The Great Depression was the longest lasting economic decline in the history of the United States. After the stock market crash of October 1929, the Great Depression followed. The event caused Wall Street to go into complete dismay, and wiped out millions of banks. For the next decade, social fabric was changed as well as the role of government. For example, spending was lessened and investment was dropped.
When the stock market crashed, it immediately affected the economy in the matter of a few hours. At this time President Herbert Hoover was in office, and he was overwhelmed with the tragic situation. During his Presidency, he did his best to fix the economy. However, things did not begin to get better until Franklin D. Roosevelt took office in 1932. Roosevelt immediately began reconstruction on the American economy.
Germany was beginning to rebuild herself. However in 1929 the stock markets crashed in America – The Wall Street Crash – and they called back their loans. Germany relied on the loans from America. As a result of this German companies and businesses went bankrupt and 6 million people were left unemployed. The Nazis said they could solve these problems, and create many jobs in the army and building work.
This was intensified with the Depression of the 1930s and the focus on domestic issues. The greatest calamity to befall the American in the twentieth century was the Great Depression – a worse calamity than even the two World Wars. The Depression began with the Wall Street stock market crash in October 1929.Soon businesses were going under and the American people were losing their jobs at a terrifying rate. Every single American was affected. Eventually about one third of all wage-earners were unemployed and many who kept their jobs saw their earnings fall.
The Nazis used hate and fear to great effect in their elections, Hitler wanted to appeal to the German people so he blamed the prevailing poor economic conditions on the democratic government and the communists. He advanced the idea of his government uprising which could restore national pride and unity. Hitler always promised things but never committed himself fully to the details of a political and economic program. Creating dictatorship within 2 months was also help by the improved Nazi financial position, he was promised three million Reichmarks. Along with backing from Goebbels and his exploitation of the media, Nazis were confident in securing the majority of votes in the election.
This would have placated political opposition, reduced the number of strikes and strengthened the security of the monarchy. Thus, Tsarism had a good chance of survival if the industrial boom continued. The war, however, checked any possibility of this as the economy heaved and inflation rose. Living standards deteriorated as food and fuel, used up by the army, came into short supply. Add to this the grief incurred, especially among the conscripted peasant population, by 4 million military deaths in the first year of war, and no wonder opposition to the Tsar climaxed.
Throughout the 1930s, neither the free market nor the federal government was able to get the country working again, a full decade of almost unbelievable economic misery The Depression provided the impetus for President Franklin D. Roosevelt's New Deal, which is usually considered to be one of the most significant periods of political reform in American history. . In California, a large minority voted in favor of author Upton Sinclair's utopian plan to "End Poverty In California" through state-organized cooperative production by the unemployed. Also beginning in the Golden State but soon spreading across the nation, millions of people came to believe that an old-age pension plan crafted by an unemployed doctor would get the country working again, These were all radical alternatives to both the pre-Depression status quo and to the New Deal order. Most of them—thankfully—never took deep root in American
The economy plummeted and everyone felt the effects of it .The severe downfall of the American economy in the 1930’s known as the Great Depression was the result of speculation and installment buying, income maldistribution, and overproduction throughout America. After the roaring 20’s, speculation and installment buying drastically increased
The Stock Market Crash of 1929 caused the Great Depression. It caused an overproduction of goods, no banking, and it caused people to panic. The Great Depression left people unemployed, homeless, and in poverty. “It was a harsh reality check on the naïve belief that nothing could block the truly motivated individual.” (Fischer) The next big growth in America was the “Baby Boom.” The baby boom made the nations population rise but it also had its downs. The 700 million baby boomers were dubbed for “indulging in an obsessive self-interest that critics blamed for everything from rising crime and divorce rates to child abuse, and urban decay.” (Fischer) But I think it is safe to say that this was the least of our problems.
In the 1920's, after World War 1, danger signals were apparent that a great Depression was coming. A devastating cause of the Great depression was the banking panic and monetary contraction. The United States experienced a banking panic through the fall of 1930 to the winter of 1933. This banking panic lead to countless people simultaneously demanding their money deposits to be paid to them in the form of cash. People lost all confidence in these banks and wanted back all of their money.