The parallels between the Great Recession we're suffering through now and the Great Depression pre WWII are rather closer than many seem to think. And no, I don't mean in the sense that "Wall Street messed up now we're all suffering".
1. The Great Depression- The financial and industrial slump of 1929 and subsequent years. -The depression was a very hard time for all Americans.
2. Sock Market- A Stock exchange. -During the depression there, where tons of stock market crashes.
3. Credit- The ability of a customer to obtain goods or services before payment, based on the trust that payment will be made in the future. -People had used credit so much to get things they wanted, when the payment came due, they did not have the money to pay back the bank.
4. Bank Loan- Sum of the money that is expected to be paid back with interest. -People got a great deal of loans in order to get things or buy a stock, this also made the stock market crash along with banks close because people could not pay the banks back.
5. Herbert Hoover- 31st president of the U.S. during 1929-33. -He was president during the great depression, and many people had blamed him for it as well, even though he was doing all he could to help.
6. Dust Bowl- An area of land where vegetation has been lost and soul reduced to dust and eroded, as a result of drought or unsuitable farming practice. -There where many dust bowls during the depression and farmers couldn’t use the land in order to make food to sell and make money to pay banks back from loans.
7. Rural Depression- people that are unable to pay a debt in a rural area. -Farmers where in a huge rural depression they could not pay banks back, they had dust bowls so they could not farm, and even had their farms taken away.
8. Prosperity- The state of being prosperous (Successful). -The country grew with prosperity, and with it, it had hid the coming troubles that the depression would bring.
9. Gambling- Playing games of chance for money. -Investors gambled a lot to try and get rich quick, they borrowed money from banks and invested in stocks as well.
10. Investor- People who expend money with the expectation of achieving a profit. -Many people invested in stocks to try and get a profit in money.
Pepperdine University's School of Public Policy faculty research.
Se'Yonna McGhee's insight:
In his speech he does talk about the things causing all of the debt. He even talks about the governments problems with vetoes and many other money issues. He says that "I am taking up this issue because in this gigantic spending and this unbalanced budget is the most subtle and one of the most powerful dangers which has been set in motion by this administration." By that he means everything that we are doing to give people more money so they can buy things, we eventually never get the money handed out back, with interest or not. He mentions that no American will go hungry or starve by no fault of their own. Part of his plan to help out in the depression is taxation. Then he plans to get the U.S. into an inflation.
Despite assurances from President Herbert Hoover and other leaders that the crisis would run its course, matters continued to get worse over the next three years. By 1930, 4 million Americans looking for work could not find it; that number had risen to 6 million in 1931. Meanwhile, the country's industrial production had dropped by half. Bread lines, soup kitchens and rising numbers of homeless people became more and more common in America's towns and cities. Farmers (who had been struggling with their own economic depression for much of the 1920s due to drought and falling food prices) couldn't afford to harvest their crops, and were forced to leave them rotting in the fields while people elsewhere starved.
In the fall of 1930, the first of four waves of banking panics began, as large numbers of investors lost confidence in the solvency of their banks and demanded deposits in cash, forcing banks to liquidate loans in order to supplement their insufficient cash reserves on hand. Bank runs swept the United States again in the spring and fall of 1931 and the fall of 1932, and by early 1933 thousands of banks had closed their doors. In the face of this dire situation, Hoover's administration tried supporting failing banks and other institutions with government loans; the idea was that the banks in turn would loan to businesses, which would be able to hire back their employees.
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