His personal qualifications and penchant for efficient planning made Hoover appear to be the right man to head the executive branch. However, the seeds of a great depression had been planted in an era of prosperity that was unevenly distributed. In particular, the depression had already sprouted on the American farm and in certain industries. The Hoover term was just months old when the nation sustained the most ruinous business collapse in its history.
Sinking Deeper and Deeper: The woman, Florence Thompson, is shown with her children in a migrant farm worker camp in California.
When the stock market crashed on October 29,few Americans believed that a decade long depression was underway. After all, only 4 million Americans had money invested on Wall Street.
President Herbert Hoover quickly addressed the nation, professing his faith in the soundness of the American economy. But soothing words were clearly not enough to stop the shrinking of a deeply flawed national economic system.
The stock market crash had many short-term consequences. Banks that improvidently lent money to futures traders to buy stock on margin found that many of those loans would go unpaid. Consequently, a rash of bank failures swept the nation. This had a tremendous ripple effect on the economy.
If a working-class family was unfortunate enough to have their savings held in trust by a failed bank — too bad for them, all their money was lost.
As Americans saw banks close and savings disappear, less money was spent on goods and services. Many consumers who had bought the new conveniences of the Golden Twenties on the installment plan were unable to make their payments. Businesses began to lay off workers to offset new losses.
Many manufacturers had overproduced and created huge inventories. During the s, photographer Imogen Cunningham documented the lives of the destitute of Oakland, California.
This print is entitled "Under the Queensborough Bridge. The downward spiral continued into Unemployment rose from 1. Despair swept the nation. Most people who retained their jobs saw their incomes shrink by a third. Soup kitchens and charity lines, previously unknown to the middle class, were unable to meet the growing demand for food.
Desperate for income, thousands performed odd jobs from taking in laundry to collecting and selling apples on the street. College professors in New York City drove taxicabs to make ends meet. Citizens of Washington State lit forest fires in the hopes of earning a few bucks extinguishing them.
Millions of backyard gardens were cultivated to grow vegetables. First published inJohn Steinbeck's novel The Grapes of Wrath told of the Joad family's loss of their Oklahoma tenant farm and the hardships they encountered while trying to reach California and start anew.
Americans prowled landfills waiting for the next load of refuse to arrive in the hopes of finding a few table scraps among the trash. The strife was uneven across the land.
|Sinking Deeper and Deeper: [timberdesignmag.com]||Money supply decreased considerably between Black Tuesday and the Bank Holiday in March when there were massive bank runs across the United States. There are also various heterodox theories that downplay or reject the explanations of the Keynesians and monetarists.|
Oklahoma was particularly hard hit, as a drought brought dry winds, kicking up a "Dust Bowl" that forced thousands to migrate westward. African Americans endured unemployment rates of nearly twice the white communities, as African American workers were often the last hired and the first fired.
Mexican Americans in California were offered free one-way trips back to Mexico to decrease job competition in the state. The Latino population of the American Southwest sharply decreased throughout the decade, as ethnic violence increased.
As the days and weeks of the Great Depression turned into months and years, Americans began to organize their discontent. PBS — Breadline The whiplash triggered by the stock market crash was global — workers from all over the world felt it.
At this companion site to a PBS documentary on the Depression, you can read and listen to personal accounts of those years from a Swedish immigrant and a Chilean mineworker. Includes some very nice photos and several links for further study. Surviving the Dust Bowl As if the Depression weren't enough, a massive drought hit the southern plains in The drought would last 8 years, and bring misery and dust to thousands of families.
Through oral histories, biographies, photos, timelines, sound bites, and maps, this impressive companion site to a PBS documentary successfully captures the tragedy of the dust bowl.
Spend some time here — this megasite has a lot to offer.The Great Depression – The longest and deepest downturn in the history of the United States and the modern industrial economy lasted more than a decade, beginning in and ending during World War II in in: Disability, Eras in Social Welfare History, Great Depression, Social Welfare Issues, World War I and the s Rehabilitation Of The Mentally And Physically Handicapped An Address by New York Governor Franklin D.
Roosevelt, July 13, The stock market crash of touched off a chain of events that plunged the United States into its longest, deepest economic crisis of its history.
It is far too simplistic to view the stock market crash as the single cause of the Great Depression. A healthy economy can recover from such a contraction.
The Great Depression was a worldwide catastrophe whose causes and consequences alike were global in character. "The primary cause of the Great Depression," reads the first sentence of President Herbert Hoover’s Memoirs, "was the war of –".
The Great Depression was a worldwide economic depression that lasted 10 years. Its kickoff was “ Black Thursday," October 24, That's when traders sold . The Great Depression was a severe worldwide economic depression that took place mostly during the s, beginning in the United timberdesignmag.com timing of the Great Depression varied across nations; in most countries it started in and lasted until the lates.
It was the longest, deepest, and most widespread depression of the 20th century. In the 21st century, the Great Depression is.