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Great depression in america essay


great depression in america essay

running. Tasks correspond with content. Banks lose money they had invested. Herbert Hoover once told his old friend Julius Barnes: "No president must ever admit he has been wrong millercenter. Roosevelt said himself, " I wish that we (the democratic party, after Woodrow Wilson's term ended) could make him President. Many small banks, particularly in rural areas, had overextended credit to farmers who, for the our duties towards senior citizens essay most part, had not shared in the prosperity of the 1920s and often could not repay the loans. This maldistribution of income between the rich and the middle class grew throughout the 1920's.

His main course of action was to expand Hoovers programs and he had a covenant with the people to. The "roaring twenties" was an era when the country prospered tremendously. For many of those living in poverty during the 1930s, the radical leftist movements seen throughout the country appeared to be alternatives to the sometimes ineffective programs of FDRs New Deal. A major cause of the Depression was that the pay of workers did not increase at all.

The stock market did crash on October 29 1929. Over sixteen million stocks began to trade that lead to an industrial index drop of about forty three points, which at that time is about ten percent of stocks. This insufficient profit wouldn't allow the farmers to purchase new machinery and because of this they couldn't produce goods quick enough. Germany declared war on the United States on December 11, 1941. Being there were several factors that lead to the demise of the stock failure, economist and historians believe that this indeed was the longest collapse ever presented. With this new line of credit everyone was interested in the buy now and pay later scheme and there were so many new innovative inventions available such as radios, refrigerators, washing machines and air conditioners that every American thought they were entitled. Blacks had to give up low paying jobs to upper class white males who had lost their higher paying jobs. Today, looking back at what happened and dissecting these four main causes, I think it is safe to say that they all came hand in hand. Overproduction of farm goods cheap prices. One of the causes were Uneven Prosperity,.1 of families made 100,000 a year, and 80 had zero savings. On October 1929 the share values on the New York Stock Exchange collapsed. Even though the Great Depression will be forever stamped in history books as the economic meltdown of the twentieth century, we as Americans can learn to oversee and conquer what lies before us by understanding what put us in that dark place to begin with.

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