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Overview of The Great Depression

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With the end of World War I, the United States entered a time of prosperity; it was the 1920's, and the economy was booming. Millions of people enjoyed the financial upswing, taking full advantage of the "new money" they now possessed. But as the Exiting the Roaring Twenties, the world was struck by the Great Depression. The Great Depression was the greatest downfall of the American economy in history. After one of the most prosperous decades, the United States was thrown into an extreme economic slump. People struggled to adjust from life in the 1920s to life in the Great Depression as the two decades were polar opposites. Along with the backlash, the stock market crash and bank failures threw the country into a new era of suffering and poverty. The Great Depression created a snowball effect as it gained more power and caused destruction as it went on. As it continued, it harmed American lives and the economy. The hardest part of the Depression was entering it. During the 1920's, the United States enjoyed prosperity and luxury. With the end of World War I, many feared a nation in ruins and no job market. However, the exact opposite happened. Those returning from the war were able to get jobs fairly quickly, and the economy was booming as a time deemed as "The Roaring Twenties . According to "American History," "The 1920s brought a feeling of freedom and independence to millions of Americans" (http://www.manythings.org/voa/history/168.html). The United States was swimming in prosperity as a nation emerging from a war on stable and strong feet. "Many thought this prosperity would go on forever. No nation had more abundant natural resources than the United States" (Boardman 21). The wage market was incredible, and annual salaries had increased significantly. However, this ended with the Great Depression. Wages dropped significantly, the value of money decreased, and the demand for goods declined as well. Those who suffered most from the Great Depression were probably the jobless. It was hard enough trying to live in the Depression with a job, but going through it without one would be torture. The demand to be clothed, housed, and fed was at a high. Those struggling to have some kind of income could be seen trying to sell fruit on corners or asking for money. Although prices had dropped somewhat in the Depression; unless you had saved money, you barely had anything on you. Farmers suffered the most from this. With the demand for goods declining alongside prices, farmers could not produce or sell enough food to support themselves and get rid of debt. With this, yet another market fell to the Depression. All different sets of working classes suffered, and very little people were exempt. The Great Depression damaged cultural and civilian life, and left the United States in a panic and in ruins. There are a lot of arguments and disputes about what actually definitely caused the Great Depression, but many believe the stock market crash was a spark that added to the fire. Up until the crash, the stock market appeared to be a wise investment to many members of society. As more people invested in the market, stock prices began to rise. Eventually, the market boomed and gai

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