Black Tuesday: The Giant Impact Of The Great Depression

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On October 29th of 1929, a day deemed “Black Tuesday,” one of the biggest events in history occurred: the crash of the stock market. At the end of the “Roaring Twenties,” a period of major economic prosperity, America was bewildered by an event so unexpected that it shook the nation and caused utter chaos. Thousands rushed to their banks only to realize that what they had before was gone. The wealthy, the poor, the middle class, and everyone who invested in stocks or used banks were all greatly affected by this event, no exclusions. Lasting until the early ‘40s, the Great Depression left a giant impact on America and the world. So how did we get out of this insane economic downturn? During the Great Depression, President Hoover was in office. …show more content…
This meant that not only did people lose their investments, their money, and their jobs, but many people were lost their houses as well. For this reason, special agencies were generated like the Federal Housing Administration (FHA) and the Home Owner’s Loan Corporation (HOLC). These organizations gave Americans the ability to take out new long term loans and also refinance their homes. Approximately a million people in America were provided these loans and therefore able to keep their homes.

On August 14th, 1935, President Roosevelt signed the Social Security Act. The act gave comfort to the elderly population in America as well as to the unemployed, the impoverished the disabled, etc. The Federal Security Agency was created in 1939 to oversee the distribution of social security. However, the agency did have other important duties such as authority over public health programs and food and drug safety. This organization was replaced later with the United States Department of Health, Education Welfare.

Overall, the New Deal and it’s many different agencies and acts greatly helped America during the Great Depression and instilled hope in the citizens of the country. The confidence that was lost when the stock market initially crashed was restored. The federal government was largely impacted as it changed quite a bit and moved one major focal point to the protection of our economy

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