The Great Depression
In the late twenties and early thirties, the great depression swept across the united states and astonished many people with the fall of the stock market and the dust bowl. In 1931, the dust clouds first hit and they were killing crops and taking away farmers money from them. The dust storms were very deadly and left farmers dreams behind, and they were occurring very frequently. In the year1932, there were reports of at least fourteen recent dust storms in the area.
Franklin Roosevelt takes office in 1933, when the country is in desperate straits. Right away, he made a four-day bank holiday and during the same time, congress came up with the emergency banking act of 1933, which stabilized the banking industry and restated peoples faith in the banking system by putting the federal government behind it. The emergency farm mortgage act allots $200 million for refinancing mortgages to help farmers facing foreclosure. The farm credit act of 1933 established a local bank and set up local credit associations.
In September of 1933, over 6 million young pigs were slaughtered just to stabilize prices with most of the meat going to waste, public outcry led to the creation, in October, of the federal surplus relief corporation. The FSRC diverted agricultural commodities to relief organizations. Apples, beans, canned beef, flour and pork products were distributed through local relief channels.
In may 1934, the dust clouds came back and they were worse than ever, covering more than seventy five percent of the country and affecting 27 states severely. As may passed and June came, the frazier-lemme farm bankruptcy act is approved. This act restricted the ability of banks to dispossess farmers in times of distress. Originally effective until 1938, the act was renewed four times until 1947, when it expired.
The great depression was a very bad time in history for the united states of America, while the stock market first crashed and everybody’s money...