The Time Of The Great Depresion
The Great depression was in full effect by the 1930's, which effected millions of people and hurt the economy until World War 2. The depression brought on an eight year span of poverty, low wages, distrust in banking and government due to bad business, foreign and domestic. Faced with difficult time and a leader, who didn't help the situation until it was to late, people were looking for help to set the economy rolling again, The economy was clearly in recession by 1929. The economy was dealt a heavy blow on Black Thursday, October 24 when prices in the stock market plummeted, then again on Black Tuesday, October 29. The crash of the stock market had effects all over the nation, because banks had invested heavily in the stock market, banks were forced to close, which then effected the population. When the banks closed, in this time there were no insurance on the security of the banks money, people lost all there savings causing people to lose trust in banking. As more and more banks started to close people got scared and scrambled to their banks to get their savings out, only to find that the vaults were empty, which encouraged people not to spend, invest, and put their money in the banks. Study shows, if the people would have
It was meant to end suffering and conserve the nations political and economic institutions by aggressive activity by the national government. Civil rights issue was a growing concern, but president Hoover didn't act on the issue. Hoover also aided banks by lending them money to stay open, probably because he thought that if the banks stayed open then the economy will eventually get better, but the people felt that they were being forgotten and disapproved of Hoovers actions. The upper and middle classes were able to escape the harshness of the great depression but lower class citizens who had close to nothing already were faced with the worst of hardships. The people lost hope in the business industry as well in the government for not coming to aid in this time of need, new leadership was needed to motivate the economy and win the trust of the people. The house approved the plan in 38 minutes of debate. He reassured the country that the banks were safe over the radio in a method called fireside chat, his first time ever using this method, then upon reopening, because of the new hopes and trust given back to the banking system, the banks deposits out numbered withdrawals. People seen the statements that he made as cruel and insensitive saying that no one was going hungry and that the hobos were being feed better than ever before. Charities could only reach a fraction of the needy so many people ravished by the depression had little or no assistance to make it through this trial of economic stability. Roosevelt came into office with the votes and the trust of the nation, facing problems that demanded to be fixed. The first plan was to get the banking industry into working order again with a proposed bill called the emergency banking act so President Hoover closed all the bank doors and called congress into a special session.
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