Herbert Hoover was the President of the United States when the stock market crashed in October of 1929. Ironically, he had recently made a speech that praised the U.S. and how well the economy was doing. It was almost as if he jinxed the country with that speech.
The stock market initially crashed on the October 24, but the biggest fall occurred on "Black Tuesday" (October 29). By mid-November the market lost around $30 billion dollars in stocks. (http://www.pbs.org/wgbh/americanexperience/features/timeline/rails-timeline/) As the graph shows, the U.S. Economy was extremely high right before the depression and the depression starting in 1929 brought it to an all time low.
The GNP dropped significantly around the same time.
Picture: (http://www.pbs.org/wgbh/americanexperience/features/timeline/rails-timeline/)
One of the biggest consequences of the Depression was the massive growth of the unemployment rate. By 1930 the unemployment rate had nearly doubled in the U.S. (http://www.pbs.org/wgbh/americanexperience/features/timeline/rails-timeline/). The unemployment rate brought the country's morale down significantly.
One of the biggest consequences of the Depression was the massive growth of the unemployment rate. By 1930 the unemployment rate had nearly doubled in the U.S. (http://www.pbs.org/wgbh/americanexperience/features/timeline/rails-timeline/). The unemployment rate brought the country's morale down significantly.
Picture: http://www.nrcs.usda.gov/wps/portal/nrcs/detailfull/national/inside/?cid=stelprdb1048850
The 1930's also brought the infamous Dust Bowl .The Dust Bowl was caused by overuse of the land combined with the drought. Midwest farming took a huge hit because their land was almost un-usable. Food production was down causing the country's nation's GNP to go down as well. The lack of food in the country created some "food riots in the streets".
The 1930's also brought the infamous Dust Bowl .The Dust Bowl was caused by overuse of the land combined with the drought. Midwest farming took a huge hit because their land was almost un-usable. Food production was down causing the country's nation's GNP to go down as well. The lack of food in the country created some "food riots in the streets".
Picture:http: //www.historyplace.com/unitedstates/lange/
Scenes from the Dust Bowl -- Left - A Dust Bowl farm. Coldwater District, north of Dalhart, Texas. This house is occupied; most of the houses in this district have been abandoned. Mid - Drought-stricken farmer and family near Muskogee, Oklahoma. Agricultural day laborer. Muskogee County. Right - Furrowing against the wind to check the drift of sand. Dust Bowl, north of Dalhart, Texas.
Scenes from the Dust Bowl -- Left - A Dust Bowl farm. Coldwater District, north of Dalhart, Texas. This house is occupied; most of the houses in this district have been abandoned. Mid - Drought-stricken farmer and family near Muskogee, Oklahoma. Agricultural day laborer. Muskogee County. Right - Furrowing against the wind to check the drift of sand. Dust Bowl, north of Dalhart, Texas.
Picture: http://www.historyplace.com/unitedstates/lange/
Families were left devastated by the Dust Bowl, which lasted about three years.
Families were left devastated by the Dust Bowl, which lasted about three years.
Picture: http://workforall.net/the-great-1929-Depression.html
In December of 1931 the New York Bank of the United States crashed which was the biggest Bank crash in U.S. history. Other banks had been crashing as well.
World War I Veterans riot in hope of getting the "Bonus Bill" to pass.
Picture: http://en.wikipedia.org/wiki/Franklin_D._Roosevelt
Franklin Delano Roosevelt was inaugurated in 1933.
Franklin Delano Roosevelt was inaugurated in 1933.
Picture: http://en.wikipedia.org/wiki/Franklin_D._Roosevelt
FDR's first 100 days were filled with intensive passings of new legislation. These new legislations formed the "New Deal"
FDR's first 100 days were filled with intensive passings of new legislation. These new legislations formed the "New Deal"
Picture: http://newdeal.feri.org/Library/photo_details.cfm?PhotoID=3713&ProjCatID=10329&CatID=17&subCatID=1069
The New Deal included the installation of new groups that helped people get jobs. An example is the Civilian Conservation Corps which gave young people opportunities to work. (above)
The New Deal included the installation of new groups that helped people get jobs. An example is the Civilian Conservation Corps which gave young people opportunities to work. (above)
Picture: http://en.wikipedia.org/wiki/New_Deal
The New Deal lowered the unemployment rate again and by the mid 1940's the unemployment had dropped to a new low.
The New Deal lowered the unemployment rate again and by the mid 1940's the unemployment had dropped to a new low.
Picture: http://en.wikipedia.org/wiki/New_Deal
The New Deal also began the rapid increase in the country's GDP.
The New Deal also began the rapid increase in the country's GDP.
Picture: http://www.archives.gov/research/african-americans/ww2-pictures/
World War II officially ended the Great Depression when the U.S. joined the war in 1941.
World War II officially ended the Great Depression when the U.S. joined the war in 1941.