The Great Depression 1929-1942 was the economic downturn. On October 29, 1929 the stock market crashed wiping out millions out of work. The economic slowed down and then it shrinked in size. It then progressed to a recession and then to a panic. This progressed over the years and a series of bad decisions to slow down the economy into depression. Which then led to WWII.
Franklin D. Roosevelt was elected in 1933, he was a democrat. He also had a plan to help the US get out of the depression. FDR promised Americans the government would help them directly- unlike Hoover. FDR had the complete opposite idea of Herbert Hoover. FDR believed the government should help the people. He called it Prime the Pump. Which helped the people first and then it would help the businesses. In his First Hundred Days he enacted many new programs which gave people direct aid and increase the role, size and power of the Federal government. These programs are called the New Deal. They helped Americans a lot. It got people employed and off the streets and back to normal.
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The starting of WWII gave people work. The U.S. needed warfare materials so the factories opened up and people were hired to work. Therefore helping us get out of the depression. Herbert Hoover was the 31st president who was trying to get the U.S. out of the depression. He believed that the government should not help the people but charities should. The problem with that was no one was donating to the charities because no one had anything to give or donate. Hoover used trickle down economics. Which meant he would help the businesses first and then it would eventually lead to the people, his idea was a long term plan and they needed a short term plan to help the people. Herbert Hoover believed helping the businesses would improve the economy. His plan did not
Widespread in the chaos of the world. High unemployment rate. Stock market crash. Bank Failures. These events made up a time in America called the Great Depression.
The 1920/21 depression did not last as long as the Great Depression. During the recession 1920/21 the economy was shortly reorganized in year and a half and the unemployment rate had reduced dramatically. President Warren G. Harding took action to cut federal budget in half and decreased taxes. Although Congress asked government to offer assistance and stimulus, but President Harding declined. He believed the government would not do much of job getting the economy in order.
Contrary to popular belief, the Great Depression went beyond the shore of the United States and had a major impact on multiple countries. All countries involved in trade with the United States were greatly affected- one of these being Germany. When our stock market crashed, the production of various products were put to an abrupt hault. Without the necessary money and supplies to manufacture products, there was no way to do so. Then, this resulted in the loss of jobs by many factory workers bringing the unemployment rate in the US to a mind-boggling 24.75% in 1933.
The Great Depression was a time of great economic tragedy during the 1930’s. October 24, 1929 was the day of the stock market crash, causing economical shortage everywhere, even globally, and this scared everyone, including the rich. This day was/ is known as “Black Thursday”, where over 2.9 million shares were traded. On “Black Tuesday”, five days later, more than 16 million more shares were traded in another wave of panic. Many investors then lost confidence in their banks and demanded deposits in cash which forced the banks to liquidate loans in order to supplement their on hand cash reserves. By 1933, around 15 million Americans were unemployed and nearly half of the country’s banks had failed. This stopped Americans from purchasing which then led to less production of goods and decreased the amount of needed human labor. In the end, millions of shares ended up worthless, and those investors who had bought stocks with borrowed money were wiped out completely.
After the Civil War, America started experiencing prosperous times in terms economic boom. However, in September, 1929 things took a different twist when the stock prices fell abruptly, eventually leading to the stock market crash the following October. This, combined with rising personal debt triggered the Great Depression, the worst economic collapse since the onset of industrialization. The ensuing effect was collapse of banks, closure of businesses and a quarter of the employed Americans lost their jobs. Further, families became homeless and some resorted to camping out on the Great Lawn in New York City, which was an empty reservoir then.
The Great Depression The Great Depression was a horrific time for people. People who lived through the time were bankrupt, there wasn't much rain and how the president resolved the problem. The Great Depression destroyed both dreams and lives. But the president did his best to fix this problem and that was the end to the Great Depression. First of all, everyone was bankrupt.
