The Stock Market Crash In 1929: The Beginning Of The Great Depression

The Stock Market Crash in 1929 was the beginning of The Great Depression. Half of the banks in America failed because banks had invested deposits in the stock market. In 1932, 22.9% of Americans were unemployed, while those who were working had reduced hours and wages dropped 42%. Franklin D. Roosevelt became president in 1932, and during the first one hundred days, he enacted the first New Deal. His first New Deal meant to revive the economy by producing less, however later Congress declared it unconstitutional. Later, Roosevelt created the second New Deal which was composed of these three main acts: The Wagner Act, The Social Security Act, and The Fair Labor Standards Act. During the Great Depression, record sales began to drop. However, this did not mean that the American people stopped listening to music. Radios started to become popular-- in 1930, 40% of households owned one. In fact, some record companies started selling radios to keep from failing. Furthermore, in 1933, prohibition was repealed by the 21st amendment. While this gave jobs to the unemployed and revenue to the government, it also meant that speakeasies were no longer a necessity. As a result, jazz musicians started finding work elsewhere. Many musicians, such as Benny Goodman, took to playing music live over the radio.

Benny Goodman was one of the big bands that brought swing music to white audiences. Goodman, however, bought pieces from Fletcher Henderson and insisted on integrating his band. Artie Shaw had dome the same before by having Billie Holiday as his lead singer. As swing music grew more popular, it also grew more commercial. Bands were playing for record labels with agents who wanted to sell a certain sound. There was a formula for deciding what went on a record. This was one of the reasons for the end of the swing