The 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 people 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 luxu!rious 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 meet mortgage pa
This reduced the mo!ney in circulation. Millions of workers were unemployed during the period. Industrial cities w!ere the hardest hit, workers who managed to keep their jobs worked only part-time or for reduced wages. Then the stock market began to collapse. However, the RFC's directors were reluctant to may risky loans, and much of its budget remained unspent. Despite the federal's stated goal of stimulating the economy, the money supply decreased by one-third from the start of the recession in 1929 to the depths of the Great Depression in 1933 and 1934. In the south more than half of the Americans had no jobs. yments or repay loans they lost their property. This, in turn, caused businesses to reduce their investments. P!receding years had been a time of widespread he stock market crash, a serious recession. At the same time, the federal continued to sell government securities. In one day the total value of all stocks fell by $14 million. Those who had lost their homes built shelters out of old boxes and debris, sometimes grouped together in pitiful shantytowns such as Hooverville because of this President Hoover wondered why the president did nothing to end the suffering.
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Acceptance Essays
