The Great Depression
The Great Depression began during the 1929. It was a very severe economic devastation that happened in the United States history. President Franklin Roosevelt had to make new laws just to protect the citizens of the United States as a result of the Great Depression. President Franklin Roosevelt made deals, social security, gave more rights to the labor union, and he signed the law for a minimum wage plus 40-hour work week. The United States were made drastically changed because of the Great Depression. The laws that were made during this time affected many people. Changes of the financial structure laws of the United States prevented the United States from experiencing severe economic abandonment like it did in 1929.
The devastation that affected people of the United States very badly happened on October 29, 1929 that was known as the Great Depression. The New York stock market crashed and burned during this time. The harsh time had been known as The Black Tuesday. This made prices drop very badly and made production slow more and more. The United States suffered from 17 previous downfalls that happen in the stock market that took place a 150 years in historical time period, but there was not as bad as this one. President Franklin Roosevelt stated that during the
Great Depression it was so wholeheartedly painful that it was said to “bring the strongest man to his knees in tears” and President Franklin Roosevelt also stated that “era that tested the American dream.” The people lost many things like their jobs, their families, their food and homes.
The businesses and the industry were affected also. With so many businesses affected and them losing so much of their money they had to start cutting back on employee hours or their wages. They had to make cuts on what they purchase such as the luxury goods and who they decide to spend their money. Millions of people were unemployed due to businesses closing their doors.
Farmers during this time were safer from the outcome the Great Depression because they were able to feed themselves with whatever product they grew. Unfortunately during the Great Depression the Great Plains got hit really hard with a drought and a horrendous dust storm. The high winds whirled the soil for miles destroying everything in its path leaving farmers without crops.
The Great Depression started during the presidency of President Herbert Hoover. Many people said that President Herbert Hoover was the cause of the Great Depression so they name a town after him calling it Hooverville. President Franklin Roosevelt won the presidential election in 1932 and was sworn in as the president in 1933. The people of United States had very high hopes that President Franklin Roosevelt would get the economy back in order. When President Franklin Roosevelt took office all the banks he closed them down and would only let them reopen if they were stabilized. This project called The New Deal was President Franklin Roosevelt plan to help the United States economy.
The United States was not the only country that the Great Depression affected. Counties like Canada and Germany were also affected. In Canada the depression was known as The Global
Effects of the Great Depression and in Germany the depression was known as the Effects on Germany. Canada was hit hard because they relied on the export of grain and other materials. Germany was hit hard by the interruption of American loans.
When President Hoover was in office he did make some major mistakes by raising tariffs. He was hoping by raising tariffs he would be able to help the American businesses. President Herbert Hoover created the Hawley-Smoot Tariff but that just ended up making the economy worse than it was simply by causing lower export rates. He did not want to go off the gold standard and that was his biggest mistake. His belief was that