Hard Times Summary

There is a widespread concern about rising levels of debt. Debt can become disastrous for those who live alone or those families who are already having problems with supporting their family. The people who might be struck by debt, they might have trouble recovering. Debt can cause Americans to lose their homes and stability they need to feed, and shelter their families. Although debt comes upon us Americans quickly, people can see debt as terrible thing to be stuck with. It has many disadvantages that can devastate to people.

The businessmen and bankers were against Roosevelt's “New Deal program.” (Source B). “They feared his experiments, were appalled because he had taken the nation off the gold standard and allowed deficits in the budget, and dislike the concessions to labor.” (Source B). Mr. Roosevelt did not like being talked about like this so he responded with a new program of reform which was: Social Security, heavier taxes on the wealthy, new controls over banks and public utilities, and an enormous relief program for the unemployed. Yet another action taken by him to ensure that all the American people were satisfied. And in response to the people who still has fear in them Roosevelt says that “The only thing you have to fear is fear itself.” (Source

In conclusion, the Great Depression was a downside of America’s history. But, in the dark times, one of our nation’s best presidents came into light. Franklin D. Roosevelt once said “the only thing we have to fear is fear itself”. This meant in those times that Americans were doing more harm than good. When they withdrew their stocks and money from the banks, they were causing more damage to the economy. With shutting down the banks and getting congress together, they were able to solve the dilemmas of the Great Depression through actions taken by federal and state

Banks that were destroyed during the Great Depression were saved by these great men. “Some banks could not be saved but the great majority of them, either through their own resources or with government aid have been restored to complete public confidence.” (Text 3, Lines 9-10). This quote is explaining that banks that had collapsed received help from the government, gave safety and restored confidence which was a pro of FDR and his administration. Not only did these men assure the country their safety, they improved many industrializing things. One way that FDR received enterprise was becoming involved in the field of investment and improving conditions. “The second step we have taken in the restoration of normal business enterprise has been to clean up thoroughly unwholesome conditions in the field of investment” (Text 3, Lines 17-19). In other words, they straightened up any financial and economic problems occurring in the country by correcting the investment fields, causing a rise of the country’s happiness and confidence that FDR and his administration will support their struggles. To wrap up, FDR and his administration revitalized enterprise during the Great

Former President Calvin Coolidge said, “In other periods of depression, it has always been possible to see some things which were solid and upon which were solid and upon which you could base hope, but as I look about, I now see nothing to give ground to hope- nothing of man” and to some extent it was true. Americans lost all hope in life entering a deep dark tunnel with no light in the end. The Great Depression was not something that appeared out of thin air; it grew over time like a tumor and eventually plagued America with an excessive disease. No decade was more terrifying in the twentieth century than the 1930s. The stock market crashing, due to people buying stocks on load, the debts from WWI farmers and consumers in deep debt, and

Shortly after the Great Depression began, society began to fail quickly. The stock market crashed, the unemployment rate skyrocketed, business’ and banks were closing and people were losing their homes they had worked so hard for. Although President Hoover was attempting to help society, he believed that instead of governmental interventions you should be self-reliant and would not fund welfare programs that may incentivize not working. Hoover’s “attempts” to aide the economy were not enough to turn it around, and people began to set their sights on Franklin Delano Roosevelt in the oncoming election. FDR made it his goal to ensure relief, recovery and reform were provided for the country to counteract the Great Depression and to make up for all of the years of negligence and non interference from the government, collectively called the “New Deal” 15 major laws were created in just the first 100 days he was in office, and his “New Deal” was coming into fruition and the governments role was now to step in and take care of it’s people, and to neglect them no longer.

The growing phenomenon of buying stocks and products in the 20s with credit seemed harmless to the average American, but little did they know that they were biting off more than they could chew when it came to their debt that

The Great Depression was the deepest and longest-lasting economic downfall in the history of the United States. (Document A) It began soon after the stock market crash of October 1929 and lasted a decade. During the Great Depression consumer spending and investment decreased. Thus causing declines in industrial output and the rising of unemployment.

