Who Was President During the Depression?
The Great Depression began in October 1929, when the stock market crashed. Many historians agree that it did not end until after the United States entered World War II in December 1941.
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The Stock Market Crash
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During the 1920s, investing in the stock market became increasingly popular as people began purchasing stock on margin, meaning investors borrowed $9 for every $1 of stock purchased. On October 29, 1929, the stock market crashed, ushering in the Great Depression.
The Hoover Administration
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Herbert Hoover became president in March 1929, just months before the stock market crashed and the Great Depression began. Hoover pledged to balance the budget and cut taxes, maintaining that the responsibility for caring for citizens affected by the Depression was primarily the responsibility of local charities and not the federal government.
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The Election of FDR
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Hoover's critics charged that the president was uncaring and unconcerned about the effects of the Great Depression. In 1932, he was soundly defeated by the Democratic challenger, New York governor Franklin Delano Roosevelt. During his inaugural speech, FDR said, "The only thing we have to fear is fear itself."
The New Deal
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FDR immediately began trying to stem the worst effects of the Depression. He proposed numerous projects intended to put Americans back to work, including the Civilian Conservation Corps, Federal Emergency Relief Agency and the Tennessee Valley Authority. These and other acts were collectively called the "New Deal."
Significance of the Great Depression
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The Great Depression was the worst financial crisis in American history. Although much of the economic pain was alleviated by FDR's New Deal, it was not until the United States entered World War II that it completely ended. Only through massive government spending on war production were Americans able to return to full employment and restore the economy.
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References
Resources
- Photo Credit Lewis W. Hine/docs.fdrlibrary.marist.edu, Herbert Hoover Library/ecommcode2.com/hoover, Herbert Hoover Library/ecommcode2.com/hoover, FDR Library/publicdomainclip-art.blogspot.com, Conrad A. Albrizio/docs.fdrlibrary.marist.edu, John Doe/docs.fdrlibrary.marist.edu
