The Impacts Of The Great Depression

2155 Words 9 Pages
Register to read the introduction… After the crash on Wall Street, Hoover passed the Smoot-Hawley tariff. This poorly timed bill cut international exports by 66% ( Mises Institute wiki). Hoover also raised taxes spent billions on public works projects and tried to stimulate the economy with public works. (Murphy 27-62). At the end of it all, America was in worse shape. After Hoover, Franklin Roosevelt came to office. He created an alphabet soup of new government programs and regulation for the money and banking industry. Including, the FDIC, FSLIC, Glass-Steagall Act, Banking Act. His new government programs part of The New Deal included: the CCC, WPA, AAA, and TVA to name a few (Folsom Jr, 73). Additionally he took America off the gold standard and banned private ownership of gold. Unfortunately for Americans Roosevelt’s spending and new government programs did seem to work well. It did help relieve some of the economic stress. However, Roosevelt’s secretary of the treasury stated, “We have tried spending money; we are spending more than we have ever spent before and it does not work . . . After eight years of this administration we have just as much unemployment as when we started . . . and an enormous debt to boot!" (Folsom somewhere) Then World War II hit it and the depression was forgotten until after the war. World War II was funded through bonds, inflation, and higher taxes. America rose out of the ashes of the Great Depression to become the powerful nation in the …show more content…
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This is a government report on the history of First and Second Banks of the United States. The National Monetary Commission headed by Senator Nelson Aldrich oversaw this work. It was to promote the creation of a new national bank.
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This book chronicles the history of the Federal Reserve in its entirety as well as the history of first and second banks.
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In this work, Robert Murphy chronicles the history of the Great Depression and New Deal and tries to dispel commonly held myths of that history.
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