Compare And Contrast The Great Depression And The Recession

It is a common argument between people today, which historical American event had a greater impact on the United States and world. The Great Depression in the twenties and thirties, or the Recession in 2007 to 2009. The Great Depression was an economic slump in North America, Europe, and other industrialized areas of the world. The Great Depression began in 1929 and lasted until about 1939. It was the longest and most severe depression ever experienced by the industrialized Western world. The Recession is known as the sharp decline in economic activity during the early 2000s, this is generally considered to be the largest downturn since The Great Depression. The term “Great Recession” applies to both the U.S. recession – officially lasting from the December of 2007 to the June of 2009 – thus, ensuing global Recession in 2009. The Great Depression was far more severe than The Recession because of the failing of banks, a global economic down turn, and high unemployment rates.
On the first of 1929, also known as Black Thursday, interest rates rose and seventeen million shares were sold. On October twenty ninth, 1929, also known as Black Tuesday, prices sank to shocking lows; investors dumped over sixteen million shares of stock on the market. “President Herbert Hoover, underestimating the seriousness of the crisis called it a passing incident in our national lives, and assured
The education was declining because children were dropping out of school for many reasons. “A third of a million children were out of school during the Great Depression” (Pillai). Children throughout America could no longer afford school supplies, or even shoes to wear to school because the economy was so poor thus not allowing them to attend school. “The price of school supplies ran from one dollar for a pen to three dollars and eighty five cents for a pair of shoes” (American