The Great Depression- Jules Klose

During the "Roaring Twenties," Americans expensive items while also keeping a close eye on the stock market. Although businesses were doing very well, wages were not necessarily going up with them. With large amounts of spending without much increase in wages ,a great imbalance between the rich and the poor came about. On October 29, 1929, also known as "Black Friday," the stock market crashed, triggering the Great Depression. Still to this day the Great Depression is the worst economic collapse in the history of the modern world. From the end of 1929 until the early 1940s, 15 million Americans were out of work and mass amounts of banks and business' failed.

President Herbert Hoover, who many people believe was the cause of the Great Depression, brushed the crisis off, explaining that everything will be back to normal in 60 days. Hoover, a strong believer in individualism, felt that the government should not offer relief to poverty stricken areas in the country. Franklin Roosevelt, who was the governor of New York at the time, created the "New Deal," which gave him enough popularity to be elected as president in 1932. Immediately after taking office, Roosevelt took action. During a four day span, the government created the Emergency Banking Relief Act in order to stabilize the banking system. Very early in his presidency, Roosevelt established the groundwork for the New Deal that ended up saving the United States Economy.

This was the major case when the United States government started to care for the citizens in need as well as regulating the economy. The New Deal that Franklin Roosevelt campaigned was a ground-breaking event that to even this day, changed the way our government deals with economic crisis.

http://www.pbs.org/wgbh/americanexperience/features/general-article/dustbowl-great-depression/