The Rise Of The Great Depression

1407 WordsDec 15, 20156 Pages
America’s economy was experiencing economic prosperity, growth, and success in the 1920s until October 1929—when reality struck Americans with a collapsing stock market. The confidence of Americans in an unfailing business system suddenly deteriorated and caused many to terminate involvement in any type of investment, business, or banking activity. This event and other factors contributed to the prevalence of the Great Depression. During this period of an economic recession, most Americans were affected by the drastic effects: life savings were lost, unemployment reached its highest of about 25 percent nationally and 80 percent in some industrial northern cities, and hunger, poverty, and homelessness escalated among countless families (Stewart 10). Many considered the Depression era to be one of the worst and longest economic decline in the history of America. Thus, the optimistic attitudes and positive results are frequently neglected. Although the Great Depression is widely known for its drastic, disastrous effects in the American history, it led to the growth, development, and progress in America by stimulating government reforms, encouraging creativity in entertainment, and instilling vital moral lessons in the people. First, the Great Depression triggered growth through the formation of new government reforms that are designated to assist American families and ease the economic catastrophe. President Franklin Roosevelt’s inaugural speech of 1933 brought optimism and
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