The Great Depression
“No one could have possibly lived through the Great Depression without being scarred by it. No amount of experience since the depression can convince someone that the world is safe economically” - Isaac Asimov. This was a time period of struggle that affected almost the entire nation. Men would be fighting over garbage to get food scraps for their families. (allabouthistory.org) Jobs were being lost and people were being taken out of their homes because they could not pay rent. (allabouthistory.org) The Great Depression has four stages that define the lives of families living during this time
Although the Great Depression was going on a while before, the “established” beginning was the fall of the stock market. On a day known as “Black Tuesday,” around 16 million shares were made. (history.com) Soon after, many shares became worthless and any investors who borrowed money were eliminated. (history.com) For a while the optimism that this crisis would resolve lingered, but in the end, the expectations died out. In addition, the fall of the stock market slowed down businesses and made them fire their workers. (wikipedia.org) The people that did stay in their jobs got a lower wage, therefore dropping the ability to buy items. (wikipedia.org) Many families that were forced to use credit, became in debt and the amount of morgage increased. (allabouthistory.org) The stock market wasn’t the only thing that made it hard for citizens, their work status also affected how their lives were during this time.
Apart from being kicked out of jobs, the nation was also facing other changes that made their economical status become lower. The first change was that drought was brought on to the agricultural farms and the farmers lost their crops, many people lost their jobs and became unemployed or homeless. (allabouthistory.org) By 1933, unemployment peaked at 25% and more that 5,000 banks have failed. (wikipedia.org) The homeless lived in little shacks made out of plywood, corrugated metal, sheets of plastic, or cardboard boxes. (thebalance.com) The second thing is that Franklin Roosevelt applied the “Bank Holiday” so that the legislature could reopen the banks again so they are stable. (wikipedia.org) While Roosevelt was in office, he passed laws to help stabilize production and create jobs. (history.com) Roosevelt also created the Federal Deposit Insurance Corporation to protect the depositor’s bank accounts. (history.com) Men who got fired from their jobs had little money to spend on food and necessary items. (allabouthistory.org)
Young children and adults both had to go through a time where they had little money, little food, and a small shelter. Unemployed men’s families had not much food to eat, and they were living off of little scraps of food, or from government handouts. (wustl.edu) Young children with unemployed fathers, dropped out of school to work in factories to help provide their family. (allabouthistory.org) With a little earning, many families couldn’t pay the rent, so they had to move out of their house. (allabouthistory.org) Roosevelt passed a New Deal policy that would restructure the economy to prevent another depression. (wikipedia.org) The First New Deal programs would provide work and relief for the impoverished. (wikipedia.org) The Second New Deal added some social security and jobs for the unemployed. (wikipedia.org) The rebuilding of the financial system was another big factor to the recovery of the depression.
The Great Depression kicked many people out of jobs and their own homes to find a new place of
shelter. The banks used tight monetary policies, which raised the fund rates and kept increases, finally
causing the stock market crash. The banks also did not keep enough money in circulation for the economy
to keep on running, and it lowered the total amount of U.S. dollars to 30 percent. However, programs to fix
financial problems and resource problems were put into place.
Amadeo, Kimberly. “What Happened During the Great Depression of 1929?” The Balance, 13 Feb. 2017, www.thebalance.com/the-great-depression-of-1929-3306033. Accessed 20 Apr. 2017.
Depression , c. 1935-1939. Akron Art Museum, Akron Art Museum , Akron, Ohio , akronartmuseum.org/collection/Obj158?sid=1&x=17397862. Accessed 20 Apr. 2017.
“Depression: Breadlines :Long Line of People Waiting to Be Fed: New York City: in the Absence of Substantial Government Relief Programs during 1932, Free Food Was Distributed with Private Funds in Some Urban Centers to Large Numbers of the Unemployed.” Docsteach. Accessed 20 Apr. 2017.
Else, John. “Interview with Dave Moore.” Wustl.edu, 6 Dec. 1991, digital.wustl.edu/cgi/t/text/text-idx?c=gds;cc=gds;rgn=main;view=text;idno=moo00031.00247.030. Accessed 20 Apr. 2017.
“Great Depression.” Wikipedia, Wikimedia Foundation, 8 Apr. 2017, en.wikipedia.org/wiki/Great_Depression#Turning_point_and_recovery. Accessed 20 Apr. 2017.
History.com Staff. “The Great Depression.” History.com, A&E Television Networks, 2009, www.history.com/topics/great-depression. Accessed 20 Apr. 2017.
“Life During the Great Depression.” AllAboutHistory.org, www.allabouthistory.org/life-during-the-great-depression.htm. Accessed 20 Apr. 2017.
“Root Causes.” The Economist, The Economist Newspaper, 15 Jan. 2015,
zid=316&ah=2f6fb672faf113fdd3b11cd1b1bf8a77. Accessed 20 Apr. 2017.
Pages in category "The Great Depression"
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