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Autor: anton • March 9, 2011 • 598 Words (3 Pages) • 678 Views
October 24, 1929 marks the day, of which will forever be known as the great depression. On this day, both the United States and the world were thrown into a vicious cycle of poverty and unemployment. The combination of unbalanced asset distribution, and severe market crashes. Gave birth to the greatest economical disaster of American history. At the start of the 1920's, the U.S. began disparately transferring large unequal sums of wealth. These transfers included parties from the rich and the middle-class, the U.S. and Europe, and also between industries and agriculture. This large imbalance of wealth caused our stock market to artificially climb in worth. Thus eventually causing very large devastating crashes. Such as the crash that took place on October 29, 1929. A day of which will always be remembered as Black Thursday. After Black Thursday, my family's farm quickly turned from a source of great profit, to our only source for life.
Being the oldest of three siblings, I was first to forfeit my education to work on my parents farm. Each day as the nation's economy worsened, it seemed only harder to turn the tide on our luck. Herbert Hoover, was president of the United Sates at start of the depression. He pressed Americans for their continued belief in a possible recovery. He believed that the power of the economy could right itself, without needing government intervention. As my family and most others expected, the situation did not improve. Hoover eventually lost presidency to Franklin Roosevelt in the 1932 election
President Roosevelt took on a new approach to the quickly worsening situation. During the start of his presidency, he and other members of our government created the New Deal. The "New Deal" was America's first step of aiding our agriculture, business, and the unemployed. For some locals, it brought new job possibilities. Aid came in the form of money for my family. My family earned incentives for producing fewer crops, to help with supply and demand. It now even appeared the