The Great Wall Street Crash Of 1929 Essay

The Great Wall Street Crash Of 1929 Essay

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The New Dealers were an important factor during the 1930 's. They were reformists, and they were determined to change the aspects of business and government that they believed caused the Great Wall Street crash of 1929. The New Dealers fought against utility companies and sub-corporations. Housing construction and helping unemployment were also great concerns of theirs. Franklin Roosevelt even received some backlash for his proposed "new deal".
In 1934 Congress allowed the Securities and Exchange Commission to become an administrative agency to protect the public from fraud, deception, and inside manipulation. This was meant to force stock markets to act more like trading marts than the usual gambling casinos they used to represent. Congress had also passed the Federal Securities Act, also known as the Truth in Securities Act; it required companies and their promoters to give whoever their investor was any and all information that pertained to their stocks and bonds. The only foreseeable issue with this was the notion that nobody would actually read the fine print.
In 1932 there was a large crash in Samuel Insull 's multibillion dollar company. In 1935 the Public Utility Holding Company Act stopped this type of gigantic economic growth unless it was deemed economically needful in its own situation. This act has been referred to as a “Death sentence” for the companies who held onto these large growths. Washington used the Tennessee River as an area to begin its hydroelectric power project. The project had its advantages; this included giving thousands of people to work and the reformation of the power monopolies. An electric power industry had an investment of over $13 billion, the New Dealers claimed that it was hurting the public...

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...ervatives complained about his impulsive like actions. Businesses were extremely bitter. States rights had been thought of as virtually ignored, all of this was leading to a dictatorship, according to the republicans. This made the public more conservative, yet this inevitably caused the court to be kinder the New Deal reforms. Anti New Dealers also complained of “Bureaucratic meddling”. Promises had not been completed, farmers were being spoiled, and the depression had yet to be fixed. The New Dealers did admit that they had wasted a little, but they also strongly pointed out that their main goal had been to relieve, not the economy. They claimed that the balancing of the human budget had been strongly advocated. Roosevelt had given reformation, not a bloody revolution. He had stopped power trips of large companies and saved the American system of free enterprise.

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