I Am the Title "Mellon pulled the whistle, Hoover rang the bell, Wall Street gave the signal and the country went to hell!" Nobody could forget this facetious song if they had ever stayed in New York in 1930s. It was an unforgettable and agonizing period to all the old generation Americans—The Great Depression. The Stock Market Crash of Wall Street came in October 24, 1929s was the beginning of The Great Depression. It later became the most influenced and horrible economic events in US history. There was no question that The Great Depression caused destructive attach to the entire U.S, and even many foreign nations at that time. Overnight, the stock plunged, banks failed, unsold goods piled up, and people lost their job. Since then, Americans
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Many believe the Stock Market Crash of 1929, ten thousand banks ' failures, reduction in productivity of commodity, and even higher tax for foreign goods were the reasons of it. Yet, the only thing clear is that everything began with the "Black Thursday" on October 24, 1929. (Top Five Causes), which was the day stock market lost 11 percent of its value in one day and 40 percent in two months. Since many Americans ' properties based on their stocks in that time, less and less money went to trade markets. Added the compounded attack of unsecured bank loans, almost ten thousand banks all over the nation failed. (De) The bankrupt froze people 's deposits in banks. One result was unavoidable, people lost their life-saving straw——money. Just as the famous song 's cover "country went to hell" said; that was what happened after The Great Depression began. As the government did not provide unemployment insurance, lost jobs quickly translated people into homelessness and destituteness. In 1933, the unemployment rate hovered about 25 percent. The noun "Hooverville", which emphasized President Herbert Hoover should hold the responsibility for this crisis, became a common term in homeless …show more content…
Heavy industry, the backup of US army, saved more than 17 million unemployed. President Roosevelt 's New Deal tried to provide "adequate medical care," "decent home", and a "remunerative job" called citizens ' entitlements. In the year of WW2 ended, Congress repealed the excess profits tax, decreased the corporate tax, top income tax, and sliced them to marginal rate. Soon businesses got encourages they could keep much of what they earned under taxes. Freer markets, balanced budgets, and lower taxes cured nation. The Great Depression came to its end. All in all, the imprint of difficult time was still an unforgettable scar on people 's heart. Descendants will always remember the lesson learned in history and look towards better
Many believe the Stock Market Crash of 1929, ten thousand banks ' failures, reduction in productivity of commodity, and even higher tax for foreign goods were the reasons of it. Yet, the only thing clear is that everything began with the "Black Thursday" on October 24, 1929. (Top Five Causes), which was the day stock market lost 11 percent of its value in one day and 40 percent in two months. Since many Americans ' properties based on their stocks in that time, less and less money went to trade markets. Added the compounded attack of unsecured bank loans, almost ten thousand banks all over the nation failed. (De) The bankrupt froze people 's deposits in banks. One result was unavoidable, people lost their life-saving straw——money. Just as the famous song 's cover "country went to hell" said; that was what happened after The Great Depression began. As the government did not provide unemployment insurance, lost jobs quickly translated people into homelessness and destituteness. In 1933, the unemployment rate hovered about 25 percent. The noun "Hooverville", which emphasized President Herbert Hoover should hold the responsibility for this crisis, became a common term in homeless …show more content…
Heavy industry, the backup of US army, saved more than 17 million unemployed. President Roosevelt 's New Deal tried to provide "adequate medical care," "decent home", and a "remunerative job" called citizens ' entitlements. In the year of WW2 ended, Congress repealed the excess profits tax, decreased the corporate tax, top income tax, and sliced them to marginal rate. Soon businesses got encourages they could keep much of what they earned under taxes. Freer markets, balanced budgets, and lower taxes cured nation. The Great Depression came to its end. All in all, the imprint of difficult time was still an unforgettable scar on people 's heart. Descendants will always remember the lesson learned in history and look towards better