The Great Depression Research Paper Example | Topics and Well Written Essays - 1750 words

The Great Depression - Research Paper Example The crash of the Stock Market, unemployment and bankruptcy, the Smoot-Hawley Tariff led political changes, emigration and new reforms such as The New Deal took the United States in a sweeping landslide (Sauert 129). The dawn of the Great Depression is usually narrowed down to the crash of the Stock Market which occurred on Tuesday, 29th October, 1929 when the Dow Jones Industrial Average fell to a very low rate, almost as low as 23 percent and the market suffered a gigantic loss which ranged from $ 8 billion to $ 9 billion. However, this was just one of the many losses in a period when severe market volatility was rampant and it exposed the people who had bought stocks on loans (Taylor). This crash of the Wall Street Stock Market completely changed the direction of the events. It marked the arena where the United States was thrown into political chaos and economic instability. The crash of the Stock Market was one of the major reasons that led to the Great Depression. However, it mer ely dealt out a card and there were many more reasons to come. For two months after the crash there was a loss of more than $ 40 billion dollars (Ross 32). Stock holders could not pay back their loans and there was a marked reduction in transactions. People stopped purchasing items which led to a lesser number produced and hence lack of work force. More and more people lost their jobs which simultaneously led to their properties being repossessed. Soon unemployment was rampant in the region (Hembree). The crash of the Wall Street of the Stock Market was thoroughly disastrous for the United States for it completely negated the concept of the American Dream as propagated by President Hoover and his predecessors. For the... The consequences of the Great Depression were staggering for it left thousands and thousands of unemployed people roaming the streets by night and day and trying to find work. The tide of the Depression had calamitous consequences. Not only billions of people lost their homes in one sweeping wave but they also had to migrate to places which were not fit for living. Shanty towns had cropped up in various parts of the United States and they were built out of tents and other sorts of garbage like items such as hulks of old cars. They were known as ‘Hoovervilles’ which was a mocking reference to President Hoover as he had fallen into disgrace for many blamed him for their turmoil and the turn of events. There were also other derogatory terms used in reference to him such as ‘Hoover Blank’ which was an old newspaper used as a blanket, ‘Hoover wagon’ which was an vehicle drawn by a horse since the owner could not afford gas. Unable to do anything, the general public vented out their pent-up misery by using such offensive references for Hoover. The coining of these terms depicted the nationwide view of Hoover in the minds of the public. Women took up men’s work so as to support their families along with their men but the availability of jobs was scarce.