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Depression project

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S: -| Depression |-

FC: Durarara!! cover

1: The Great Depression Project | Sarah Watkins 14916 TT 9am

2: There were many things that contributed to the Great Depression but three stand to the fore front. One was the crashing of the stock market in late 1929. Many people who had stocks invested in the market were buying them credit rather than solely on their own money. This was known as margin buying, or buying the stock with about ten percent of their own money while borrowing the rest from banks or what not. Which was a very dangerous game to play all just to make a quick profit, which all depended upon the rise or fall of the market but if it plummeted into a ‘bear’ market they were sure to be deep in debt. Although it all went down hill as people got nervous about falling interest rates masses of people started dumping their stocks into the market while getting any money they could for it. As everyone tried to sell and rid themselves of their shares the market was flooded and people lost lots of money not getting the payment they were anticipating. So since many were waiting to pay off the margin buying debt with the profits from selling their stock, which were now worthless, many people were financially ruined as in a whole the US lost billions of dollars more than it even cost them in their fight of WWI. Two, the banks were being bombarded by the people for all their cash in their accounts. Not seeing this coming the banks were strapped for cash as they couldn't pay people back the amounts in their savings as there wasn't enough paper to hand out to them. No one was borrowing, lending or pumping back into the system causing the greatest failure possible. Banks were cleaned out of any money as they were shut down by the president to try and somewhat salvage the wreckage that was left. Now people had no way of collecting any of the savings they once had leaving them in an even more financially desperate state.

3: Finally three, was the lack of buying of anything by everyone. Since everyone couldn't count on the money they had saved in the banks they were very tight with anything that they had left. Buying only what was absolutely needed like food and water as well as having to pay their large debts. So with no one buying the demand was low and the price and production of many things stopped. Nothing kept the cycle of supply and demand in flow which resulted in people loosing their jobs making things even worse as no money was coming in for anyone by any means. All of which lead to the masses to become poor, homeless and scraping by, by the skin of their teeth.

5: This whole mess began in the late months of the year 1929. It continued until the late thirties, early forties with the coming of the US’s involvement in WWII. Not that there were not many new deals made to alleviate the depressive economy in one way or another, it was just that none could cover all the symptoms and cure them. With the war came the need for soldiers and workers to turn out weapons and machines to aid in the fight finally bringing jobs to the unemployed and helping in the most ways. All in all this was one of the worst two decades in America's history.

6: Life through all this would best be described as ‘hard times’. Where no one had jobs and they couldn't gain any money in any other way to aid their problems. Everyone quickly went through what little savings they had left leaving them in dire poverty. Although the few jobs that were left, were given to women as employers as they didn't have to pay them as much. Everyone was looking to cut back as much as they could just to keep barely afloat in this horrid time. Most of the people lived in lines back then. Whether it was lines for food like a soup kitchen, coffee and doughnuts for the morning job hunters or lines for unemployment help.

7: The homes people were now living in were so below standers once known that they were even worse than the ones people had during the industrial revolution. They were living it slapped up shanties of scrap wood, boxes and anything they could find which became known as Hoovervilles. Or if they couldn't find that they were reduced to tents and make shift tarps just to help keep the rain off their heads. Living like dogs would be an understatement for the conditions people had to endure through. While families were under so many stresses it caused rifts to form and break apart as husbands left the wives to take care of themselves and their children. So the mothers had to become as creative as possible to provide the necessities for their family to survive the depression. Farmers on the other didn't have it any better. Having no demand for their crops meant no money coming in which meant they couldn't pay all their bills that the banks foreclosed upon their farms leaving them high and dry like the rest of the working population.

9: Everyone was affected in one way or another by the depression. Sure the higher ups in the high classes and some middle class were okay during this time but the workers were the hardest hit. Being the blue collar man was honest yet decent work. They did what was needed to take care of their families until it was their time to make their own. Although, when the market crashed it was all the workers who lost their savings and jobs leaving the major number of people in the US unemployed and soon homeless. Men of the working class, farmers included, were the ones most dearly affected by this tragedy.

10: It was finally brought to an end by the next World War. Sure Roosevelt tried with his many ‘cures’ within his new deals but they were only ever short reliefs, never fixing the problem in whole. Not until the US’s entering into the next World War where they provided soldiers and needed workers to make weapons and machines in factories to send to the troops. | There was nothing better to fix the economy like a great World War. What helped dig their hole helped pull them back out again.

11: Well that's the great depression... Everything smooths out in the end... Eventually.

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  • By: Sarah W.
  • Joined: over 6 years ago
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  • Title: Depression project
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  • Published: over 6 years ago

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