“The only thing we have to fear is fear itself.”- President Franklin D. Roosevelt. This words were announced to the American public by President Franklin D. Roosevelt in his Inaugural Address, where he tried to reassure the people that everything would be fine. Having just experienced the prosperous era of the Roaring Twenties, not many people thought good times would ever end. However, this proved to be incorrects as pandemonium and turmoil overcame the people in October 29, 1929 with the Stock Market Crash. With the economy sliding downhill, Americans faced many problems that would change the government’s role in the economy. Nevertheless, many actions were also taken by both individuals and groups alike in response to this economic depression.

Preceding the Great Depression, the United States went through a glorious age of prosperity, with a booming market, social changes, and urbanization; America was changing. At the end of the 1920’s and well through the 1930’s, America was faced with its greatest challenge yet; the 1929 stock market crash. It would be the end of the prosperity of the “Roaring Twenties”. Now the American government and its citizens were faced with a failing economy. President Herbert Hoover was clueless to how to approach the problem. Hoover believed that government works best when it governs less, and should not intervene in the economy. Traditionally, he stayed out the issue hoping that the economy would fix itself; it didn’t. Hoover’s inaction makes his presidency look ineffective as if he caused the Great Depression. Franklin Delano Roosevelt (FDR) succeeded Hoover as president. Like Hoover, FDR didn’t know exactly how to help the economy. Unlike Hoover, FDR introduced experimental ideas and programs to help solve the issue. These ideas and programs would become a part of Roosevelt 's policies known as the New Deal which sought to fix America’s economic struggles. Despite short term successes, the New Deal implemented during the 1930 's by FDR did not lift the United States out of the Great Depression. Instead by intervening in the economy, and creating huge debt, the New Deal prolonged the Great Depression.

During the 1920’s business was booming, many Americans were using credit cards to buy materials that they knew they could not pay back, businesses were producing products in an efficient manner, the cycle of debt was inevitable and electricity was being used in every American home. However, years later disaster strikes, on October 29 1929 Americas once healthy economy with a 4% unemployment rate suddenly spiraled out of control due to the stock market crash where billions of dollars were lost since many Americans wanted wealth and would go to any measure to achieve it which lead to careless investments and many investors raced to take their money out of the stock market as soon as it crashed. This unstable economy did

James Tobin had once stated, “The miserable failures of capitalist economies in the Great Depression were root causes of worldwide social and political disasters” (James Tobin Quotes). America has yet to face the dark ages of failing economy when the stock market crashed in the days of October 1929. From a child to a dying old man, everyone’s lifestyles were changed dramatically by the events of this period, the Great Depression. The Great Depression resulted from a combination of both domestic and worldwide conditions. The depression had afflicted every inch it passed by. Every nation, especially the United States, now have to find a way out.

In 1929, following the stock market crash on Wall Street, the United States entered an era known as the Great Depression. For the next years to come, it would be characterized by high unemployment rates and low rates of investment. Desperation levels rose to a level of panicked hysteria, and in 1932 Franklin Delano Roosevelt was elected president with promises of relief, recovery, and reformation. He called this the New Deal, and it forever altered the role of the government in the everyday lives of American people with programs still in effect today. However, the previous belief of the New Deal ending the Great Depression is under debate as historians dive deep into the past. Due to statistics of unemployment and the unforeseen results of the programs it implemented, it is plausible to state that the New Deal was not successful in solving the main issues of the Great Depression.

America (U.S) has economically hit its highs and lows over its 2 ½ centuries of its existence, but none have been more surprising than the Great Depression period from 1929-1933. During first major low in society the stock market crashed due to citizen’s overuse of credit. This wasn’t the only problem there was also a great drought in America’s agricultural plains. Many farmers lost their crops and most of their land, creating a small scale famine in the U.S. People were laid off and people couldn’t provide for their family. One citizen during this time still had a vivid memory of these times,”In New York neighborhoods adults stood in so called 'bread lines,' children begged in the streets.”

George Santayana, a Spanish poet and philosopher said, "Those who do not learn history are doomed to repeat it." This quote applies to the Great Depression of 1929 and the Great Recession of 2008. There are many similarities between the two, like the causes, the actual events, and the aftermaths. Several factors led to the Great Depression, which were the following: overproduction by business and agriculture, unequal distribution of wealth, Americans buying less, and finally, the stock market crash of 1929. The Great Recession also had similar factors leading to it, like the housing “bubble” burst and less consumer spending. In both events, the Presidents enacted programs that they believed would help the American people.