FC: The Great Depression
1: The Great Depression was started by the sudden failure of the stock market on October 24, 1929. The failure was caused in part by the practices of stock speculation, buying and quickly selling stocks to make a profit, and margin buying, purchasing stocks with borrowed money. The crash lead to the banking crisis and business failure.
2: Unemployment rose quickly. Those who did have jobs suffered from hard conditions and lowering pay. Many workers went on strikes. Some even resorted to sitting down at work to prevent employers from replacing them.
3: Poverty was everywhere and living conditions were poor. Soup kitchen and employment office lines were long and not much help could be given. The poorest had to set up communities of poorly built shacks called shantytowns that were mockingly referred to as Hoovervilles.
4: Everyone was effected by the poor economy. Racism again rose. Since there were so many workers unemployed there was normally a white person that could take the place of an African American. The number of women workers actually grew during this time. This was because they could be paid less than a man.
5: The government under President Roosevelt started a program called the New Deal to restart the economy. The New Deal was a series of 15 relief and recovery measures. The New Deal brought aid to banks, business, farmers and workers. | Latter, the Second New Deal also added programs that looked to reform in the long term. With these deals and hard work the economy was much stabler by the end of the 1930's.