The Great Depression

            The Great Depression is probably one of the most memorable events in American history. During the 1920s speculation caused many people to buy stocks with loaned money which were collateral for buying more stocks. Broker's loans went from under $5 million in mid 1928 to $850 million in September of 1929. The stock market boom was then very unsteady, basically because it was based on borrowed money and false optimism. When investors lost confidence, the stock market collapsed, taking them along with it. People were then without jobs, homes, and women's rights were also a concern.Congress passed high tariffs that protected American industries but hurt farmers and international trade.
             During the first one hundred days of President Franklin D. Roosevelt's term of office, he feverishly pushed program after program through Congress to provide relief, create jobs, and stimulate economic recovery. These programs were based on federal agencies that had controlled the economy during WWI or on programs started by Hoover or by state governors. Roosevelt's new programs were known as the "New Deal". The strengthening of labor union's National Industrial Recovery Act gave workers the right to organize. Therefore, The Fair Labor Standard Act started in the late 1930's which included minimum wage, forty hours a week, and overtime. This act helped many people to get an equal amount of money and not be over worked. Many people believed that the "New Deal" was a good thing. They felt it was helping to solve many of the nation's ills and was bringing about economic recovery. On the other hand, Republican's thought the federal government was spending too much money.
             Roosevelt introduced new things such as the Social Security Administration, the National Labor Relations Board, and the Securities and Exchange Commission, which are all still with us still today as monuments to the innovation of Franklin D. Roosevelt's New Deal.