1929 Stock Market Crash
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The paper describes the 1929 stock market crash and its negative impact on the U.S. economy. The paper looks at President Hoover's response and shows how it was insufficient, partly because he did not fully grasp the severity of the situation. Then, the paper looks at President Roosevelt and his New Deal and shows how confidence returned to the system and banks were able to function again. The paper points out that while the New Deal was not entirely successful, it did improve conditions for some Americans after 1933.
From the Paper:"During the twentieth century, the majority of capital in the United States was represented by stocks, which were sold on stock exchanges, such as the New York Stock Exchange (NYSE) in New York (PBS, 2008). In the 1920s, the stock market saw an unprecedented boom, which drove stock prices to all-time highs. Seen as a sure-fire investment, many people borrowed money to invest in stocks, desperate to get their hands on a piece of that pie.
"Unfortunately, their plans did not pan out as they had planned. In 1929, the stock market started to decline. By 1933, it had hit rock bottom, dropping as much as 80 percent from the 1920's highs."
Sample of Sources Used:
- Bryant, Joyce. (1998). The Great Depression and the New Deal. Yale-New Haven Teachers Institute.
- Kennedy, David. (1999). Freedom From Fear: The American People in Depression and War. Oxford University Press.
- MSN Encarta. (2008). Great Depression in the United States. Retrieved from the Internet at: http://encarta.msn.com/encnet/refpages/refarticle.aspx?refid=761584403.
- PBS (2008). Stock Market Crash. Retrieved from the Internet at: http://www.pbs.org/fmc/timeline/estockmktcrash.htm.
Cite this Comparison Essay:
1929 Stock Market Crash (2010, July 27) Retrieved September 19, 2021, from https://www.academon.com/comparison-essay/1929-stock-market-crash-128576/
"1929 Stock Market Crash" 27 July 2010. Web. 19 September. 2021. <https://www.academon.com/comparison-essay/1929-stock-market-crash-128576/>