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AMERICA'S GREAT DEPRESSION.   Term Paper ID:30016 Click to get this paper

Essay Subject: Discusses the social and economic problems resulting from the 1929 stock market crash which led to the Great Depression.... More...

6 Pages / 1350 Words 3 sources, 14 Citations, OTHER Format $24.00 Return to List of Papers

Paper Abstract: Discusses the social and economic problems resulting from the 1929 stock market crash which led to the Great Depression. What went wrong with the American economy & its underlying weakness at the time of the crash. Political ramifications including widening gulf between Democrats & Republicans regarding government responsibility to its poor citizens. President Franklin D. Roosevelt's New Deal legislation to help the unemployed, create system of social security for workers. Accomplishments of the New Deal. Paper Introduction: THE GREAT DEPRESSION: AMERICAN WATERSHED When the Roaring Twenties came to an unpleasant end with the Wall Street Crash and resultant unemployment, poverty, and the failure of businesses and banks, the Great Depression made one thing very clear: unchecked Capitalism cannot survive without the danger of serious economic consequences. Many Americans, until the end of the Twenties, thought that getting rich was the solution to everything. There were the rich and the super-rich, and those wanting to be rich. And then, in 1929, on that Black Friday, America would collapse down into somber reality. Worthless stocks couldn’t buy bread. America the greedy, in 1929, turned into America the needy. There are many people who still today tend to blame Herbert Hoover for causing the depression. This is simply not accurate.“Du Text of the Paper: The entire text of the paper is shown below. However, the text is somewhat scrambled. We want to give you as much information as we possibly can about our papers and essays, but we cannot give them away for free. In the text below you will find that while disordered, many of the phrases are essentially intact. From this text you will be able to get a solid sense of the writing style, the concepts addressed, and the sources used in the research paper. 47). 223). In part it happenedbecause the American economy was run on momentum, rather than carefulplanning and reality. The Unions suffered as well. Historians attribute the word depression to President Herbert Hoover, who used the word to characterize the state of the American economy in the months following the stock market crash...He thought that panic, a term used by some was too frightening (Dudley 1994 p.14).His idea of the economy that it was a smooth highway which, occasionallyhad a depression in the roadway. With the beginning of the so-called "Dust Bowl", farmers in Oklahomaand Kansas fled to California- or anywhere- having lost their farms.Perhaps there is no more stark picture of this than in the book and movieby John Steinbeck, "Grapes of Wrath". Hedeclared a bank holiday. This meant depositors lost everything. Business failures meant unemployment. No matter how strong, and how solid theirmembership, when companies could no longer afford to maintain their laborforce, they went to the courts for injunctions, and the unions invariablylost. Worthless stockscouldn't buy bread. But, this depression was not just a"little one". In 1938, in an address toCongress he said: Government has a final responsibility for the well-being of its citizen-ship. (book editor): (1994) The Great Depression San Diego CA:Greenhaven Press. The birth ratedeclined, not only because people were afraid they could not supportchildren, but also because the stress of little or no work made many menimpotent. the west was still 'wild',economies recovered without intervention, and people received help fromclose-knit communities instead of the government" (Gerdes 2 p.51).However, "the depression forced Americans into the 'modern' world where thegovernment, especially the Presidency, was given the responsibility ofovercoming social and economic problems" (Gerdes 2 p.51). This is simply not accurate."During the earlyyears of the Hoover administration. Yet, at the same time Hollywood alsoput a "happy" face on the poor with movies like Al Jolson's "Hallelujah,I'm a Bum". To thisday the Democrats are still living off the accomplishments of FDR and thenew Deal (even though some of the programs were actually conceived underHoover) and the fact that government is responsible for the welfare of itspeople; and the Republicans who still consider that he who helps himself iswhat makes America great. . 45). If, before the Depression the ideal government was a smallergovernment, Roosevelt changed that in the 193 s. Many Americans, until the end of the Twenties, thought that gettingrich was the solution to everything. "In the next four years, Congress was to increase its trustwith larger sums to a total of more than $6, , , for the relief ofunemployment" ((Dudley 1994 p. And, since most of theunemployed had no more bank accounts they could use to support families,enormous bread lines formed. The Depression actually lasted until the outset of World WarII. Unemployment in metropolitan areas jumped to record highs. Roosevelt was elected, he took immediate action -action which lasted nearly a decade and was known as "The New Deal". Chicago was not much better off; about 624, people wereunemployed in October, 1931- 4 percent of the labor force" (Watkins 1999p. 325). For example, GoldmanSachs' stock, in 1929, was at