the money and a poorer class which was the majority of the population but a minority of the money.
3. The stock market was where a majority of the population placed their money, and once there was a slight fall in the stock values, inexperienced traders pulled all their investments out removing a lot of money and support from the stock market. banks also invested customer's money on the stock market, and when everyone came to remove their money from the banks, the banks couldn't pay them back and had to close down.
These three things caused the great depression and prevented the economy from recovering quickly.

Answer 2

Values of many stocks went down on the New York Stock exchange. This had the effect of putting many people out of work so therefore there was generally little money available for people to spend so the situation got even worse. This was before many social programs existed so people often had no safety net and ended up losing their homes which was why so many people were living on the road searching for any way to make a couple dollars to survive until the next day.