Essay on Determining The Most Depressing Of The Great Depression

1762 Words Apr 19th, 2016 8 Pages
Determining the most depressing. The Great Depression of the late 1920’s and early 1930’s and the Great Recession of 2007 – 2009 were both times of major loss in the economy of the United States. Whether it is the amount of money lost or the amount of jobs lost they are similar but yet different in a plethora of ways. The Great Recession began in December of 2007 and lasted until June of 2009. The causes of the Great Recession date back from the 1980’s ‘consumer age’, debt from the household income was the primary set-up for the recession, and large amounts of money being borrowed for houses (“Great Depression vs. Great Recession”). On the other hand, the Great Depression began on October 29, 1929 and ended in 1931. World War I, overproduction in farming, and other countries could not afford our crops caused the Great Depression; the stock market had little to do with the cause of the Great Depression (“Great Depression vs. Great Recession”). Both events were followed by nearly ten years of clear economic strength. Several banks were starting to separate their services, moving into real estate and other risky investments. People were spending unwisely, driving prices up. The average annual economic growth during the 1920’s is a little more than four percent. The Great Depression and Great Recession may have been more similar than different. Thousands of banks failed in the beginning of the Great Depression, causing millions of depositors to lose their savings. In…

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