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 In the year of WW2 ended, Congress repealed the excess profits tax, decreased the corporate tax, top income tax, and sliced them to marginal rate.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