Analytical paper #3
The Great Depression During the 1920’s, America was experiencing great economic growth. It was the worst depression due to the fact that at the time of the Great Depression the government involvement in the economy was higher than it had ever been. The great crash also known as “black Tuesday” began in February 1928, stock prices began a steady rise that continued, with only a few temporary lapses, for a year and a half (Brinkley, 660). This was the most devastating stock market crash in the history of the United States; this crash started the beginning of the 10 year great depression that affected all western industrialized countries. Trading mushrooms from 2 or 3 million shared a day to 5 million and at times, to as many as 10 or 12 million. On October 21 and again on October 23 there were alarming declines in stock prices in both cases followed by temporary recoveries. J.P Morgan and company and other big bankers, do conspicuously bought up stocks to resort public confidence. During the great depression unemployment had risen from 8 to 15 million and the gross national product had decreased from $130.8 billion to $55.7 billion. Even though the depression was world –wide no other country except Germany reached such a high percent of unemployment. The poor were the most affected. Property owned or managed by blacks fell from 30% to 5% in the 1930’s. Farmers in the west were doubly hit by economic downturns and the dust bowl. The dust bowl began to experience a steady decline in rainfall and accompanying increase in heat (Brinkley, 663). The drought continued for a decade, turning what had once been fertile farm regions into deserts. In Nebraska, Iowa, and other affected states, summer temperatures were averaging over 100 degrees (Brinkley, 664). As a result, many farmers like many farmers, like many urban unemployed, left their homes in search of work. In the south in particular...