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1929 wall street crash as well as the economic and social impact of the crash in usa
1929 wall street crash as well as the economic and social impact of the crash in usa
The new deal after the great depression
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The Great Depression was the most severe recession in American History. When the stock market crashed in September of 1929, the impact was worldwide. Banks had no insurance on the money that people had deposited so everyone lost their money. Although The Great Depression had an impact on people worldwide, African Americans were affected the most. When the stock market crashed in 1929, slavery had just ended a few generations prior. Blacks were no strangers to racism, yet America seemed to had turned a blind eye to the prejudice against them. The downfall of the economy played a key role in shining a light on the many injustices committed against African Americans. The Great Depression affected African Americans in a way that they were able …show more content…
They had no job security during the Great Depression. Blacks who were once farmers and tenants of farmers were forced to give their jobs to whites. The slogan “last hired and first fired” was well known throughout the African American community. Both whites and blacks were out of work however the “negro unemployment rate rose from 4.8% in 1930 to 8.8% in 1933, while unemployment for whites only rose from 4.2% to 5.4% in the same period. (pg153) Blacks were forced off their jobs with threats, violence and sometimes even death. As one observer stated, "The shotgun, the whip, the noose, and Ku Klux Klan practices were being resumed in the certainty that dead men not only tell no tales, but create vacancies." (encyclopedia of the great depression). Blacks were once again reminded that they were considered inferior to whites. *Yet as Mary McLeod Bethune once noted, the Roosevelt era represented “the first time in their history” that African Americans felt that they could communicate their grievances to their government with the “expectancy of sympathetic understanding and …show more content…
President Roosevelt implemented several policies that he called the New Deal, as a solution to the Great Depression. The Works Progress Administration was an example of a New Deal agency designed to help Americans, especially blacks and unskilled workers. According to ….”The WPA employed over 350,000 Africans Americans annually.” This gave African Americans financial security that they never had before. This agency provided jobs to many blacks who were previously denied them. Most of the African Americans employed by the WPA had lost their jobs due to racial discrimination. The WPA placed them in financial positions where they could work and provide for their
New Deal programs, such as the W.P.A., were supposed to provide work equally, but this was not the case. Jobs in the south were often given to whites over blacks making it nearly impossible for blacks to make a living. One writer criticizes the Works Progress Administration, a large part of the New Deal, and asks, “do the government insist on Jim Crow on the W.P.A. projects?” (McElvaine, 89). The Great Depression impacted everyone but the african-americans had to face poverty and discrimination
When he took office, 'the nation was in the fourth year of a disastrous economic crisis' and 'a quarter of the labor force was out of work [and] the banks had been closed in thirty-eight states' (Greenstein 16). In order to remedy these problems and restore trust in the government, FDR enacted the New Deal in the Hundred Days legislation. Many of the programs created in the legislation are still around today in some form, continuing to show FDR's influence on the modern presidency. Such programs as the Works Progress Administration and the Tennessee Valley Authority helped poor Americans unable to get jobs or afford the luxury of electricity. These programs were some of the major reasons FDR was so popular during his terms in office.
The Great Depression of the 1930s was a catastrophic time period of international stock market crashes, economic downfall, and drop in world trade. This led millions of Americans to become poor overnight, spiraling them into poverty. Consequently, many factories, businesses and construction projects slowed down. With production at a minimum, many workers were let go. Those who kept their jobs saw their salaries drop. Soon, the streets were filled with bread lines, soup kitchens, and many homeless people. Even farmers throughout the nation were affected by this event and were forced to leave their harvesting crops rotting in the fields. In 1932, President Franklin Delano Roosevelt, introduced to Congress the New Deal. The programs and projects of the New Deal were designed to help America and her citizens get back on their feet. The Public Workers Administration (PWA) was created by the National Industry Recovery Act on June 16, 1933 by the President's first female cabinet member, Frances Perkins, along with Harold Ickes, James Farley, and Henry
The Executive Order No. 8802 (doc 15) stated, “it is the policy of the United States to encourage full participation in the national defense program by all citizens of the United States, regardless of race, creed, color, or national origin, in the firm belief that the democratic way of life within the Nation can be defended successfully only with the help and support of all groups within its borders.” This order ensured African Americans that everything possible was being done to end discrimination in the workplace. Therefore, the willingness of the Roosevelt Administration to recognize the existence of a racial problem in America and how they managed to ameliorate that problem, was unprecedented. The New Deal did not end the Great Depression, many were still living in poverty and were unemployed despite the new jobs being offered.
One of the programs, which the New Deal instituted, was the Workers Progress Administration. The stated purpose of the Workers Progress Administration was to provide useful work for millions of victims of the Great Depression and thus to preserve their skills and self-respect. The economy would in turn be stimulated by the increased purchasing power of the newly employed, whose wages under the program ranged from $15 to $90 per month. Although this administration lasted only 8 years, it gave the understanding that a middle class American society would have to commence, for the economy to operate. The assistance, which was given to workers during the New Deal, was to be eroded by the Reagan administration.
