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The Great Depression In The 1920's

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Many factors played a role in creating the monstrosity known as the Great Depression. One of the main factors was the new standard of living Americans adapted. Spending frugally when the money wasn't actually there proved to be a recipe for disaster. Purchasing on credit and loopholes in the fragile economy however really pushed the token over the edge. It wasn’t long before the stock market crashed rippling waves across the board. Due to this thousands of banks had to close their doors leaving people without answers and especially their hard-earned money. In the coming months what was to come left American's and their leaders scrambling for answers.
After the war many American's were down and about. The 1920's proved to be a fresh start …show more content…

Within his first 100 days in office he signed a new set of policies in which he called the "New Deal" into law. This was the first step in reversing the damage done and returning America back to its original state however this would take some time. His policy enacted 42 different agencies all to help within different areas of the economy. His deal proved to be so successful that many of those same agencies are still in operation today the most notable being; Social Security, and the Federal Deposit Insurance Corporation. With more knowledge than before, economic policies, and banks correctly managing their funds we are sure another event like this won't ever happen again. However, speaking of major economic events, the Great Recession shared some similarities with its long-lost brother. Happening quite recent as in 2007 the Great Recession was one of the biggest economic downturns experienced since the Depression. Its root cause is thought to be the housing market crash however many different opinions flood this topic. During this time of the recession lasting from 2007-2009 Americans were greatly affected the biggest challenge was unemployment as it from 5% In 2007 to 10% in 2009. However, with a new president in office the recession was turned around in a timely manner. The Great Recession even though shortly lived remains to be a huge hiccup in modern economic

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As stocks continued to fall, the nation lost hope, businesses were failing and unemployment rose dramatically. The president at the time, Herbert Hoover, did many things to control and put an end to the great depression but was unsuccessful. And so the inauguration of Franklin D. Roosevelt felt like a miracle for the destitute americans. Franklin saw the miserable state of the U.S economy and had a plan, the New deal, This consisted of many fresh ideas to fix the problems of the Great Depression, such as the Glass Steagall Banking Reform Act which was established to properly segregate commercial banking from investment banking. This act created the federal deposit Insurance which ended a century long tradition of unstable banking that reached a crisis during the Great depression.

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