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The Stock Market Collapse In America During The Great Depression

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Recommended: Critically discuss the reasons for 1929 wall street stock crash as well as the economic impact of t

Millions are jobless, homeless, tired, and starving. Drowning in debt, people are doing everything they can to stay alive. The stock market crashed in 1929 leaving investors bankrupt. The 20’s were a boom time and items were bought on credit, cars, houses, refrigerators, etc. After the market crashed, people lost their retirement savings and became overwhelmed with debt, and credit payments they could not make. The Great Depression devastated Americans, the stock market crashed and jobs were lost, people constantly were in and out of work, expenses were cut, property was sold, and government programs were made.After the stock market crashed, the country went down in a panic, and jobs became grim. When the stock market crashed, people were in disbelief, they could not imagine such an economic disaster (Hayes). Everyone was taking their money …show more content…

Subscriptions such as newspaper, milk, ice, and water was cancelled (Hastings). All regular payments ended because people could no longer afford it. The lights were kept off for as long as possible, and the air conditioning would only be used for three months out of the whole year. During the Great Depression people used as little as they could and stopped using everything they could.With all the economic chaos, something had to be done and it called for the government’s help. President Roosevelt was elected president in a landslide victory with the promise of a New Deal program to benefit the American people (“The New Deal”). First of all, President Roosevelt created the Emergency Banking Bill of 1933 that stabilized the banking system and restored the public's faith in banks. Three months later, Roosevelt signed the Glass Steagall Act that created the FDIC, Federal Deposit Insurance Corporation, that insured peoples bank deposits (“The New Deal”). With unemployment skyrocketing and employers broke, it was up to Roosevelt to bring jobs to

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Roosevelt had decided to use Hoover’s failures to his advantage while running for office. With a whopping 58% of voters choosing Roosevelt, the president took the reigns of the Executive Branch and began his New Deal (Davidson 493). The New Deal comprised of programs offering federal aid to banks, reforms to control the stock market, mortgage relief, work programs, revamping industry, and managing competition. To stop or decrease the banks’ failing at a fast rate, Roosevelt ordered all banks in the nation to close for 4 days as a “bank holiday” (Davidson 496). Roosevelt followed Congress with the passing of the Emergency Banking Act, a law that would give the government and extended reach to aid banks.

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