Sharecroppers and farm workers always lived in the midst of strife; they were never able to make a decent living. The boll weevil, soil erosion, and foreign competition had destroyed the cotton crop in the early Twenties. Life was difficult. No profits were being made, and although many southern blacks believed that life in the north was better, it was not much different. Black Americans working in the northern industries were living in poverty even before the stock market crash because they had been laid off; they were often replaced with white workers. When the Depression occurred, "more black workers than white lost their jobs. In 1931, about one out of every three Blacks was jobless, and one out of four whites" (Meltzer 210).
The Varied Impact of the Great Depression on American People The experiences of Americans during the Great Depression varied greatly. For most, the Great Depression was a time of hardships and trials. The way that people were tried were different though, some languished in a collapsed economy, while others had to struggle to make a living in the remote regions of the country. The years berween 1929 and 1933 were trying years for people throughout the world.
The Works Progress Act, one of many programs offered by his New Deal, offered hundreds of thousands of unemployed and unskilled workers job opportunities. The purpose of the program was to end the depression or at least diminish some of the damage it had done, and give all citizens an equal opportunity to earn money for themselves and
The Works Progress Administration (WPA) program helped improve the lives of Americans affected by the Great Depression. As soon as Franklin Roosevelt came into office, he began to implement a series of measures known collectively as the New Deal. One idea behind the New Deal is to implement economic measures to prevent complete economic collapse. To protect the economy, Roosevelt introduced 15 acts of legislation such as the Banking Act of 1933 which guaranteed bank deposits of up to $5000 ("Roosevelt Institute"). Another idea behind the New Deal was to implement measures that kickstart the economy by providing employment.
The author questions the fact, whether African American men are actually a criminal threat or a victims of society. “Black men are typically constructed as criminals when in truth they much more likely to be victimized by American Society” (BMCV, pg. 1). Most fail to realize that African American men can commit crime but they also can be victims of crime and a majority of the time they are the victims. Another idea he questioned is, why are more African American men considered to be perpetrators of crime rather than victims. “There is profuse media coverage of violent crime by African American men, however, the media pay disproportionately more attention to whites and women” (BMCV, pg. 2). The more the media reports on crimes committed by
During the great Depression, many people in the city were unemployed. A third of American farmers lost their land and had to move to city to search for jobs. Many African Americans were unemployed in the south, since white have priority over the job market than African Americans, it’s harder for them to get a job. African American started to move to North to search, but little difference did it make. Many took the position as janitors, street cleaners, and domestic servants. Mexican American and Chinese American were no better off, whites started to take over those jobs for Mexican and Chinese American. Women started to search for jobs as their family needed the money.
Beginning on Black Tuesday, October 29th, 1929, a total of 14 billion dollars was lost in America’s economy. Near the end of the week the 14 billion turned into a total of 30 billion dollars (The Great Depression Facts). Many events during the Stock Market Crash caused damage to the economy and lifestyle of the country, ending with recuperations from The Depression. There have been many issues that caused the stock market to crash. One major effect on the Great Depression was the current state of agriculture.
The Great Depression was a major historical event that affected thousands of Americans during the 1930s. It was a time in which economic decline left people without jobs while struggling to keep a family and home together. It certainly was a devastating time for everyone. For African Americans, it was even more of a struggle as segregation and the oppression of blacks were just as strong as when the Jim Crow laws were initially established. “African Americans were only 64 years beyond enslavement, with de jure segregation relegating them to second-class citizenship and generally only the meanest, dirtiest employment.” (Bilal) During the Great Depression, music and jobs were taken by whites and African Americans struggled greatly. Holiday faced racial challenges in which her social status, as a young black woman, left her with only a few options for work. Occupations such as a washwoman or a prostitute were such jobs expected out of a young woman of her time.
The Great Depression was the deepest and longest-lasting economic downfall in the history of the United States. No event has yet to rival The Great Depression to the present day, although we have had recessions in the past, and some economic panics, fears. Thankfully, the United States of America has had its share of experiences from the foundation of this country and throughout its growth, many economic crises have occurred. In the United States, the Great Depression began soon after the stock market crash of October 1929, which sent Wall Street into a panic and wiped out millions of investors ("The Great Depression."). In turn, from this single tragic event, numerous amounts of chain reactions occurred.
Because the Great Depression significantly reduced employment opportunities in the North for blacks, the rate of Southern black emigration slowed significantly during the 1930s. The Great Depression, though, increased the number of African American migrant workers. “The Great Depression also witnessed the entry of African Americans into the ranks of organized labor in unprecedented numbers. The formation in 1938 of the Congress of Industrial Organizations, an outgrowth of the American Federation of Labors Committee for Industrial Organization established in 1935, was crucial to this development” (statelib).