The Great Depression was one of the most disastrous events that negatively impacted America’s economy, and was triggered by the crash of the stock market. One long term cause of the Great Depression would be the Dust Bowl. The Dust Bowl caused the prices of many foods to decrease in price rapidly, and farmers had to give up their jobs due to the dust storm. This was one of the causes of the Great Depression because it made farmers unemployed and deprived of money. Another cause would be the banks because no one trusted the banks and did not lend them any money. Since people did not loan money to the bank, the banks in turn was not able to loan others money when they were in need of direct relief, causing many to become unable to support themselves. Herbert Hoover was elected in 1928, beating Al Smith in the election. Three things he believed in was that the economy had natural cycles, how he believed in a theory of rugged individualism, and had a wait and see approach. Therefore, he believed that the economy would eventually fix itself back to its original state before the depression, but that was an unrealistic approach. Hoover also believed in rugged individualism, so he did not create any programs to give direct relief to the citizens who needed help. In the end, Hoover prolonged the Depression by not acting quickly and not providing help to others, especially the unemployed. FDR got elected in 1932, and he on the other hand, acted quickly to restore public confidence. He
Franklin Roosevelt was the President of the United State. His presidential term began on March 4, 1933, to April 12, 1945. He tried to end the depression with The New Deal. The New Deal had a bad impact with
The America in the 1930s was drastically different from the luxurious 1920s. The stock market had crashed to an all time low, unemployment was the highest the country had ever seen, and all American citizens were affected by it in some way or another. Franklin Delano Roosevelt’s New Deal was effective in addressing the issues of The Great Depression in the sense that it provided immediate relief to US citizens by lowering unemployment, increasing trust in the banks, getting Americans out of debt, and preventing future economic crisis from taking place through reform. Despite these efforts The New Deal failed to end the depression. In order for America to get out of this economic
The great depression was the longest economic downturn in the history of the world. It began after the stock market collapse in 1929. That depression caused many people to be unemployment in the United States. In 1933, the United States government began to issue a series of programs that called the New Deal. The Great Depression and the New Deal had an effect over the long run.
The Great Depression was a economic depression that took place during the 1930s. It was the mistake that president Hoover(31st) made. He said that everything will be ok,the economy will be fixed by itself. And it didn’t at all. The year before Hoover became the president which is 1932,the GDP was 173. And the last year of his term the GDP was 133. He didn’t do anything with the stock market and bank crush,because he thought they could be fixed by themself. And it was totally wrong. Meanwhile he let the reporter wrote on the newspaper that everything is good, we will be fine. He lied to people when he was a president. After that Hoover lost the election of 1933, Franklin Roosevelt became the thirty-second president in the United State of American. He made a lot of things to help people,such as Public Works Administration (PWA), Civil Works Administration (CWA), Federal Emergency Relief Administration (FERA), etc.These things were called “The New Deal”. And the basic goal was to let people get a job and stay away from hunger.
The Great Depression was a ten year, economic downward spiral in the U.S that spanned from 1929- 1939.
The Great Depression began in 1929 and lasted about 10 years. The crash of the stock market sped up the collapse of the worldwide economy. After the stock crash, unemployment was massive and spread across the nation. By the early 1930s, factory production was cut in half, many businesses had no choice but to fail, and an excessive amount of banks were closed. The Great Depression caused a drought to scour through the nation which caused businesses to close and people lost their jobs. The economy was in a stressful state of matter.
The Great Depression was a worldwide economic downfall that was preceded by the Stock Market Crash of 1929. The timing of when the event hit countries varied; for some it started in 1929 following the Stock Market Crash and for others didn’t begin until 1930 and lasted until the late 1930’s or early to middle 1940’s. It was the longest and most severe economic depression up to it’s time. The Great Depression affected many businesses, homes, families, people, and investors.
The Great Depression was an economic downfall throughout America during the 1930’s. It was know as the longest-lasting economic downturn in history on the western industrialized at that time. This downturn went into effect after the Stock Market Crash of October 1929. This sent Wall Street into a great panic and essentially wiped out millions of investors. Over the years, consumer spending dropped causing a decline in the industrial output. By 1933, the Great Depression reached its lowest point and the banks had failed. The Stock Market Crash signaled the beginning of the Great Depression, in result the bank failures followed.