The stock market crash of 1929 dramatically impacted the Depression and America. Due to the stock market crash America no longer gave loans to European countries. The Great Depression brought economic crisis to other nations as well. Nations like Europe, Latin America, and Asia. During the Great Depression thirty-two thousand business went bankrupt and over five thousand banks closed. The banking world felt the effects of the Depression first. Banking panics know as "bank runs", where large amounts of anxious people withdrew deposits in cash and caused banks to liquidate loans leading to bank failure. Investors had to secure the little money they were barely holding onto. Banks had little to no money and were forced to close. Banks also failed because of misguided monetary policy. During the Great Depression the Federal Reserve limited money supply to decrease lending. With reduced consumer spending and stock prices falling, businesses also felt the brunt of the Great Depression. In order to survive companies began to close plants. When Franklin D. Roosevelt came into office he had to make difficult decisions and find a way to fix the mess America was in.
The Great Depression threw America into chaos and Franklin D. Roosevelt had to find a way to reassure people that everything was going ...
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...t and survived.
The Great Depression was a difficult time full of economic problems, political decisions, little job options and lives were forever changed. "With the slow menace of a glacier, depression came on. No one had any measure of its progress; no one had any plan for stopping it. Everyone tried to get out of its way" (People at Work, 1934 Francis Perkins). People could not escape the Depression, everyone was touched in some way. No matter what your status was before the Depression it made no difference, you still lost some part of yourself. Recently in America we suffered a recession. Many feared we would enter into another depression. This was similar to the Great Depression but not quite as serious. People lost their jobs and had to cut back on spending. We can only hope that America will never to experience anything like the Great Depression again.
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