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Fireside Chat 1 Summary

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The Great Depression is known as a severe global economic recession that affected America greatly. During the Great Depression, the greatest challenge was the banking crisis, which involved mistrust in the financial institutions, causing a rapid increase in Americans to withdraw their money rather than risk leaving it in the banks. In the document “Fireside Chat 1: On the Banking Crisis (March 12, 1933), University of Virginia-Miller Center”, President Roosevelt discusses the banking situation and states, “They had used the money entrusted to them in speculations and unwise loans. This was of course not true in the vast majority of our banks, but it was true in enough of them to shock the people for a time into a sense of insecurity and to put them into a frame of mind where they did not differentiate but seemed to assume that the acts of a comparative few had tainted them all.” Roosevelt believed that, even though not all banks were a part of this …show more content…

Roosevelt took it upon himself to calm the people down using a radio station called “Fireside Chats”, where he would inform the American public about his initiatives and address the nation’s situations. To comfort the people, Roosevelt agreed that the banks were to blame for this incident, which gained the attention of many furious families. The nation’s condition is not adequate. The economy collapsed as a result of the financial chaos brought on by numerous bank failures. Less money and higher borrowing costs led to lower spending on necessities, which in turn pushed businesses to reduce production, lay off employees, and lower prices. The sudden collapse of the money supply led to a series of issues. After the money disappeared, individuals lost their houses and jobs and became infuriated. Prior to the Great Depression, obtaining the money that was needed required a lot of

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The involvement of the government in the United States of America’s economy and daily life contributed to the couse of the Great Depression, more known as one of the most tragic and devastating time in the history of our economy. During this time, the nation's economy crashed, which had caused widespread chaos throught the country. After a while of this happening people had completely forgotten about what wealth, development, and terror of the preceding decade because the living conditions were so unfair and there were new problems and circumstances.(Document 6). The crash of the financial markets happened in 1929.

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The great depression was an economic problem in the United States that started with the first domino to fall in 1929 with the stock market crash. In one day alone the United States lost over 14 billion dollars which this dramatic loss alone America’s industries would slowly start to fall 2 months after the crash in, stockholders had lost more than $40 billion dollars. During the 1930s, more than 9,000 banks failed. Bank deposits were not insured and, therefore, as banks failed, people simply lost their savings.

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Our 32nd president, Franklin D. Roosevelt, in his speech, The Banking Crisis, explain to the common man about the legislation that has taken place and the directions the American people will be taking. His purpose is to address his recent decision of closing all banks for an extended holiday. He creates a welcoming tone in order to get through a skeptical audience that had lost hope in the government and had been demoralized by the depressed economy. Roosevelt opens his speech by addressing the citizen of the United States whom he referred as “My friends”, which set up a friendly, and welcoming tone that was much needed during the Great Depression.

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FDR came out with regulations for banks so that the depression couldn't get worse or it would help prevent it in the future. The president explained that the banks had enough money from the bank holiday to reopen and supply the needs of the great depression, but he had to remind them that “no sound bank is a dollar worse than what it was a week before” which tells us that banks are still not 100% so give them time and don't rush them. It was explained that not every bank will

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In the time of 1929 to 1939 the U.S. was in a consistent condition of financial melancholy that began with money markets accident in 1929. The general population of the U.S. was in a surge not to lose their reserved funds, individuals would settle on flurry choices to pull back their cash before the banks would close. The inquiry that people in general more than once tended to Roosevelt was the way to take the economy back to a viable monetary state. President Roosevelt requested the Securities Act of 1933 “to bring order out of chaos” as Roosevelt expressed in a presidential location. (Hamen 34 - 41) (“Franklin Roosevelt”)

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President Roosevelt majorly affected The Great Depression in several ways, specifically closing and reopening the banks. According to “Two Presidents and the Depression” it is written as, “From his studio in the White House, the president explained his actions of the previous week and appealed to all Americans to return their money to the banks; he promised that their money would be safe.” This piece of evidence portrays closing and reopening the banks because it is showing the reason why he did what he did, which was to help regain the country all the money that they lost. Elaborating, it mentions how the president explained what he did and explaining why he did it, specifically returning the money to the banks to then again return it back to the people. This relates to the claim about the economic category created the most change during The Great Depression because closing and reopening the banks gave the people their money back that they originally earned caused the businesses to start again.

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In 1929, there was a loss of over $25 billion, and a significant number of people were in debt. Due to a lack of money, payments for necessities or basic needs like food, mortgage installments, and other purchases were impossible to afford. Furthermore, widespread unemployment resulted in bank closures due to people taking all their money out of there. All of this contributed to the stock market crash, which caused the Great Depression. It lasted a decade, during which many people struggled to make purchases that would ensure their survival.

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The fireside chats built the country’s trust in the government, promoted an understanding of the economy, and created a new effect on Americans. While President Hoover was in charge our nation spiraled downwards

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The Great Depression was a very tragic event that affected millions of people during the 1930’s. Some of the basic problems were as follows: The event was caused by 30 billion dollars lost in the stock market crash back in the midst end of 1929. Another problem was no one had any money left after withdrawing money from their accounts. Then it wasn’t long before the banks started shutting down and no one had anything left.

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The prices of stock was going down and now it cause the panic act of 1929 later in that year the great depression came about. Worker were getting laid off their jobs. People need money to get the food and drinks and for some a way home from work. Most had no money when it occurred and most even die.

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FDR’s presidency was thrusted into one of the worst economic calamities in American history. As Americans were starting to realize the grim reality they were living, FDR realized the solutions he needed to take to ensure a better tomorrow. Immediate actions were taken in a special session of Congress which the outcome of such a session became the New Deal. The New Deal was FDR’s way to get his country back on the world’s center stage, and it worked perfectly. To halt panics, he temporarily closed down all the banks so they could be ready for the influx of withdrawals, and the creation of

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Another example of Roosevelt’s encouragement during that dreadful time were his weekly radio broadcasts best known as Fireside Chats. During the twelve long years of Roosevelt’s presidency, he “delivered thirty-one radio addresses…[Those] speeches were intended to be relatively brief and informal reports to the American people, delivered in a conversational tone and in simple, unadorned language” (Levy). Roosevelt spoke on the radio with the intention that that series of “brief and informal reports” would encourage the citizens to stay positive and have hope and confidence in the future of America. The Great Depression also caused a lot of conflict and panic with the banks and its customers. During the first one hundred days of Roosevelt’s presidency, "[he] pushed through legislation that reformed the banking and financial sectors, tried to cure the ills afflicting American agriculture, and attempted to resuscitate American industry.

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In the early years of the Great Depression, Americans distrusted the banks since “Black Tuesday” that caused their laborious life. In some cases, not only their saving disappeared in vain, they fell into the depth of debts because of the investments with credits. FDR and his Hundred Days Congress were responsible for relief, recovery, and reform over banking issues. They steadily reopened the banks that have been closed since the declaration of a national banking holiday.

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The Great Depression not only one of the most significant crisis, but also left an unforgettable mark in United States history. Back in the late 1920s, the UNited States suffered a major and sudden decline in the U.S. economy which would ultimately be the fate of millions of people. A primary contribution to the cause of the depression began with poor government decisions and actions. Ever since then, the government strove in their efforts with the hope of restoring the economy. Among them was a new president who to some was a new hero and his name was Franklin D. Roosevelt.

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This was a severe depression; Everyone experienced hardships during this time. During the 1920s, the stock market crash of 1929 led to the great depression. This caused the banks to lose millions of dollars. The depositors did not receive all their money because the bank didn’t have enough to give the money all back at once. The banks had failed many people because bank deposits were uninsured.

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