Causes & Consequences of The Great Depression
The Great Depression was the worst economic slide in the history of the United States. It left many emotional and physiological scars, "invisible scars" as one writer called it, on the American people. There were many contributing factors to the causes of the Great Depression, which came along with a lot of consequences. To tackle the strain that the Great Depression was putting on the American people, President Franklin D. Roosevelt implemented The New Deal to which had it's own successes and failures.In the late 1920s the stock market started to resemble that of a sporting arena; the way Americans followed stock prices as the same way they followed the exploits of such American idols as Babe Ruth or Jack Dempsey. The American people were convinced that it was their duty to buy stocks; and buy stocks they did. Stock prices increased approximately twice the rate of the industrial production during the bull market of the 1920s. Stocks were mainly bought on the basis of their perceived earning power rather than their actual value. For Example; Radio Corporation of America stock (RCA) shot from $85 to $420 , which was so overvalued that it didn't make sense to buy. However, investors would buy anyway hoping that they coul
This held true mainly because of all the support the West received from the federal government and the Works Progress Administration (WPA) during the worst drought and dust storms they had ever seen. The most powerful consequence of deepening depression was the massive unemployment across the United States. Roosevelt and congressional New Dealers called for new legislation to strengthen labor's rights and for the first time, federal government guaranteed the right of American workers to join or form independent labor unions. Roosevelt who designed and pushed through an extraordinary number of acts through Congress between March and June of 1933, considered "The Hundred Days". Others found the New Deal too timid in its measures. This criticism, along with others, came from popular leaders like well-known novelist and socialist Upton Sinclair, a retired doctor from California by the name of Francis E. Along with the Second New Deal came the landmark Social Security Act of 1935 , providing old-age pensions and unemployment insurance. Despite Roosevelt's first attempts to bring the United States out of the Great Depression, he received much criticism. Above all else, Collier became the driving force behind the Indian Reorganization Act of 1934 which reversed the allotment provisions of the Dawes Severalty Act of 1887. The BIA itself also employed Indian people increasing those employed from a few hundred in 1933 to more than 4. These acts came to be known as the New Deal, and were focused on reviving both the industrial and agricultural sectors of the economy, along with providing emergency relief for the unemployed. The Agricultural Adjustment Administration (AAA) was also set up to provide immediate relief to the farmers of the nation. d sell later at a higher price once its perceived earning power would present itself.
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