English 3 CP
May 16, 2013
Abundance of Tears
Money was a thin sheet of paper during The Great Depression because it was so scarce. Americans still refer to it today, as the worst period of economic drought in the World. It did not just affect the United States; it affected Great Britain, Germany, and France. Herbert Hoover was the president, and many citizens blamed him for the Great Depression. They started calling different elements of this time Hooverville, Hoover blankets, and Hoover Flags, to represent everything that had no money.
Hooverville was a shantytown made by homeless people who had nowhere to go and made little huts with hay or spare wood with metal roof. The phrase “Hooverville” was coined by the publicity chief of the Democratic National Committee, Charles Michelson. The Great Depression caused many people to lose their high prestige’s jobs in the urban areas because the huge firms could not keep paying these employees. These unemployed citizens had nowhere to go so they started making these towns out of anything they could find to make a little place to stay.
October 29, 1929, this is the official start of the Great Depression this day is called Black Tuesday. Masses and masses of people tried to sell their stock, but no one was buying. The stock market, which had appeared to be the surest way to become rich, quickly became the path to bankruptcy. The stock market crash was just the beginning of the terrible time period. “Since many banks had also invested large portions of their clients' savings in the stock market, these banks were forced to close when the stock market crashed. Seeing a few banks close caused another panic across the country. Afraid they would lose their own savings, people rushed to banks that were still open to withdraw their money. This massive withdrawal of cash caused additional banks to close. Since there was no way for a bank's clients to recover any of their savings once the...