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A War on Poverty
Franklin D. Roosevelt once said, “The only limit to our realization of tomorrow will be our doubts of today. Let us move forward with strong and active faith.” He used this motto after winning the presidential race to help pull our country out of the depression that we were suffering from. This depression that the United States was experiencing was a major set back to our economy as well as to the rest of the world. It brought an end to many individuals’ hopes and dreams for the grand lives they had imagined. Roosevelt’s development of the New Deal helped the country to move forward with their lives and brought a new found hope that had been lost for so long and aided in the recovery of the nation.
In the early 20’s there was a sudden increase of curiosity in the investment in the stock market. Many Americans started to purchase stocks on credit. They then used those stocks as collateral to invest in additional stocks. This sudden boom in the stock market was great for business and many individuals thinking they were well off financially increased their spending rate. Things were well for the economy until doubt started to creep into American’s minds and like a domino effect one after another started to pull out of the stock market and cash in. They also started to withdraw their savings from the banks in fear of losing it. Because of the swift rate at which individuals began to do this, the banks were unable to pay off their customers due to the fact that they never carried enough money at once to afford this sort of payoff. The stock market hit rock bottom and the banks were forced to close their doors leaving people penniless. The few individuals who had any sort of financial backing left to their names were those who had saved their money rather than investing. This left others unable to afford the high prices of the goods they needed to survive. Many Americans lost everything; they’re jobs, homes and farms.
When...