President Franklin Roosevelt And The Great Depression

1990 WordsNov 15, 20148 Pages
On October 29, 1929, the American stock market crashed after years of escalating in an event Americans would forever call “Black Tuesday” Became America’s most severe economic crash yet Companies quickly went bankrupt, people became unemployed, and the national money supply was depleted. By 1932, nearly one-fourth of America had become unemployed National production was cut in half Soup kitchens, bread lines, and homeless became a regular sight Farmers were forced to leave their crops to rot, leaving more people to go hungry Thousands of banks across America closed down President Herbert Hoover acted on an aloof approach based on his belief that the government should not directly interfere in economic affairs. He told the public that the Great Depression was just a “passing incident” Because of Hoover’s approach and the millions who were unemployed, the democratic candidate Franklin Delano Roosevelt was elected with a large majority in November 1932 Despite the widespread panic and waves of bank failures, FDR maintained a calm and controlled demeanor, motivating many in his inaugural address with his famous quote: “The only thing we have to fear is fear itself” Roosevelt then attempted to end the Great Depression with a series of decisive actions named “The New Deal” Together with his group of scholars Roosevelt called a ‘brain trust,’ he created a plethora of acts to provide for people’s basic needs The New Deal consisted of four goals: relieving economic troubles of the
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