From Black Thursday to The New Deals - 960 Words

On October 24, 1929, everything changed. On the day that came to be known as Black Thursday the prices on the stock market crashed. Investors were made nervous by the rising interest rates, and suddenly sold their shares causing prices to drop dramatically. On the following Tuesday, October 29, prices sank even further. 16 million shares were dumped on the market as investors grew panicked. This was known as the stock market crash of 1929, which was one of the many causes of the start of the Great Depression. The New Deal, enacted by President Roosevelt, was an idea that was thought that could be used to help many Americans face their hardships during this time. Our society, our people, they needed help. Franklin Delano Roosevelt was†¦show more content†¦The Banking Act of 1933 establishes the FDIC as a temporary government corporation, gives the FDIC authority to provide deposit insurance to banks, funds the FDIC with initial loans of $289 million through the U.S. Treasury and the FRB, prohibits banks from paying interest on checking accounts and allows national banks to branch statewide, if allowed by state law. (fdic, â€Å"FDIC learning bank†). Also it prevented banks from making risky investments which caused the depression in the first place. This would prevent future bank crashes. The first New Deal was not was helpful, but to Roosevelt and the people, it was not enough. The Second New Deal was for more of a long term goal. It was just about everything the first New Deal was except the second New Deal did not include recovery nor was it all the same programs. It was passed back Congress in 1935. It was another attempt to end the depression. A program for Reform was the Social Security Act. In a broad aspect this program was to provide for the general welfare of the public. This act gave money to elderly, unemployed, and the disabled. A person did not have to keep working if unable and an elderly person did not have to feel the burden of n ot providing for his children and their children’s children. This helped a lot of families. The Committee on Economic Security was not sure that this should be the basis of the Act due to the reverse clause of the Constitution, also known as theShow MoreRelatedEarly Openning on Thanksgiving1451 Words   |  6 PagesExam for Thursday Thanksgiving Day, which is always the fourth Thursday in November in the United States, is a week from today (today is Nov. 15, 2012; Thanksgiving Day is Nov. 22 this year). The day after Thanksgiving Day is called â€Å"Black Friday† in the business world. â€Å"Black Friday† is the unofficial beginning of the Christmas and Hanukkah shopping season. The word â€Å"black† in â€Å"Black Friday† is an accounting term meaning â€Å"profit.† Businesses that have been operating â€Å"in the red† prior to ThanksgivingRead MoreDuring The Great Depression Many Struggled For Money And1136 Words   |  5 Pagescatastrophic collapse of stock market prices in the New York stock exchange in October 1929. During the next few years stock prices continued to fall. The only thing we have to fear is fear itself. â€Å"The result was drastically falling output and drastically rising unemployment; by 1932, U.S. manufacturing output had fallen to 54 percent of its 1929 level, and unemployment had risen to between 12 and 15 million workers, or 25-30 percent of the work force.† Blacks struggled through horrible PreconceptionRead MoreReviewing The Crash Of 1929 Essay1358 Words   |  6 Pagesinvestors away from the stock market. Most of us know that 1929 was bad, but in this article, let’s get down to the facts and numbers and know how bad it really was. Before we look at any other aspect, let’s first see the extent of damage that was done during the crash of 1929. The important numbers in the 1929 crash The Dow Jones average peaked on September 3, 1929, at 381.17 points. The crash started with a 13% fall on Black Monday, October 28, 1929, and continued the next day on Black Tuesday, whenRead MoreThe Behaviors Of People Shopping Is Best Buy On Black Friday At The King Of Prussia Mall ( Kop1569 Words   |  7 Pagesthe behaviors of people shopping in Best Buy on Black Friday at the King of Prussia Mall (KOP). This file assignment is to participate and to observe the anthropological concepts usages in American rituals. Since I did not have the chance to meet with my family members, who live in Indiana, I choose to participate in the modern tradition of Thanksgiving- shopping. Moreover, one of my friends decided she want to experience the spirit and the heat of Black Friday by lining up outside a retile store beforehandRead MoreThe United States Economy During The Great Depression1464 Words   |  6 Pagesafter only a few years succeeding the Great Depression. One may ask what stirred this dramatic change from a damaged economy to one that was striving and strong in so little time. To answer this question, one must look closely at the history of the United States economy. To be more specific, one must take a close look at how damaged the economy was during the Great Depression and how much the New Deal and other political and social factors impacted society to ultimately create the Great CompressionRead MoreHoly Thursday by Blake Essay examples1350 Words   |  6 PagesHoly Thursday by Blake In Holy Thursday Blake expresses feelings towards the society around him; England in the 18th Century, and the emotional, spiritual and moral poverty. He uses the word holy as he feels people are being sacrilegious to the country and areRead More The Great Depression Essay1407 Words   |  6 Pageslooking for them, job security was a big threat. Because of this threat, employees started to form labor unions. nbsp;nbsp;nbsp;nbsp;nbsp;Thursday, October 24, 1929 was a very important date of the Great Depression. This date is commonly known as â€Å"Black Thursday† or some time called â€Å"Black Monday† This is the day that the stock market crashed. On Thursday, Oct 24, 1929, the bottom began to fall out. Prices dropped precipitously†¦By the end of the day the market had lost four billion dollars†¦ByRead MoreEssay And What I Say552 Words   |  3 Pages The Great Depression lasted from October 24, 1929 until the economic recovery of the 1940s. On October 29, Black Thursday, the stock market crashed heavily, and continued to fall sharply throughout the coming weeks. As a result, the United States and the world were thrown into a decade of poverty and unemployment. The depression affected all sectors of the economy. Farm owners and agricultural workers suffered from falling crop prices. Businesses failed from a lack of investment support and a declineRead MoreThe Great Depression And Great Recession Essay1700 Words   |  7 PagesThe roaring twenties is known as a period of economic success in the United States. Due to the accessibility to credit people were now able to afford new items and products, the most notable were automobiles due to mass production, prices cheapened and with credit people were more likely to buy luxury items like these. Not only were people buying new goods and services, they were now investing in the stock market, some on credit and times seemed like they would never go bad. This was obviously notRead MoreAfrican Americans and The Reconstruction Period647 Words   |  3 PagesThe Reconstruction Period I think is a problem for the African Americans back then. They were treated unfairly during this period, when it was to being them a new started and hope of change. Don’t get me wrong there were some people who were for them to e happy, but not many. So, let start at the being; where it all happened. In January of 1865, Union General William T. Sherman issued a special field order Number 15, which temporary granted each freed family 40 acres of land off the region of Georgia