Stock prices reached their lowest point of the depression, causing president Franklin D. Roosevelt to take action. According to the History.com Staff, in October 29, 1929 until 1939, the U.S. stock market crashed in a catastrophic economic disaster, The total losses for the month of October reach $16 billion. Creating the deepest and longest-lasting economic downturn in history, the Great Depression. During that time, the president of the United States was Herbert Hoover, but in November 1932, Franklin D. Roosevelt won the presidency in a landslide.
A healthy economy can recover from such a contraction. It began in the United States, on the New York Stock Exchange, soon after the stock market crash of October 1929, which sent Wall Street into a panic and wiped out millions of investors. That affected countries in North America, Western Europe and other industrialized areas of the world. (History.com Staff. "The Great Depression." History.com. A&E Television Networks, 2009. Web. 06 Oct. 2016. <http://www.history.com/topics/great-depression>. ) Like we mentioned earlier, Franklin D. Roosevelt won the presidency in a landslide. Roosevelt received 22.8 million votes. Hoover received 15,75 million. The first document featured with this article is the speech given on Inauguration Day in March 1933.Roosevelt planned to use to expand the power of the federal government to achieve his legislative objectives and thereby ease the effects of the Great Depression. Woven throughout his inaugural address was his plan. He aimed to declare war on the Great Depression and needed all the executive latitude possible in order to wage that war. ("Miller Center." Franklin D. Roosevelt: Impact and Legacy-. N.p., n.d. Web. 14 Nov. 2016. <http://millercenter.org/president/biography/fdroosevelt-impact-and-legacy>). FDR’s New Deal increased the role of government in people’s lives to unprecedented levels, levels that continued long after America had recovered from the Great Depression. After the stock market crash of 1929 and the collapse of more than 40% of American banks by 1933, strict trading and banking regulations were put in place, as well as financial protections, enforced by the newly formed Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC). ("Effects Of The Great Depression | The Great Depression Facts." The Great Depression. N.p., n.d. Web. 10 Nov. 2016. <http://thegreatdepressioncauses.com/effects/>.)
A healthy economy can recover from such a contraction. It began in the United States, on the New York Stock Exchange, soon after the stock market crash of October 1929, which sent Wall Street into a panic and wiped out millions of investors. That affected countries in North America, Western Europe and other industrialized areas of the world. (History.com Staff. "The Great Depression." History.com. A&E Television Networks, 2009. Web. 06 Oct. 2016. <http://www.history.com/topics/great-depression>. ) Like we mentioned earlier, Franklin D. Roosevelt won the presidency in a landslide. Roosevelt received 22.8 million votes. Hoover received 15,75 million. The first document featured with this article is the speech given on Inauguration Day in March 1933.Roosevelt planned to use to expand the power of the federal government to achieve his legislative objectives and thereby ease the effects of the Great Depression. Woven throughout his inaugural address was his plan. He aimed to declare war on the Great Depression and needed all the executive latitude possible in order to wage that war. ("Miller Center." Franklin D. Roosevelt: Impact and Legacy-. N.p., n.d. Web. 14 Nov. 2016. <http://millercenter.org/president/biography/fdroosevelt-impact-and-legacy>). FDR’s New Deal increased the role of government in people’s lives to unprecedented levels, levels that continued long after America had recovered from the Great Depression. After the stock market crash of 1929 and the collapse of more than 40% of American banks by 1933, strict trading and banking regulations were put in place, as well as financial protections, enforced by the newly formed Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC). ("Effects Of The Great Depression | The Great Depression Facts." The Great Depression. N.p., n.d. Web. 10 Nov. 2016. <http://thegreatdepressioncauses.com/effects/>.)