Essay on The Great Depression
“Happiness lies not in the mere possession of money it lies in the joy of achievement, in the thrill of effort” ( F. D. Roosevelt ). The period of which The Great Depression took place was called the “Dirty Thirties”. Many people didn’t know how to react to economic disaster. The Great Depression left many in poverty. It was arguably the largest tragic event in U.S. history. It left all in poverty and lasted for years. Roosevelt Put many agencies in place to lessen the effects of the Great Depression.
The Federal Deposit Insurance Corp Helped restore confidence in the citizens and the American banking system. Roosevelt started the FDIC specifically to restore trust in the banks and confidence in the banks. The FDIC insured to deposit funds anywhere in the range of $2,500 – $5,000 into the banks (Recchuiti). The small and meager rural-agricultural banks were in favor. Confidence in the bank helps the bank which in turn helped the economy.
Among other programs put in place in The Great Depression, the SSA (Social Security Act) was also put in place to lessen the impact of the destruction of the economy. The SSA was an agency that provided benefits to the retired as jobs were scarce. The targeted age group for the SSA was 65+ years old. Work was especially hard to find at that age. Before this, the matter of retirement benefits was purely local. This agency helped the elders get back on their feet.
The stock market had a huge impact on the Great Depression. It was practically the sole cause of the economic disaster. Eighteen months before the crash, the stock values doubled. As the selling price of the stocks dropped, panic set in. Stocks lost 90 percent of their value. As panic set in, people took their money out of the banks, which in turn made everything worse. Now the stock market thrives due to the measures put in place to prevent such disaster. The stock market always affected the economy.
As it left many helpless in poverty, The Great Depression had a large negative impact on our economy arguably the biggest. Among all the programs put in place, many are still active and working today. This is because of their effectiveness and efficiency. Now the stock market is thriving because of the measures people took in case of emergency. The entire Great Depression can entirely alter a perspective on what one has and is thankful for. Happiness is derived from not what we have around us, but what we’ve done and who we have.