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The Great Depression. By Virginia Fallin. What was the Great Depression. The Great Depression was a period of worldwide economic depression that lasted from 1929 until around 1939. The starting point of the Great Depression is tagged as October 29, 1929, commonly called Black Tuesday.
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The Great Depression By Virginia Fallin
What was the Great Depression • The Great Depression was a period of worldwide economic depression that lasted from 1929 until around 1939. The starting point of the Great Depression is tagged as October 29, 1929, commonly called Black Tuesday.
What was the causes of the Great Depression • Stock market crash of 1929 • Bank Failure • Reduction of purchasing Across the Board • American Economic Policy in Europe • Drought Conditions
Effects of the Great Depression • Throughout 1930, consumer spending continued to decline which meant businesses cut jobs which increased unemployment. Also a severe drought across America meant that agricultural jobs were reduced.
Effects of the Great Depression Contin… • Wretched men, including veterans looked for work, hawked apples on sidewalk, dined in soup kitchens, passed the time in shantytowns dubbed “Hoovervilles,” and some moved between them in railroad boxcars. It was an awful time for families, starvation swept the land, and a great drought ruined a number of farms, forcing a great migration.
The Government Response to the Depression • President Herbert Hoover ignored called for government intervention on behalf of individuals. • He reiterated his belief that if left alone the economy would right itself and argued that direct government assistance to individuals would weaken the moral being of the American people. • Hoover further believed that the the government should cut spending even more. • Hoover was forced by Congress to intervene.
Government Response Contin… • His efforts consisted of spending to stabilize the business community, believing that returning prosperity would eventually “trickle down to the poor majority. • The poor majority was not willing to wait. • Hoover was easily defeated in the presidential election of 1932 by Democrat Franklin D. Roosevelt because he was branded as cold and uncaring.
