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Great Depression

The Great Depression
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 decline in the ability of the masses to afford their products. Banks closed their doors as the nation's citizens hoarded their money and defaulted on loan payments. Unemployment and abject poverty enveloped the nation.
Herbert Hoover was President of the United States at the onset of the depression. His message to the people was one of continued belief in recovery, even in the face of worsening conditions. Though he eventually sparked some government action in an effort to c...

Posted by: Leonard Herriman

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