In the United States between 1929 and 1933, one hundred thousand businesses were unsuccessful. Corporate profits plummeted by nine billion dollars. Americans’ deposits were vanishing behind the closed doors of the banks. At the beginning of 1930 those without jobs totaled four million; however, by the end of 1930 that number had rose to six million (Norton 696). All of these events characterizing the Great Depression were occurring during the Herbert Hoover administration. From 1929 until his election loss in 1933, Hoover was “presiding over a gloomy and sometimes angry nation” (696). While Hoover seemed like an excellent candidate for the leadership of America, it was unknown at the time that he couldn’t offer the right leadership at the right time for the United States. America was diminishing and the country needed a leader who could pull the people out of this recession. “A new deal” needed to happen with a new president. The depression and its’ characteristics helped to define the deal that Americans would receive in 1933 by Franklin Delano Roosevelt.
Although economic downturns had occurred in recent decades leading up to the crash, the presidents prior to Roosevelt did nothing to address the deflation in prices, the reduction of investments or unemployment because it was believed that they could do nothing and should not intervene (lecture). Therefore, with no monetary policy, no political interference in the economy, support for a laissez-faire market and with no economic policy, the US was, in multiple ways, contributing to the creation of the Great Depression (Cochran & Malone). Additionally, during the 1920’s many people bought consumer goods and made investments with borrowed money, which increased debt and aided in the stock market crash of 1929. When the Great Depression occurred many ba...
The age of the Great Depression was littered with varying stories of extreme poverty rivaled by the contrasting stories of the .1 percent of society that possessed extreme wealth. President Hoover called the depression “a passing incident in our national lives” (cite 1) which proved to be a gross underestimation of the severity of the situation. The previous decades that brought roaring success and expanding technology was thought to be a period of great success that was earned through hard work and fluid government; and so when the economy collapsed blame turned inward and failure felt deserved just the same.
The Great Depression was a decade of poverty for many United States citizens. Starting in 1929, The Great Depression was a rough time not only for the U.S. but for many other countries. There are many causes for the Depression but the main cause was the combination of the greatly unequal distribution of wealth throughout the 1920's and the extensive stock market speculation(Gusmorino, 1). Other causes were the unsteadiness of the stock market, short signed economic policies, overdependence on mass production, consumer spending, advertising, welfare capitalism, and high tariff. The effect on the country of the imbalance in the economy threw the U.S. into an era of negativity.
During the Great Depression, “the poor [were] so busy trying to survive from one day to the next”(Terkel, 456), that they had little time for anything else. It was a constant battle since “everything was sharpened and hurt more by the depression,” to the point that, for children, good memories of the childhood would be when “Dad was home, and there was a week’s wage” (133). In Hard Times: An Oral History of the Great Depression, Studs Terkel argued that despite the reality that the progressive changes were only a support system to keep America from collapse until it could be saved by the rampant economic growth of World War II, poverty stricken Americans were so desperate that they believed that the progressive concepts apparent in the New Deal and labor unions would save America from further collapse and revitalize the nation.
The Annals of America Vol.15. 1929-1939 The Great Depression. William Benton & Encyclopedia Britannica 1968
The Great Depression was a period in America’s history that scarred the economic welfare of it citizens, however when it was over the many lessons were learned and the American people became stronger than before. Leaders and politicians kept a positive attitude and expected that once the country bounced back from the lost, that it would be an uphill battle to sustain the economy. President Herbert Hubert stayed optimistic but he could not dodge being blamed for the economic downfall by the American people and as a result was not re-elected. Many believed that The Great Depression was just a recession that could have been remedied, instead leading monetary authorities made poor decisions that caused the recession to worsen.
As children, the Greatest Generation were born into the worst economy the United States has ever seen. This was a very dark and desperate time for nearly every American family. The Lost Generation (1890-1908) were “living it up”, so to speak. Then in October of 1929 the stock market came crashing down in a historic way. This came as a shock to the whole country in 1929, especially after the roaring '20s. The stock market crash caused a ripple effect, making employer’s layoff their employees. By 1930, there were 4 million people out of work, to which that number rose to between 13-15 million people in 1933. The stock market crash also made just about every bank fail. Many Americans began using credit to help feed their family, but without finding work they went into default, nearly losing everything they owned (“The Great Depression”). The depression lasted for a full decade, until 1939. To add insult to injury a drought struck from 1934 to 1937.
In 1929, A Yale University Economist Irving Fisher stated. " The nation is marching along a permanently high plateau of prosperity".(5) 5 days later the stock market crashed and the worst economic downturn in American history called the "Great Depression" began. The Depression started in 1929 and would last for a decade until we entered War World II. The Great Depression affected every part of economy and no job was safe. In 1929 unemployment was at 1.5 million and by 1933 unemployment reached over 13 million which meant 1 out of 4 were out of work (3). Some who were successful businessmen before the stock market crash and now selling pencils or apples on the street corners after the crash .Many business closed their doors, factories shut down and banks failed causing homelessness, poverty and general despair on many Americans. Huge numbers of Americans had their lives upset by the Depression. Tens of thousands of migrant farm workers traveled the nation looking for employment. Farming income fell some 50 percent and people went hungry because so much food was produced that production became unprofitable. Many Americans watched their homes and life savings be lost because of the stock market. Confidence in the market was lost and without that confidence investors pulled out and the market collapsed.(4)
The great depression a dark time in the United States history this took place during 1929-1939 it is said that around 14 million americans were unemployed and almost half of the banks had failed. No one can really explain how this time period was or the frustration and anger of that would come with the situation, how many would feel after losing so much but John Steinbeck comes close. In John Steinbeck’s The Grapes of Wrath he shows the journey of one family. Throughout the book the reader can see the journey of the characters as they go through the course of the book. Throughout the book the characters are in one way or another affected by the their surroundings, who they 're surrounded by and what class/culture they are surrounded by as