The Great Depression From 1929 to 1939 the economy suffered a worldwide economic depression. Known as the Great Depression, it was the longest economic downfall the Western industrialized world has ever seen. The start of the Great depression is believed to have been due to the collapse of the stock market on October 29, 1929. Wall Street, home to the world’s largest stock exchange was in fear as millions of investors suffered. Throughout the years to come, investments and consumer spending would crumble, creating a huge drop in industrial output and large numbers of unemployed workers due to the results of failing companies. As of 1933 the Great Depression hit an all-time low, 13 to 15 million Americans were unemployed and now half of the Nation’s banks had failed. With President Franklin D. Roosevelt’s policies and new deal programs, he aimed to end the Great Depression. Even though the economy would not make a full turn around until after 1939, President Roosevelt concentrated on immediate relief as well as long term, and restoring hope back into the economy. …show more content…
In the industry, household appliances, cars, and consumer products were purchased by using credit. Production continued rapidly, while very little were able to afford the products produced. Farmers also suffered as they were producing more than what people were consuming. With growing cities and railroad access, farmers were taking advantage of costly but effective strategies. Unfortunately the famers had to pay out more to the distributors and railroads then what they were able to keep. Farmers who borrowed money now could not pay off debt owed, in turn farmers were faced with losing their