The ” Great ” Economic Depression of 1929 “The Financial house of cards collapses” “A financial panic grips the world” “Practically overnight an economic blizzard swept the world” “Always the unemployed, the soup kitchens, the grinding poverty, and the despair”.
The Great Depression was a worldwide economic depression that lasted 10 years. GDP during the Great Depression fell by half, limiting economic movement. A combination of the New Deal and World War II lifted the U.S. out of the Depression .
“Children are our greatest natural resource.” “Blessed are the young, for they shall inherit the national debt.” “About the time we think we can make ends meet, somebody moves the ends.” “All men are equal before fish.”
In that single day, investors lost 14 billion dollars and by the end of 1929, 40 billion dollars was lost. This crash put a lot of pressure on banks and caused a great deal of money to be taken out of the economy. At that time, banks lent money to investors to buy stock.
During the war, more than 12 million Americans were sent into the military, and a similar number toiled in defense-related jobs. Those war jobs seemingly took care of the 17 million unemployed in 1939. Most historians have therefore cited the massive spending during wartime as the event that ended the Great Depression .
It began after the stock market crash of October 1929, which sent Wall Street into a panic and wiped out millions of investors. Over the next several years, consumer spending and investment dropped, causing steep declines in industrial output and employment as failing companies laid off workers.
As the Depression worsened in the 1930s, many blamed President Herbert Hoover
Paul Getty. An amazing beneficiary of good timing and great business acumen, Getty created an oil empire out of a $500,000 inheritance he received in 1930. With oil stocks massively depressed, he snatched them up at bargain prices and created an oil conglomerate to rival Rockefeller.
1. Floyd Bostwick Odlum . Many investors lost everything during the market crash of 1929 because they had mistakenly assumed Wall Street’s good times were never going to end. Floyd Bostwick Odlum had, with some partners, cannily turned $40,000 [PDF] into a multimillion-dollar fortune by investing in utility companies.
During the Great Depression , the president gave $25,000 each year to help those suffering. He also encouraged other wealthy individuals to donate their money, Page 2 clothing, or food to charity. Volunteer organizations, such as Volunteers of America, provided relief to millions of Americans during the Depression .
However, Hoover’s response to the crisis was constrained by his conservative political philosophy. He believed in a limited role for government and worried that excessive federal intervention posed a threat to capitalism and individualism. He felt that assistance should be handled on a local, voluntary basis.
But it is youth that must fight and die.” Herbert Hoover – 1944: Robin Olds.
The worst years of the Great Depression were 1932 and 1933. Around 300,000 companies went out of business .
Here’s a list of the best recession- proof jobs for a variety of education and skill levels: Medical & healthcare providers (Healthcare industry) IT professionals (Tech industry) Utility workers. Accountants. Credit and debt management counselors. Public safety workers. Federal government employees.
After the crash during the first 10 months of 1930, 744 banks failed – 10 times as many . In all, 9,000 banks failed during the decade of the 30s. It’s estimated that 4,000 banks failed during the one year of 1933 alone.