The Depression Of The Great Depression

1223 WordsOct 31, 20155 Pages
There are many events throughout America’s history that are both significant and world famous. However, none were quite so traumatic or had such far-reaching consequences as the Great Depression. This experience was the most extended and severe depression of the Western world. It was an economic downturn that began in 1929 and lasted until 1939. A large amount of America’s labor force lost their jobs and suffered during this crisis. During the nation’s financial disaster, Franklin Delano Roosevelt became president and made extensive changes to America’s political structure. The effects of the Great Depression had lasting consequences that are still being felt to this day. To have a full understanding of this important event, first one must examine what caused the Depression. While the United States had been enduring a gradual monetary decline for some time, known as a recession, an occasion called Black Tuesday was the true inception of the nation’s collapse. Black Tuesday, occurring on October 29, 1929, was when the Stock Market crashed. This caused a panic on Wall Street as stock shares became worthless and investors were dropped. This caused a chain of steadily worsen events to occur as consumers cut back on spending, as people stopped investing, and as factories and business began firing employees. The value of money fell considerably and those who were lucky enough to still be employed received sharp wage cuts. Worse yet, banks failed across America and many citizens

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