a record high of 1 4, before a two for onesplit. Watkins, T. THE GREAT DEPRESSION: AMERICAN WATERSHED When the Roaring Twenties came to an unpleasant end with the WallStreet Crash and resultant unemployment, poverty, and the failure ofbusinesses and banks, the Great Depression made one thing very clear:unchecked Capitalism cannot survive without the danger of serious economicconsequences. So, economically what went wrong? In the winter of 1 3 -31, one reporter wrote...'you can ride across the lovely Michigan Avenue bridge at midnight...with all the lights making a dream city of incomparable beauty, while twenty feet below you, on the lower level of the same bridge, are 2, homeless, decrepit, shivering and starving men, wrapping themselves in old newspapers to keep from freezing (Watkins 1999 p. . H. Roosevelt also tried to create social security for Americans. What thistended to create was the gulf between Democrats and Republicans. Many men, unemployed andseeing their families go hungry, simply left. They had no bank account savings to fall back on.As banks failed, as stock plunged, as money was gone, businesses began tofail. But, could all this havehappened just because of Black Friday in October, 1929? (1999) The Hungry Years New York: A Marian Wood Book-Henry Holt & Co. He created the CCC- theCivilian Conservation Corps, which put some of the unemployed to work- eventhough it was menial- clearing parks and forests, repairing roads andhighways, etc. 39). There are many people who still today tend to blame Herbert Hooverfor causing the depression. The Depression caused havoc socially. There were the rich and the super-rich, and those wanting to be rich. 55) in1932 there were 25 , fewer marriages than in 1929. But, on the whole "it ishard to think of another period in the whole history of the republic thatwas so fruitful or of a crisis that was met with as much imagination."(Dudley 1994 p. It private co-operative endeavor fails to provide work for willing hands and relief for the unfortunate, those suffering hardship through no fault of their own have a right to call upon the Government for aid; and a government worthy of its name must make a fitting response (Gerdes 2 p. References Dudley, W. "In May (193 ) Secretary of Commerce William Doakallowed ho 'normal business conditions should be restored in two or threemonths" (Watkins 1999 p. Despite such misguided optimism, "whathappened to the financial structure of this country between the earlywinter of 1929 and the summer of 1933 was nothing less than the singleworst recession in the history of the United States" (Watkins 1999 p. There were soup kitchens. According to Watkins (p. TheSocial Security system was established. There was povertynot only in the big cities, but in the farmlands, too, where farmers sawprices for their crops hit bottom. And then, in 1929, on that BlackFriday, America would collapse down into somber reality. During the Twenties, the rich weregetting richer, and the poor were still poor. America the greedy, in 1929, turned into America theneedy. By June 1932, the stock was worth a little more than a dollar.Again, this meant investors - whether "little old ladies" or speculatorslost nearly everything. But, "Roosevelt's avowed goal of'cradle to grave' security for the American people proved elusive" (Gerdes2 p. Gerdes (book editor): (2 ) The 193 s San Diego CA: Greenhaven Press. "The share of disposableincome going to the top one percent jumped from 12 percent in 192 to 19[percent in 1929.....This represented the highest concentration of wealthat any time in American history" (Watkins 1999 p. 192)Miners were averaging $12.85 a week,sometimes having to work 4 different jobs to earn that much. It gave far greater amplitude to the national state, expanded the authority of the presidency, recruited university-trained administrators, won control of the money supply, established central banking, imposed regulation on Wall Street, rescued the debt-ridden farmer and homeowner, built model communities, financed the Federal Housing Administration...fostered unionization of factories...reduced child labor...managed minimal work standards ...introduced old-age pensions and unemployment insurance, and aid to dependent children...changed the agenda of American politics and brought about a Constitutional revolution (Dudley 1994 pp.277-8).There were failures, of course, such as the National Recovery Act (NRA),which the Supreme Court declared unconstitutional. 41).In the banking industry alone, in a single year, 193 , there were 1,352bank failures. Gilbert Seldes (1932) said that with the breakdown of our economiclife, Americans lost their sense of destiny. He got Congress to authorize the spending of $5 million to help the states help their unemployed. In the Twenties,stock speculators were drawn into the rising market. 325). What, then, did the New Deal accomplish? 278) However, the success of the Nerw Deal brought onstrong opposition- Republicans, isolationists, and America First-ers turnedthe Depression's closing years into a political battleground only World WarII would halt for a while. When Franklin D. The beginning of the "serious" depression also showed the underlyingweakness of the American economy. For example, (Watkins p. InDetroit, for example, in 1931, "the figures had gone up to 5 percent, and35 , . 57). Family life was totally disrupted. If this paper is not what you are looking for, you can search again: Search for: or Click here to request an essay written just for you.