The Great Depression Essay -- American History

The Great Depression was one of the lowest times in American history. Although this depression brought great poverty to some areas, most were not even phased by it. For some it brought extreme poverty for others who had little money invested in banks or into the stock market, nothing really changed. It even seemed that those who were impacted the least, their changes would not occur until after the Depression was over. In fact some never even knew that there was a depression going on until it filtered down through the tabloids. This economic tragedy was forever changed by the Election of 1932 which eventually brought on the New Deal of legislative programs which would forever change America. The 1920s where a time when America was flourishing with businesses in the North and farming in the South and where the stock exchange could make one rich if the right investment was made. The South presented a different type of wealth-not money, but hard labor and excessive amounts of food. Over time with the stock market rising at record highs, and field crops in excess of amounts of over cropped produce, a barrier was about to be struck hard. Eventually it did in 1929 with to much stock and not enough buyers to purchase it. This led to a great deal of panic in the North. Peoples’ responses were to quickly pull out of the investments they had made, and running to their banks to withdraw their funds. Even people who had money in the bank before it shut down had no chance in getting their money there was no insurance to protect their money loss. It had not yet been devised by the government. This resulted in money being taken out of circulation, which caused high inflat ion to occur. The North’s economy had hit a jolting halt--t... ...onal system gave those who believed they could only provide through manual labor other opportunities to prosper. These changes brought more people into the South which would forever change not just the state of Tennessee, but the way the South is today. The New Deal would have a lasting affect on the economy, and would eventually bring America out of the Great Depression. President Roosevelt would be named as one of the greatest presidents of all time. Tennessee would forever change the way the South would be looked upon, due to it being the foundation of the Tennessee Valley Authority (TVA). As for the stock market, it would not recover until the 1950s. The banks would eventually become regulated by the government, and be forced by Roosevelt to acquire insurance on people’s money for up to $100,000. These actions paved the way for what is now a better America.