The Great Depression

The Great Depression was a bad time in history for everyone.It was the worst financial slump ever in U.S. history.The depression began in late 1929 and lasted for about a decade.Many people were affected by this event.The main cause for the Great Depression was a combination of things.
First, thing that caused the Great Depression was the stock market crash.The stock market crash began on Black Friday in October 1929.In addition, the Federal Reserve raised interest rate in 1930 and 1931.This reduced the chance of recovery for investors who had to pay their debts.Banks everywhere went under.Businesses couldn’t continue to operate. Farmers fell into bankruptcy. A quarter of the working force was unemployed in 1932.
Next, Hoover felt the only way to save the country from depression was to have the government get involved.He requested that local governments spend their money on public works projects. He created the Farm Board in 1929 to help support the prices of wheat and corn.When the farmers ran into trouble, the rural banks were not far behind. Since they were the main lenders to the indebted farmers, they suffered when the farmers suffered. This led to panic throughout the worldwide banking system.
Then, Roosevelt believed the only way out of the depression was for the government to spend money. Roosevelt started a lot of programs.Some programs he tried creating would be the CWA, PWA, and WPA. He set minimum wages, conditions, and maximum working hours, making it tough on businesses.Hisfirst AAA made farmers happy by paying them not to plant crops.He was responsible for creating the New Deal and the Second New Deal.
The Great Depression was a very devastating event in history.I could never imagine having to go through that type of event.With the New Deal, the American economy recovered gradually.I enjoyed learning about the Great Depression it makes me be thankful for so much more now….

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