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The Great Depression. An Overview ... 2002). The events associated with the Great
Depression had destructive effects on the United States. During ...
The Great Depression. The Great Depression The Great Depression hit
American?s real hard, almost in an instant. The depression ...
The Great Depression. The Great Depression ... goods. The Great Depression had
important consequences in the political sphere. In the ...
The Great Depression. The Great Depression ... goods. The Great Depression had
important consequences in the political sphere. In the ...
Life During the Great Depression & Now. LIFE DURING THE GREAT DEPRESSION
AND NOW The Great Depression was a huge economic disaster. ...
Submitted by naida8 on April 6, 2008
Category: American History
Words: 620 | Pages: 3
Views: 46
Popularity Rank: 95,866
Average Member Grade: N/A (Add a Comment / Grade this Paper)
During the economic boom of the "Roaring Twenties," the traditional values of rural America were challenged by the Jazz Age, symbolized by women smoking, drinking, and wearing short skirts. The average American was busy buying automobiles and household appliances, and speculating in the stock market, where big money could be made. Those appliances were bought on credit, however. Although businesses had made huge gains -- 65 percent -- from the mechanization of manufacturing, the average worker's wages had only increased 8 percent.
The imbalance between the rich and the poor, with 0.1 percent of society earning the same total income as 42 percent, combined with production of more and more goods and rising personal debt, could not be sustained. On Black Tuesday, October 29, 1929, the stock market crashed, triggering the Great Depression, the worst economic collapse in the history of the modern industrial world. It spread from the United States to the rest of the world, lasting from the end of 1929 until the early 1940s. With banks failing and businesses closing, more than 15 million Americans (one-quarter of the workforce) became unemployed.
President Herbert Hoover, underestimating the seriousness of the crisis, called it "a passing incident in our national lives," and assured Americans that it would be over in 60 days. A strong believer in rugged individualism, Hoover did not think the federal government should offer relief to the poverty-stricken population. Focusing on a trickle-down economic program to help finance businesses and banks, Hoover met with resistance from business executives who preferred to lay off workers. Blamed by many for the Great Depression, Hoover was widely ridiculed: an empty pocket turned inside out was called a "Hoover flag;" the decrepit shantytowns springing up around the country were called "Hoovervilles." Franklin Delano Roosevelt, the rich governor from New York, offered Americans a New Deal, and...
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