How Did The Great Depression Affect The Economy

The Great Depression was an economic catastrophe and a period of flat business economy in the United States and other countries around the world. It was the deepest and long-lasting economic downturn in our country. Approximately, around the stock market crash in 1929, and lasting through out most of the 1930’s. The stock market was an exchange by stockbrokers and where company stocks are bought and sold. As consumer spending dropped, stock prices began to increase at the same time. Thirteen to fifteen million Americans were unemployed and more than half of the country’s banks have failed. People would look for work but could not find it. On October 29, 1929, the stock market bubble finally burst, mainly causing The Great Depression, 12.9 million shares were traded that day, known as “Black Tuesday”. At one point, there was no hope, everything was going downward for the United States economy. President Hoover was elected in May 4, 1929, right before the Great Depression. Most of the Americans thought President Hoover would help the economy big time and further boost the nation’s economic prosperity. However, during his term in office he struggled to do that. On the other hand, he did start the Agricultural Marketing Act. Congress passed this to stabilize farm …show more content…
Hoovervilles were towns the unemployed built in the cities during the depression, the name of the towns showed how people blamed President Hoover for the Great Depression. The Dust Bowl was also a tragic time, it was the hardest hit by a drought in the 1930s where soil was so dry, and dust was everywhere. In 1932, President Roosevelt won an overwhelming election and took office. He began addressing the public straight from the radio in a series of talks, known as the “fireside chats”. This helped ease the Americans stress and uncertainty over the nation’s economy. He started the New