The Depression Of The Great Depression Essay

1266 Words Feb 1st, 2016 6 Pages
Life in the Great Depression was hard; people lost homes, jobs, life savings, and family. “Great Depression was a worldwide economic slump of the 1930 's” (Mitchener). The Great Depression started within the last six months of 1929, cause being the giant stock market plummet in October. Shortly after the Depression began, the current president, Herbert Hoover was denied another term due to rising unemployment and Franklin Delano Roosevelt took office (Mitchener). The struggling time brought the United States into appalling unemployment rates, with America’s population being 25 percent unemployed. The American people were greatly affected by the Great Depression of the 1930’s, creating a shutdown in banks all across the United States, employment being extremely limited, and the amount of working woman steadily rising as result of the New Deal. One of the many things that was effected in the Depression, was the banking system. “The banking system witnessed a number of "panics" during which depositors rushed to take their money out of banks rumored to be in trouble. Many banks failed under this pressure, while others were forced to merge: the number of banks in the United States fell 35 percent between 1929 and 1933.” (Szostak). Banks across the United States were shut down, due to newly inaugurated president Franklin Delano Roosevelt passing Proclamation 2039 and ordering inspections to all banks across America. People were beginning to take their money out of banks, in fear…

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