The response by Taskmasters lists the seven events accurately:
1. overconfidence in the nation's prosperity
2. farmers producing more than they could sell
3. large industries not as successful as they appeared
4. people buying too much on credit
5. competition from foreign countries
6. speculative buying on the stock market
7. United States extending loans to foreign countries for the purchase of its products
Allow me to provide some context/explanation regarding especially item #6 - "speculative buying on the stock market." In the 1920s, people were so eager to invest and earn profits through the stock market that they bought stocks "on margin." In other words, they paid for only a marginal percentage of the stocks with their own funds, and borrowed bank funds for the rest of the purchase. By the late 1920s, 90% of the purchase price of stocks was being made with borrowed money. This inflated the market in a way that spiraled out of control, and in 1929 the market crashed.
As to item #7, that also had something to do with spreading the Depression worldwide. After the Great War (World War I), Germany was required to pay heavy reparations payments to Britain and France. Meanwhile, Britain and France owed repayment of funds to the United States for borrowing they had done during the war. So the United States had been supporting Germany in the 1920s with loans. When the USA could no longer afford to extend loan monies to Germany after the market crash of 1929, that sent Germany's economy spiraling even deeper into the Depression than was felt in the United States.
