Depression : The Outline Of The Great Depression

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The Great Depression wasn't the first depression this country has ever seen, but by far it was the worst and longest economic decline in history. The Depression officially began on October 29, 1929, which is known as Black Tuesday today; the ripple effect started after the Wall Street Crash of 1929. Wall Street was the banking district in New York where the New York City Stock Exchange (NYSE) was located (Wroble 14). The Depression lasted for a lengthy ten years. While Franklin D. Roosevelt was running to become the 32nd president of the United States, he promised to have all the solutions on how to handle the Depression and get America back to its former beauty. When Franklin became president on March 4, 1933, he immediately put all his ideas together and called them The First and Second New Deals, both programs helped repair and restore the nation in economic and emotional ways. During the 1920s or the “Roaring Twenties,” there was monumental social and political changes. The nation’s total wealth more than doubled, so there was lots of money to be spent and that's exacting what the American people did. One opportunity available for spending newly gained wealth was purchasing stocks from Wall Street , the banking district for the NYSE. For a while, buying stocks was something only the rich upper class could participate in but a new method of purchasing shares called “buying on margin” allowed the middle class to buy shares of stocks by borrowing the money from a broker

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