The Great Depression

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The United States went through so much difficulties during the Great Depression. There was unemployment, less money to spend, people bought fewer goods, companies had less profit, and fire workers.

” The Great Depression” started when the stock market fell in October 1929.  People who invested their money in stocks began to lose all of their money. They couldn’t pay their bank loans or personal bills. Stock Market Crash of 1929, many believed badly that the stock market crash that occurred on Black Tuesday, October 29, 1929 is one and the same with the Great Depression. After all, it was one of the major causes that led to the Great Depression. Bank Failures was another reason throughout 1930s over 9,000 banks failed.

Bank deposits were not covered by insurance and as a result as banks failed people simply lost their savings. Banks Surviving unsure of the economic situations and concerned for their own survival, took a minute and stopped being as willing to create new loans.

Impacts of the great depression:

  • Unemployment and homelessness
  • bank failures and collapse of the financial system
  • political unrest (militant labor unions)
  • farm foreclosures and migration

Franklin Roosevelt becomes president in 1933 and was the only president to be elected four times. Roosevelt led the United States through the Great Depression and World War II, and greatly expanded the powers of the federal government through a series of programs and reforms known as the New Deal.

Life back then was hard many people suffered during this time. A lot of people were loosing jobs, money, homes and more. So many difficulties during this time people probably learned from what they didn’t have to appreciate what they needed.

http://rooseveltinstitute.org/policy-and-ideasroosevelt-historyfdr/new-deal

Social Security Poster: widow
Social Security Poster: widow (Photo credit: Wikipedia)