The Great Depression 2
It all started on October 29, 1929. The stock market took an unusual twist. "It had been climbing steadily for years. It peaked then plummeted sending worry to bankers and brokers dealing in the stocks" (Nishi 11). It had been leading up to this moment for years, brokers were buying stocks on credit. If the stocks did well then there was never any problem. If the stock fell though, the bank would demand partial or full payment. Everyone panicked, People started selling stocks for only a fraction of their value. The last big scare, (October 24) the brokers started buying up large pieces of stock in the afternoon thus saving the market. Everyone hoped and even expected this to happen again, but the large brokers were selling as well. By the end of the day nearly 25 million shares had been sold. Although it was one of the toughest times in America, the Great Depression strengthened us Economically, and emotionally, providing regulations so that something this mind-blowing should never bother a great nation like this again The American people were still feeling the economic boom from the roaring twenties. "You could buy anything you wanted whether you had cash or not. People were buying cars, furniture, clothing. And je
"They were the best times to live through, everyone was going trough hard times, we had food on our table every night and that was all we really needed" (Schiffner, Frances). The Depression made stronger, physically and emotionally. Americans had seen it all, they had hit rock bottom and survived. People form the Depression era never were heavy spenders. There was a lot less buying on credit after that. "People didn't rush in and buy the first thing they saw anymore, they shopped around looking for the best deal" (Nardo 83). Americans weren't going to make the same mistakes, It took another World War to fully bring the country out of the depression. They weren't going to let the booming econmey falter afterwards. The SEC banned the buying of stockes on the margin, Over the next two years over nine thousand banks crashed. In 1930 26,355 business went under. The following year 28,285 business went under. The country was in serious trouble, but Hoover refused to lend a hand. "I don't believe that the power of and the duty of the Government ought to be extended to relief of individual suffering, the lesson should be constantly enforced that though the people support the Government, the government shouldn't support the people" (President Hoover). welry all on installment plans" (Schraff 13). The people who were well off suddenly found themselves with little or no money. They only bought what they needed to survive. This sharp decrease in spending forced merchants to decrease orders. When the orders stopped the factories shut down. Factory workers had no jobs and the great depression was in full bloom. While others mourned. Because the NRA "did acc
Some common words found in the essay are:
America Depression, Dust Bowl, , Security Act, Frances Depression, President Hoover, Schiffner Frances, York Herald-Tribune, Supreme Court, Roosevelt Administration, roosevelt's deal, nine thousand banks, dust bowl, supreme court, land farmers, social security, larger farmers, security act, nine thousand, social security act, thousand banks, schiffner frances,
Approximate Word count = 1134
Approximate Pages = 5 (250 words per page double spaced)
|
