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What was the long term cause of- People who were in deep debt from buying stocks on margin throughout the 1920s were then unable to walk away from the stock market because they needed a big payoff to cover their debts. This led to the Crash because people continued to play the stock market throughout the 1920s without putting enough cash into it to create real value.

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The correct answer to this open question is the following.

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The long term cause was the United States stock market crash of October 29, 1929, that initiated one of the worst economic crises ever lived in the United States: the Great Depression.

Yes, after the US stock market crash, millions of American citizens lost their jobs, thousands of US companies closed, and local and regional banks declared bankruptcy. It was a difficult time in which American families looked for different ways to survive the harsh economic conditions.

President Hoover did not want the federal government to help the people, and that made things worse.

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