The Great Depression


There has only been one depression in the history of the United States of America. There were a few other instances throughout the nineteenth century, which lasted in periods of 20 years, known as recessions, none were anyway as severe as the one suffered in the 1930s which was known as a depression.
President Herbert Hoover used the term depression instead of panic because he found the term to be less frightful and explained exactly what happened during the months that followed the crash of October 1929. He said that the American economy was like a highway, in which small crashes could be easily fixed, but he was wrong. was a lot longer than a brief period. No date has ever been set on ...

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crisis. In fact, from 1929 through 1932, the economy went from bad to worse.
Unemployment approached 20 percent. Black Unemployment hit 50 percent. Private construction investment went from $6.6 billion in 1929 to $1.3 billion in 1932. Overall manufacturing was 54 percent of what was in 1929. Automobiles were created at 20 percent of 1932's, and steal was at 12 percent of 1929. Farmer's income slid from $12 billion in 1929 to $5 billion in 1932., but the farmer's mortgages continued to escalate. 70,000 banks went under before the Great Crash in 1929, and 9,000 more went under from 1929 to 1932. Marriages were down 250,000 from 1929 in 1932.

Herbert Hoover attempted to address the crisis using Republican capttalism as answers, however, none worked.

In 1932, Franklin Delano Roosevelt won the presidential election. He understood that most of the American people were very optimistic. Many unemployed workers blamed themselves, and not the system. With this type of campaign, he easily ...

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PAPER DETAILS
Added: 3/4/2004 11:39:15 AM
Category: American History
Type: Premium Paper
Words: 786
Pages: 3

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