S: The Great Depression By Gabriella Kreinbrook
FC: By Gabriella Kreinbrook | The Great Depression
1: Today we're exploring the Great Depression. We'll break things down into 5 key questions. 1.What caused the Great Depression? 2.How long did the Great Depression last? 3.What was life like during the Great Depression? 4.Who was affected by the Great Depression? 5.How did the Great Depression End?
2: What caused the Great Depression? | The top photograph shows the Toronto stock exchange on the day of the crash. The bottom photograph shows a police on guard outside a bank.
3: The crash of the stock market in 1929 flared the banking and business failure that led to the Great Depression. Due to a recent change in government, citizens could take out loans at ridiculously low interest rates. The economy boomed as people invested borrowed money in the stock market. Eventually interest rates started to rise (October 24, 1929 AKA Black Thursday) and people were nervous. Investors panicked and sold their stock shares. The market crashed with a great thud on October 29, 1929 (Black Tuesday). Following the hysteria of the crash, people pulled their money out of their bank. Banks were crippled as their cash reserves fell, they were unable to give depositors their money back. Between 1930 and 1932 more than 5,000 banks were forced to close. Many Americans were left with the spare change in their pockets, their entire life's savings GONE. | This photograph shows the trading floor of a stock market in New York City after the crash.
4: The Great Depression was a painful time that lasted from 1930 to 1941. The Depression saw its start after the stock market crash of 1929. America surely wasn't prepared for the whirlwind they were thrown into. The Depression kept a firm choke hold for a little over a decade. From start to finish, people were determined to make do with what they had. Many people who lived during the Great Depression bear the scars even today. Even with scars, America didn't give up trying.
5: How long did the Great Depression last?
7: Life was extremely rough during the Great Depression. Unemployment reached 25%. As the unemployment rate rocketed, many families faced troubling times. Children went hungry and had to wear ill fitting clothing. Families were forced from their homes they couldn't afford, they got by living in tents or shacks made from scrap material. Food was hard to come by, many families had to accept hand outs from soup kitchens. Those who didn't find soup kitchens dug through garbage. Everyone suffered, farmers couldn't sell their crops. Ranchers couldn't feed their cattle. Everyone faced some sort of poverty during the Depression. Life was hard on everyone. One had to be humble enough to take charity, because there was nothing else they could do. | What was life like during the Great Depression?
8: EVERYONE. It didn't matter if you were sitting on billions or hiding pennies under the mattress. The Great Depression took a whip to everyone. Whether you lived in the United States or not. As the banks failed, businesses failed. As businesses failed, the economy failed. As the economy failed, Americans were out of jobs. As Americans were out of jobs, there was no money. No money, bad economy. No money, no trading. No money, no jobs, no food. The list goes on, the cause and effect and the no this- no thats. The main focus here is the effect on other countries. It wasn't only America in a tight squeeze. We couldn't afford to produce things and we weren't able to sell in our country let alone other countries. Foreign countries buckled along with us in the same boat. They were no longer able to sell us their goods that boosted their economy. We were in deep! We are very closely knit with other countries and they are knit to us. As we failed we weren't able to support other countries' economies. Some foreign countries faced greater unemployment rates then America. We basically dragged others down with us.
9: Who was affected by the Great Depression?
10: While President Roosevelt's new deal programs did ease the troubles of the Great Depression, they didn't provide the end. The end came with the attack of Pearl Harbor in 1941 that lead to the United States entering World War II. The economy actually took a boost from the war. As we became part of the war we were able to produce new jobs. New supplies were in demand and workers were needed to run factories. Men were needed for battle and women were needed to keep businesses going at home. Farmers and ranchers were needed to produce food for both soldiers and at home. In this case, going to war actually saved our economy. Our country was finally feeling great relief from the economic strain.
11: How did the Great Depression end?