The Great Depression Was An Economic Crisis Essay

1377 Words Jun 3rd, 2016 6 Pages
The great depression was an economic crisis that took place on October 29, 1929. The depression was the longest-lasting and deepest economic downturn in history. It began after the stock market crash of 1929, which sent Wall Street into a panic and millions of investors penniless. Over the next few years, investment and consumer spending dropped, causing unemployment rates to rise and industrial output to decline. By 1933, about 13 to 15 million Americans were unemployed and most of the country 's banks failed. As Franklin D. Roosevelt entered the presidency, he put a relief and reform measure into place to help with the depression. Before October 29, many investors on October 24 were dumping their shares altogether. Finally, five days later on “Black Tuesday” 16 million shares were traded leaving millions of the shares worthless and investors penniless. The great depression had an enormous impact on American society in the 1920’s.
When the Great Depression hit the president at that time was Herbert Hoover, he believed that the economy would eventually right itself. By 1930, about 4 million Americans were struggling to look for a stable job, and the unemployment rate rose to 6 million in 1931. Bread lines and soup kitchens were created to help feed the poor and people who couldn 't buy food. The number of homeless people rose, it became a common factor of the depression when people lost their house and everything they owned. Farmers struggled with their own economic…

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