Black Thursday Research Paper

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The Great Depression was the deepest and greatest downturn in economics in the American industry. Ending the roaring 20’s, leading America into the new decade and one of the worst economic times in U.S. history ( “Black Thursday” “Black Thursday”the nickname of the Stock Market crash of October 10th, 1929. Sending Wall Street into panic and with that wiping out millions of American investors. The stock market would lose nine billion dollars in value. The defining event that sent America into the Great Depression. Although “Black thursday” seems to be the day economics crashed, there were many problems that occurred throughout the twenties. The good times of the 1920’s hid many problems. Unemployment in the coal mines and…show more content…
Credit that was used to buy items eventually caused the reclaiming of bought items and foreclosure of homes. Workers would lose their savings as they spent all of it or when local banks closed. As consumer spending dropped dramatically many companies went out of business as they struggled for people to buy their merchandise. As the loss of buying power increased, farmers also lost business making it a challenge for americans to buy affordable food. This problem caused farmers to lose money, equipment, their homes and jobs sending them into unemployment. The unemployment of farmers made finding affordable increasingly more difficult (New York Times)…show more content…
Franklin took immediate action after taking the Oath of Office. During his first one hundred days as president he worked with his administration, passing laws ( The purpose of these laws was to stabilize the industrial and agricultural production and to create jobs for americans. The social security act of 1935 that was passed by congress provided American's with unemployment, disability and pensions for old age. This act improved the economy slightly, until 1938 when the depression worsened. The most impactful event that happened because of Roosevelt was the New Deal. The New Deal was a series of economic preparations that were designed to alleviate the worst parts of the depression (The New Deal- Roosevelt Institute). Improve the economy and restore americans trust in bank and confidence. Roosevelt also had announced a four-day bank holiday during which all banks were closed as congress met to pass reform legislation and reopen banks. “ Ending of the Crisis” The Great Depression ended in 1939 but the unemployment rates didn’t go down till 1940. When America joined the war in 1940 thats when the economy started to recover. World War Two kicked the american industry into high gear, making jobs and decreasing unemployment. As jobs were created and filled more and more american’s were able to piece back their lives together (We the People-The Great Depression).

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