Roosevelt's New Deal Led To The Great Depression

One of the worst moments in American history was the stock market crash of 1929. The crash revealed the flaws in the U.S. economic system which led to the economic recession. Before the crash, the U.S. had been in a decade of prosperity known as the Roaring Twenties, but on October 1929, the stock market’s collapse caused the U.S. to go into a long period of depression, also known as the Great Depression. This depression lasted from 1929 until about 1939. In 1933, at the depth of the depression, Franklin D. Roosevelt became our 32nd president. Hope was brought to the American people with his election. In his inauguration speech, he addressed the depression by telling the nation that, “I pledge you, I pledge myself, to a new deal for the American people.” Roosevelt and his administration passed a series of law known as the New Deal, the New …show more content…
economy. The New Deal helped create jobs and lower unemployment, it fixed many of the policies that caused this depression. It had lasting impacts, the Glass-Steagall Banking Reform Act, passed in 1933, created the Federal Deposit Insurance Corporation, which insured individual deposits. Congress also passed the Securities and Exchange Commission, which enforced the federal securities laws and regulated the securities industry, the nation 's stock and options exchanges, and other electronic securities markets in the United States. The regulations imposed by these laws were intended to eliminate fraud and instill confidence in the markets. Another lasting impact was the Social Security Act which offered unemployment benefits and retirement pensions. “The New Deal worked to solve the current crisis and prevent future catastrophe in America”(Rauchway,