The Great Depression
The Great Depression was the worst and longest economic collapse in the history of the United States. It not only put the United States in depression from 1929 to the early 1940's, but also destroyed the rest of the World's economy. Franklin D. Roosevelt's confidence overwhelmingly won him the election in 1932, but significantly raised Americans' spirits with his new aggressive federal programs known as the "New Deal." "We Americans will rise from destruction; we Americans will conquer despair; we Americans are facing new things. With confidence we accept the promise of a New Deal" (Winslow p.51).There are many plausible causes of the Great Depression. The biggest misconception is that the stock market crash of 1929 was the cause of the Great Depression, but in fact, there were bigger problems within the United States economy before the Great Crash.One of the biggest problems of the economy was the Lack of Diversification. The United States economy was too heavily based upon Henry Ford's Model-T car. The mass consumption of consumer goods kept the economy relatively good throughout the 1920's. The fundamental problem was that prosperity for the U.S. economy would only continue if the demand for consumer goods grew as f
Hoover was against helping the unemployed, but started to help the banks and state relief. In the late 1920's, the American consumers stopped buying and the economy started to suffer. In 1935, the Supreme Court nullified the codes as unconstitutional delegation of legislative power to the executive. This administration replaced the Federal Emergency Relief Administration (FERA). This meant that the economy would be dependent on high level investments and luxury consumer spending. This meant that they would gamble and hope prices would rise so to make a profit and pay off their loan. One of the far-reaching New Deal programs was the Securities and Exchange Commission (SEC). After WWI, the United States became a creditor to Europe. The Work Projects Administration (WPA) was setup to put unemployed people to work on public projects during the depression. goods affected the wealth of the nation a great deal. Second, the bad distribution of income led to the economy to a state of depression.
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