The Great Depression Irving Fisher, an economist at Yale University in 1929, confidently stated, “The nation is marching along a permanently high plateau of prosperity.” Less than a week later, the bottom dropped out of the stock market sending the American economy toward its worst downfall in history. The Great Depression was not only responsible for a dramatic change in the structure of American politics, but also for a change in Americans’ expectations about government. The Depression affected all Americans, rich or poor, and was responsible for ushering numerous social problems into the lives of citizens. Herbert Hoover was elected president in 1928.
Prior to his election, during his acceptance speech for the Republican nomination, he stated, “We in America today are nearer to the final triumph over poverty than ever before in the history of any land. The poorhouse is vanishing from among us.” Many Americans shared Hoover’s optimism in the beginning of 1929. On January 1, 1929, The New York Times printed an editorial reading, “It has been twelve months of unprecedented advance, of wonderful prosperity. If there is any way of judging the future by the past, this new year will be one of felicitation and hopefulness.” Later that year, on Tuesday, October 29, the market crashed. This day is known as “Black Tuesday” and is considered the single most devastating financial day in the history of the New York Stock Exchange (NYSE).
The Term Paper on Short Essays Major problems in American history
... Hoffman, E., & Gjerde, J. (2007). Major problems in American history since 1985: Volume II. Boston: Houghton Mifflin Company. ... the needs of American people. Kennedy compared between President Roosevelt and hover at the time of great depression. Kennedy acknowledges the ... the actual cure that would have helped end great depression. Therefore, Roosevelt appeared good to people because he helped ...
Prices fell so far in the first few hours that day, profits from the year before were completely wiped out.
America spent nearly thirty million dollars on WWI. A comparable amount was lost from the American economy in the two weeks between October 29, and November 13, 1929. High school dropout rates soared to nearly three million following The Crash. Unemployment and homelessness were widespread.
Many homeless across America built cardboard and tar-paper shacks, called “Hooverville’s” in sarcastic reference to President Hoover. Organized protests took place around the country. Farmers, in hopes of preventing foreclosures, marched at local banks armed with guns and pitchforks. Farmers were hit especially hard by the Depression.
Many of them could no longer make the payments on their land and machinery they had placed themselves in debt to buy. As if that was not bad enough, much of the Midwest and South was turned into a dust bowl when a great drought took place in 1931-32. As Americans searched for a way to escape, some industries managed to squeeze a profit in the early 1930 s. Sales of cigarettes, oil, gas, and movie tickets all went up. This followed the realization that if Americans could not find work, they could at least go for a drive, have a cigarette, or go to a movie. Will Rogers, a humorist, remarked, ” We ” re the first nation in the history of the world to go to the poorhouse in an automobile.” People had to survive any way they could.
The Great Depression established its own environment which people had to adjust to. As the number of unemployed grew, people who ran out of money were soon evicted by landlords who were used to getting the rent on time. Banks were forced to foreclose on unpaid loans. Major industries were forced to close down, lacking orders for their products.
In April, 1931, Henry Ford fired 75, 000 workers without unemployment compensation. The Great Depression became a worldwide disaster as America was forced to impose a stiff tariff on all imports. In the spring of 1932, about 20, 000 unemployed and hungry WWI veterans marched into Washington to demand that Congress pay them their war bonus, instead of paying years in the future. While the House authorized the payments, the Senate rejected them. The veterans that did not leave remained in Washington, living in shacks made out of packing crates and discarded newspaper.
The Essay on Theodore Roosevelt President Led Great
With the assassination of President McKinley, Theodore Roosevelt, not quite 43, became the youngest President in the Nation's history. He brought new excitement and power to the Presidency, as he vigorously led Congress and the American public toward progressive reforms and a strong foreign policy. He took the view that the President as a 'steward of the people's hold take whatever action ...
President Hoover ordered General Douglas McArthur, who was in command of the cavalry, tanks, and infantry of the army, to remove all the homeless veterans. Killing two and injuring 1, 000 in the process, the army used tear gas to disperse the veterans from the streets. Franklin Delano Roosevelt was elected president a few months later by a landslide. Many believe that due to the unnecessary use of force displayed by Hoover in Washington, he was not re-elected. On March 4, 1933, Roosevelt was sworn in as president.
He immediately sent measures to Congress to stabilize the economy. Among these measures was the National Industrial Recovery Act (NIR A).
This act was approved by Congress. It stated that business, labor, and government, agree to certain codes fixing prices and wages, and limiting competition. It was deemed unconstitutional by the U. S.
Supreme Court two years later. The Great Depression placed the nation in turmoil. Who knows what would have happened if the stock market never crashed. Many lives would not have been lost.
Maybe the economy today would be different. All we can say is that hopefully, it will never happen again.
