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Essay Test: Great Depression, Hoover, And F.D. Roosevelt

1037 words - 5 pages

Soon after the Great World War, America hit an era called “The Roaring 20’s,” where continuous economic prosperity crossed paths with a culturally and socially modified atmosphere. An entirely new lifestyle was created. New forms of entertainment were developed, including but not limited to theaters, the production of movies and movie theaters, and most importantly, the radio, which was soon to be found in every household. Henry Ford, an American industrialist, made cars affordable, which allowed for people to live further from their workplaces, transport much quicker than ever before, and take vacations to far away places. So long were the days where conservatism held back the social status ...view middle of the document...

D. Roosevelt each set their owl goals to recover from the Great Depression, but neither succeeded to the fullest.

Unfortunately for the American economy of the time, on the 24th of October 1929, the stock market crashed. This was caused for a variety of reasons. For example, over speculation was caused by the outburst of wealth among middle class citizens, many of whom decided to invest in stocks. Whenever it seemed as though stocks were going up in value, as they did before this period of time, many people would invest in hopes of becoming super rich from it. The second cause of the Great Depression was borrowing on a margin. This, along with over-speculation, caused inflation. Buying stock “on a margin” meant that one would be able to afford only a portion of a stock, and in order to invest in that stock, they’d have to borrow from a broker to cover the other part of the portion of the payment. As stocks went up (due to over-speculation), people would pull out their investments when they felt was necessary, in order to have raised enough money to not only pay for their debt, but to also have a remainder of the money left for themselves. However, when many people but stocks, and then they all decide to pull out their investments at the same time, the value of the stock decreases dramatically, and as a result, those still investing in the stock will not only have to pay their debts to their brokers, but they would have lost all their money as well. This debt led to poverty and unemployment during the Great Depression. Third reason for the Great Depression was the semi-flawed banking system. During President Hoover’s administration, the Reconstruction Finance Corporation (RFC) was set up to help farmers pay their mortgages. Over production of crops was thrown away, and it did only worsened the economy. Banks also overextended themselves to individuals and businesses that were financially unstable, which did not seem to benefit the economy in any way. A forth cause that led to the Great Depression was an unequal distribution of wealth....

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