We all know about the Great Depression, but what some of us don’t know is that it lasted for well over 10 years. The stock markets lowest point in during the Great Depression was on July 8th, 1932. Society, the economy and all of those involved in the depression put the blame on President Hoover. Hoover stated March of 1930 that the U.S. had “passed the worst”, and argued that the economy would sort itself out; however, little did he know that the worst had only just begun, and wouldn’t be over until long after. While the stock market fell to the lowest point people lost houses, jobs, businesses, and were left with nothing but to be one of the other 6,000 people to go on the street and sell apples for 5 cents each merely because there …show more content…
There are believed to be over 50,000 people who injured themselves, or even died while jumping trains during the time of the Great Depression. The children during this time suffered disease because they couldn’t afford medical care, let alone food, or shelter. Around this time a lot of the schools were operating on very reduced hours, and some of the schools were closed down fully causing a lot of the children to have no education at all. Since these children didn’t spend their time in school over 200,000 of them took to riding rails with their parents or simply as orphans. Numerous couples delayed the process of getting married. Divorce rates, and birth rates dropped at this time, and some men even abandoned their …show more content…
Family income dropped, poverty has risen immensely, and adults and children lost their health insurance. Nobody knew if this would burst into the second Great Depression. There were 3 million jobs lost between November-March, a very short amount of time for such a large loss. In a matter of months, a trillion of dollars of household wealth was destroyed. The entire financial system was in a state of distress. One of the biggest actions President Obama and the congress made was passing the American Recovery and Reinvestment Act. The administration worked with the FDIC and Federal Reserve to repair our financial system. The administration worked to stabilize our housing system, as well. Prior to all of this the country’s output plummeted to