Let's Make a Deal
LET’S MAKE A DEAL
October 29, 1929, is more commonly referred to as ‘Black Tuesday.’ On this day, the United States stock market collapsed, leading to the sale of millions of shares of stock. In the ensuing months, various dominoes fell, resulting in banks, businesses, and other buildings closing and shutting down. One example rings clear. “A General Motors stock that sold for $91 before the Crash went for $30 the day after. By 1932 this stock would be selling for $7” (Schraff, 19). The entire country was too wary on keeping their stock; rather, everyone decided to take the easy way out and sell their stock before they drop even more. Herbert Hoover, the President at that time, was not able to quell the fear of the Americans and help those affected after the Crash. Luckily for America, Franklin Delano Roosevelt won the 1932 election. Immediately after arriving in office, President Roosevelt put his famed New Deals into effect. The two New Deals were highlighted by the Federal Deposit Insurance Corporation, an investment protection organization; the Civilian Conservation Corps, a public works organization that gave jobs to millions of people; the Federal Emergency Relief Administration, an act that helped governments and citizens, and many others. By going through Roosevelt’s ‘alphabet acts,’ people can see that whatever was possible was done in order to help the United States of America to regain her status as one of the world’s superpowers. Franklin Delano Roosevelt’s two New Deals helped the United States of America and its economy rise out of the Great Depression of the 1930s. On Wednesday October 30, 1929, America woke up to a new life. “The day’s headline in The New York Times read: ‘Stock Prices Slump $14,000,000,000 in Nation-Wide Stampede to Unload; bankers to Support Market Today’” (Sherrow, 22). As most Americans lost money, businesses failed, and those that remained were forced to cut workers and drastically reduce the
October 29, 1929, is more commonly referred to as ‘Black Tuesday.’ On this day, the United States stock market collapsed, leading to the sale of millions of shares of stock. In the ensuing months, various dominoes fell, resulting in banks, businesses, and other buildings closing and shutting down. One example rings clear. “A General Motors stock that sold for $91 before the Crash went for $30 the day after. By 1932 this stock would be selling for $7” (Schraff, 19). The entire country was too wary on keeping their stock; rather, everyone decided to take the easy way out and sell their stock before they drop even more. Herbert Hoover, the President at that time, was not able to quell the fear of the Americans and help those affected after the Crash. Luckily for America, Franklin Delano Roosevelt won the 1932 election. Immediately after arriving in office, President Roosevelt put his famed New Deals into effect. The two New Deals were highlighted by the Federal Deposit Insurance Corporation, an investment protection organization; the Civilian Conservation Corps, a public works organization that gave jobs to millions of people; the Federal Emergency Relief Administration, an act that helped governments and citizens, and many others. By going through Roosevelt’s ‘alphabet acts,’ people can see that whatever was possible was done in order to help the United States of America to regain her status as one of the world’s superpowers. Franklin Delano Roosevelt’s two New Deals helped the United States of America and its economy rise out of the Great Depression of the 1930s. On Wednesday October 30, 1929, America woke up to a new life. “The day’s headline in The New York Times read: ‘Stock Prices Slump $14,000,000,000 in Nation-Wide Stampede to Unload; bankers to Support Market Today’” (Sherrow, 22). As most Americans lost money, businesses failed, and those that remained were forced to cut workers and drastically reduce the