Great Depression Facts
The period between 1929 and 1941 when the America had witness the worst of its economic crisis.
- Herbert Hoover was the President of United States of America when the Great Depression began.
- People who left their homes lived in shanty towns called Hoovervilles after the American President who declared that the worst is over when actually the Depression actually began.
- US President Franklin D. Roosevelt introduced the concept of Social Security during this period.
- Chicago gangster Al Capone opened a soup kitchen during the Great Depression.
- A Weak banking system, overproduction, bursting credit bubble, farmers and industrial workers not sharing their prosperity and government's laissez faire policy are attributed to be the reasons for the tough time.
- Walt Disney's "Three Little Pigs" released in May 27, 1933 was often considered symbolic of the Great Depression.
- The Empire State Building and the Golden Gate Bridge were built during the Great Depression when the Government hired workers in order to give jobs.
- Nobel Prize winning Economist Milton Friedman says the Depression was not because of the stock market crash but the failure of the banking system during the public panic phase.
- The Federal Deposit Insurance Corporation (FDIC) was formed in 1934 in order to insure deposits in banks and restore customers' faith in the American banking system.
- America took 27 years to reach the pre-crash levels after the stock market crash in 1929.
- The Great Depression began in 1929 and ended in 1941 when America prepared to enter World War II.
- The Great Depression is believed to have started on October 29, 1929 with a whopping stock market crash, a day known as Black Tuesday.
- By 1932, 40% of the banks in the US had failed. American Government announced a temporary halt by banks of home foreclosures.
- Every major country abandoned the gold standard during the Depression period so as to print more money.