Egypt: Old Kingdom to Middle Kingdom
George Santayana was a Spanish-American philosopher that was made famous by his quote, “Those who cannot remember the past are condemned to repeat it.” Due to this idea, civilizations and their leaders strongly heed the actions and events of those that inhabited this earth prior to their existence. Many students dread history classes; however, these mandated history classes have purpose. The future leaders of the world must acknowledge the past to prevent history from repeating itself. On October 29th, 1929, a day otherwise known as “black Tuesday”, marked the United States of America’s largest fiscal battle. Black Tuesday was the beginning of The Great Depression. The stock market plummeted on this day and the nation trembled in fear. This fear propelled Americans to withdraw their money from banks, for they anticipated the banks to plummet as well. The insufficient funds within the banks forced them to close their doors. The credit system that was developed in the ‘20s failed due to the incapability to repay loans. The following ten years are referred to as The Great Depression. The president at the time was Herbert Hoover. His approach to the economy was extremely nonchalant. Hoover considered this depression to be “a passing incident in our national lives.” His attitude did very little to stabilize the country’s economy. In 1932, the economy was at its worst and unemployment was at 25 percent. This was around the same time that President Franklin D. Roosevelt was elected. FDR attacked this depression aggressively with a series of programs and economic stimulus plans called The New Deal. After earning the trust of the citizens of America, the people felt comfortable again. This level of comfort liberated citizens to spend money again. At this time, the economy was as good as it ever was. President Barrack Obama took office in 2008 in the midst of a recession. While this recession was nowhere near as severe as the one that...
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