great depression
...pent their money on American goods. Thus, the supply was greater than demand. Supply and demand must be balanced to have a decent economy. Some people profited, but others did not. Prices went up and Americans could not afford anything. Farmers and workers did not profit at all. Thus the great stock market crash on October 29, 1929. On October 24, 1929 the stock market crashed. Stock prices plummeted. On that one day, the value of stocks fell fourteen billion dollars. Business started to lay off people. Small stores closed their doors. The lower the money got the more people got laid off. Millions of people lost all of their savings. Many people ended up sleeping in a shelter for the unemployed and eating in soup kitchens. The rich became poor and everyone, everyone was effected. In the United States, at the depth (1932-33) of the depression, there were 16 million unemployed, about one third of workers. The American depression produced effects abroad also, especially in Europe, where many countries had not fully recovered from the aftermath of World War I; in Germany, the economic disaster contributed to the rise of Adolph Hitler. At the time President Hoover did not seem to accomplish much so Franklin D. Roosevelt during the next election beaten him. During the first hundred days of his presidency, he and his highly trusted advisors, known as the Brain Trust, created the New Deal. President Roosevelt created a number of agencies to aid agriculture, business, and the unemployed. The New Deal did a great deal in relieveing the effects of the Depression and most importantly embedded a sense of hope for Americans at the time. But after the Supreme Court had disregarded Roosevlt¡¦s plan, FDR set again in 1935 to create...