An incredibly devastating time for many Americans, the early 1930s introduced the country to the nightmare that was the Great Depression. Sparked by the Stock Market Crash that took place on Monday, October 19, 1929, the Great Depression was the most severe economic downturn in American history. On that infamous Monday alone, investors lost 14 billion dollars and by the end of the year their losses had tripled. In the 1920s, it was estimated that four to five banks opened up around the country on a daily basis.
THE GREAT DEPRESSION 1929 was the start of the deepest and darkest time for the United States Stock Market and the people of the United States. The Market crash, the loss of American jobs and homes, lead to one of the hardest downfalls in American history. Along with billions of dollars lost due to bad stock trading, over extending on personal credit and the spending of money that had yet to be produced. The American people never stood a chance and in a matter of 10 days the lives of almost everyone changed. In 1928 Herbert Hoover was elected as president.
The wealth during the 1920s left Americans unprepared for the economic depression they would face in the 1930s. The Great Depression occurred because of overproduction by farmers and factories, consumption of goods decreased, uneven distribution of wealth, and overexpansion of credit. Hoover was president when the depression first began, and he maintained the government’s laissez-faire attitude in the economy. However, after the election of FDR in 1932, his many alphabet soup programs in his first one hundred days in office addressed the nation’s need for change.
The Great Depression affected millions of American financially. After the stock market crash in 1929 and particularly after the banking crisis of late 1930, many Americans lost their jobs and were living in poverty. Herbert Hoover was the president of the United States at the beginning of this Great Depression. During the beginning of Hoover’s presidency most Americans supported a laissez-faire system as did Hoover . In a laissez-faire system the market dictates the economic prosperity of the country.
The attack of The Great Depression was October 29,1929 – 1939. Franklin Roosevelt was the 32nd president of The United States of America and was the most famous person at that time of the depression Roosevelt saved the system, The street was against Roosevelt, confidence ended the Depression in 1934.Nine thousand banks failed during the months following the stock market crash of 1929. North America, and Europe was where it happened the most. The stock market crash as the single cause of the Great Depression. The Great Depression was caused by a number of serous weakness in the economy.
While the US seemed to be succeeding, the great depression struck, giving rise to unemployment and poverty, prompting both Hoover and FDR to come up with different strategies in response to it, regardless of some opposing the new deal. The great depression arises when the stock market crashes, following the banks to collapse. This made Americans begin to panic and run to their banks to withdraw their money, called the bank panic of 1930. Then high unemployment, foreclosure of businesses, and poverty began taking over.
During the Great Depression Herbert Hoover and Franklin Delano Roosevelt, used different strategies and ideas to try and get America out of the depression. But ultimately one President failed at doing so, and one President succeeded at doing so. Less than eight months into Herbert Hoover’s presidency, the stock market crashed on Thursday, October 24, 1929. Most experts, including Hoover, thought the crash was part of a passing recession, that would eventually rebound.
The Great Depression began with the famous stock market crash known as “Black Tuesday” and later went on to rapidly develop into one of the most dramatic economic declines in the history of Westernized society. Two of the main causes of the Great Depression were the abuse of the stock market and the general distrust of banks instilled within the American public, which led to the decline of the American economy. President Herbert Hoover, elected in 1928, was a firm believer of rugged individualism and that the economy has natural cycles, which prompted him to employ a “wait and see” approach with the American people when the Depression hit. Soon after, President FDR won the 1932 election by a landslide and enacted a collection of programs
In 1929, the stock market had crashed—millions of Americans had lost their jobs, homes, and livelihoods. The United States had entered a period of economic turmoil: The Great Depression—one of the darkest points in American history. Although President Hoover tried to improve the American economic condition with an array of programs (including the Emergency Committee for Employment), he was unsuccessful (Perry). In 1932, voters ousted Hoover in the presidential election. In 1933, Franklin Delano Roosevelt took office and began his crusade against The Great Depression.
The United States economy plummeted into a depression just six months after their newly elected president, Herbert Hoover, had taken office. The stock market crashed on October 24, 1929. As panic was starting to strike ten billion dollars was taken out within a short five hours. Soon enough, the United States, found itself within perhaps the worst modern disaster. It put millions of men on the street.
On October 29, 1929, one of the worst economic downfalls in American history began. It became known as The Great Depression. The stock market failed and the economy tanked. At this time, President Hoover was in office. During his presidency, major food shortages and severe unemployment occurred, causing United States citizens to lose all hope.
Many people believe that The Great Depression began when the stock market crashed on October 29, 1929. In the mid to late 1920’s the stock market grew majorly, the stock prices skyrocketed gaining interest from all kinds of people. As stock prices continued to rise, the market became very poplar. Eventually the stock prices started to fall during September through early October, and by October 24 the market was starting to crash. On “Black Thursday” (October 24,1929) 12.9 million shares were traded in order for investors to save what little money they could.
The Great Depression was a major turning point for the United States’s economy because it changed the relationship between the government and the economy. Before the Great Depression, the economy was a Laissez-faire style market where the government had no influence on private party transactions and businesses. After the Stock Market Crash of 1929, the people of the United States sought for reliefs from the government. The Government responded by creating tax reforms, benefiting the stock market, wheat prices, employment, and the number of bank suspensions, and providing comfort for the people. As a result of their disparity, the people put their trust in the government in hopes that they would repair the broken economy.
It was the month of October when an overwhelming stock market crash occurred sending the United States into the Great Depression. Unemployment was becoming commonplace all across America, and by 1933 thirteen to fifteen million people became jobless. At this time, the lines of the food kitchens became longer and longer and Americans were unable to find jobs. When Election Day came around Franklin Roosevelt won by a landslide and became the president of the United States. Mr. Roosevelt at once set out to make programs that would decrease the amount of unemployed people in America by establishing the New Deal.
Many people wonder what the New Deal really did for the American people. The New Deal was a series of national programs proposed by President Franklin D. Roosevelt. The New Deal programs happened during 1933-1938, right after the Great Depression. The New Deal had a very positive effect on the people of America by creating new jobs, gaining trust in banking systems, and getting freedom from the effects of the Great Depression.
