Briann Johnson
History T R 11:00
November 12, 2014
The Great Depression The Great Depression was most definitely the one of the darkest times for the economy in the U.S. The stock market crash of 1929 caused this economic downturn. When the stock market plummeted, consumer spending majorly dropped. Companies were making less and less profit, the only options were either closing down or laying off employees in hopes of being able to bring themselves out of this low spot . In 1933, the peak of the depression, around 14 million people were unemployed and half the U.S. banks had gone under. With the helpful guidance of President FDR combined with war production for World War 2, we were slowly but surely brought out of the depression. In the …show more content…
Money was very tight; people couldn’t afford to buy the things they used to buy. Not on there own, at least. Credit was used more and more, pushing people deeper into debt than they had ever been. Some people were so hopeless, they ran their tabs up in pubs and bars, or their credit on other things with no intent on paying it back because the idea of actually having money was so far out of sight. Repossessions and foreclosed homes were becoming more and more common.
The absence of money took a toll on families in more than one way. Not only did their physical lifestyles change, but also their mental, hence the name, The Great Depression. Some even turned to murder and robbery. The infamous Bonnie and Clyde duo swept the nation robbing, murdering, and kidnapping until they were shot to death in 1934. However, to this day they remain legendary. Not only did The Great Depression affect the United States, but also other countries that traded with us due to the gold standard. The gold standard is a system in which the value of money was backed by gold, which made it easier to be exchanged. Due to this, countries we did business with suffered because our money was useless. The gold standard was generally given up in The Great
History T R 11:00
November 12, 2014
The Great Depression The Great Depression was most definitely the one of the darkest times for the economy in the U.S. The stock market crash of 1929 caused this economic downturn. When the stock market plummeted, consumer spending majorly dropped. Companies were making less and less profit, the only options were either closing down or laying off employees in hopes of being able to bring themselves out of this low spot . In 1933, the peak of the depression, around 14 million people were unemployed and half the U.S. banks had gone under. With the helpful guidance of President FDR combined with war production for World War 2, we were slowly but surely brought out of the depression. In the …show more content…
Money was very tight; people couldn’t afford to buy the things they used to buy. Not on there own, at least. Credit was used more and more, pushing people deeper into debt than they had ever been. Some people were so hopeless, they ran their tabs up in pubs and bars, or their credit on other things with no intent on paying it back because the idea of actually having money was so far out of sight. Repossessions and foreclosed homes were becoming more and more common.
The absence of money took a toll on families in more than one way. Not only did their physical lifestyles change, but also their mental, hence the name, The Great Depression. Some even turned to murder and robbery. The infamous Bonnie and Clyde duo swept the nation robbing, murdering, and kidnapping until they were shot to death in 1934. However, to this day they remain legendary. Not only did The Great Depression affect the United States, but also other countries that traded with us due to the gold standard. The gold standard is a system in which the value of money was backed by gold, which made it easier to be exchanged. Due to this, countries we did business with suffered because our money was useless. The gold standard was generally given up in The Great