THE GREAT DEPRESSION
Deep discontent, which has been brought on by the worst economic depression in the history of the United States, swept Roosevelt onto presidency. During his campaign he pledged himself not only to lift the country of depression, but also to get up economic safeguards in an effort to prevent future depressions in the United States. The depression had steadily grown worse, between twelve and fifteen million industrial workers had lost their jobs. The sharp fall in prices of farm products had brought many persons to a state of poverty. Millions of farmers and city workers had lost their homes and more were about to lose them, because they had no money to pay their taxes and interest on their mortgage. The Great Depression was not solely a result of economic practices. The Great Depression took a momentum of its own. Individuals with mortgages on their homes, who bought cars and other goods on credit and who had purchased stocks on margins "lost it". They stopped purchasing luxurious items such as radios causing them to close down plants or run them only part-time. Thousands of workers were laid off as orders were canceled for copper, wood cabinets, and glass radio tubes. Because of this jobless workers could not
By September 1929, heavy speculations had driven stock prices to an all-time peak. Despite such prejudice, desperation drove a large number of women into the workforce. By 1932, 25 percent of American workers were out of work. This heralded a period of high unemployment, failing business and banks and f, and falling agricultural prices. 47In conclusion, the amount of money loaned by the governments couldn't be paid back as a result everyone went bankrupt. Sidney Lens of New York's view on the Great Depression was the unemployment rate remained near 20 percent throughout the decade. Roosevelt, elected president in 1932, brought in the new deal measures, but full recovery of the economic occurred only with the beginning of defense spending immediately prior to World War II. African Americans did make some gain during the Great Depression. Some women started home businesses such as laundry and boarding houses. His first official act declared a "banking Holiday" until treasury officials could examine all banks. As a result, people would have been able to invest. Eventually Hoover recognized that the federal ran out of money, however, and that combined spending by all three levels of government declined. There were many causes of the Great Depression: Easy credit had led to widespread stock speculation; the world had not completely from World War I; U.
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