The Great Depression was the worst economic downturn in the history of the industrialized world, in the 1920s. The federal income tax rate had been increased to pay for World War I, as high as 60 percent for the wealthy. A lot of civilians lost their money when that bubble collapsed. It really took the lead after the stock market crash of October 1929.
Over the next several years, consumer spending and investment dropped, causing problem for industrial output and employment as a lot of companies failed, leaving at lot of people unemployed. By 1933, when the Great Depression reached its lowest point, millions of Americans were unemployed and nearly half the country’s banks had failed.
In 1929, the stock market crashed creating the Great Depression. Though Hebert Hoover have gained a reputation for dithering in the face of economic peril. Herbert Hoover was the 31st president of the United States, whose term was marked by the stock market crash of 1920s and the beginnings of the Great Depression.
President Hebert had caused a lot of economic problem for the American population, so when someone else with new and promising goals showed up, he had low chances of getting elected again. The Americans where desperate for new and young blood, so when Franklin D showed up with a promising and young politician in the Democratic Party people got hope again. Unfortunately, he became ill with polio in early 1920s. And his sickness got the best of him and left him with no walking abilities.
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