Before going into the subject of The Great Depression I would like to talk bit about money, the term money basically has two different types of meaning. We often speak of someone "making money," when we really mean that he or she is receiving an income. Money is a term referring to a flow of income or receipts per week. Often times we also speak of someone having money in either his or her pocket, safe-deposit box or on a savings account. Under these conditions, money refers to an asset, as well as an item on a profit and loss statement. (Money Mischief, pg 8).
The late 1920's were a decade of economic boom. New houses and apartments were created, and the nation's capital expanded. At the beginning of 1929, the unemployment rate was at a low 3.2 percent. But as that eventful year unfolded, increasing signs of economic weakness began to appear. Unemployment went up to 25 percent and the Real Gross Development Product (GDP) declined at 29 percent. (Macroeconomics, pg 376).
Prior to the stock market crash, the nation was relishing in a state of jubilation. Confidence levels were elevated and the stock market was up. Everybody seemed to be making a fortune by speculating in the stock market. Between August and September 1929, almost 1.1 billion transactions were made (NEEDS CITATION). But in actuality, most people in the country did not have the extra money to invest in the market. Those few that did invest increased their buying power by borrowing money (The Great Depression pg 31). However, as banks and businesses reacted to cut costs or declared bankruptcy, unemployment rose at an alarming rate. Relief organizations were quickly overwhelmed and unemployment offices were swamped with applicants. Meridel Le Sueur was a young writer who wrote an article about what it was like for women seeking work in an employment office. She describes the frustration and humiliation of proud people waiting all day for jobs that rarely, if ever, materialized.
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The Great Depression The Great Depression was one of the longest depressions in the history of North America left Americans shaken. ... My grandmother, a survivor from the great depression says "we had to gather food from were ever we could find it, we were starving". ... The Great Depression sent people that were ordinarily comfortable with life scurrying for reassuring shelter and it left many people badly shaken from the experience. ... People that went through the Great Depression and survived will forever remember the way that it felt to stand in line for hours for food or even to...
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The Great Depression When Franklin D. Roosevelt took office, America was going through what was known as the Great Depression. ... Farm families are an example who suffered during the Great Depression. ... The banks were closing down due to the depression. ... The Great Depression was not the first or only depression Americans had seen, but it was the worst. ...
The Great Depression The Great Depression was the greatest economic slump to ever occur in US history. The depression began in late 1929 and lasted throughout the following decade. Several factors played key roles in bringing about the depression. ... However, though a great deal more work was being done, the average wage for a manufacturing worker increased minimally. ... Though the Great Depression has long since ended, it continues to leave an indelible imprint on our economic society. ...
Great Depression was the worst and longest economic collapse in the history of the modern industrial world. ... The depression started in the United States and spread to most of the world's industrial countries. ... During the Great Depression there were rapid falls in the production and sale of goods and a rise in unemployment. There were many factors to the cause of the Depression. ... Another one of the factors to the Great Depression was what the government had done or had not done to ensure that this would not happen. ...
The Great Depression On Thursday October 24, 1929 at 10:00am the stock market bell went off at the New York Stock Exchange, stocks were plummeting down. ... The Great Depression did not just happen there were many factors that contributed to the depression like the United States international credit system, economic dependency, and international trade policies. ... The great depression is a very important chapter in our history. Through the great depression we learned many great lessons and as a country we came to realize how fragile what may ...
Causes of the Great Depression The Great Depression was the severe economic crisis that began in 1929, that sent the United States into a frenzy. ... It's undeniable that the Great Depression was one of the hardest trails the US has had to endure. ... The Great Depression was a trying and difficult time for America. ... Work Cited Page America's Great Depression. ... Available http://odur.let.rug.n1/~usa/H/1994/ch9_p8.htm "Great Depression" Encyclopedia.com . ...
