The Great Depression
The Great Depression was a disastrous business slump that affected millions of people throughout the entire United States. It began in 1929 and continued on, to some degree, until 1939. People lost their jobs, and families lost their homes. The country was in total chaos. Some believed that America could never totally recover. There were several factors that contributed to the start of the Great Depression. One of them was the crash of the stock market. It was 1929, and Republican Herbert Hoover had just been recently elected. During the previous few years, the stock market had been steadily rising, and everyone wanted their piece of the profits. By this time, over 1.5 million people owned stock in various companies. People in every kind of financial situation owned stocks. It seemed that it was an easy way to make money, and most investors were getting rich. The stock market reached its all-time high on September 3, 1929. This caused even more people to buy stock. In October of 1929, however, the stock prices slowly began to decrease. This did not bother the stockholders that much because they just figured that the stocks would go back up like they always did. Unfortunately, these predictions were terribly wrong.
In 1932 more than 273,000 farming families lost their houses to the banks. In some southern states, many of the unemployed worked picking cotton for only one dollar a day. Also, that many Americans have the spirit of compassion that is necessary in order to provide for the less fortunate. Some grocers provided food to needy families on credit. They declared that the conspiracy to take over the government of the United States of America was stopped just in time. " President Hoover soon became angry and afraid of all of the extra people around the White House. Realizing how terrible the economic situation was, the United States Congress tried to pass a bonus bill for Americans who were veterans of World War I. The Unemployment Council in New York City held a demonstration in the city's Union Square. So many were now starving and homeless that thousands of people, including war veterans, started to gather in Washington D. A similar situation occurred later in the year. Americans really responded to these chats, and he soon gained widespread popularity. " Five days later there was a "Black Tuesday. Thousands of employees had to be fired because the companies could no longer afford to pay them their salaries. It was the only way for them to feed their families. Many of the more fortunate people who still had jobs had pity on those who had lost theirs.
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