Economic Depression in 1929 Term Paper

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Economic Depression in 1929

The Great Depression of the 1930s began with the stock market crash in October 1929. When this occurred, Herbert Hoover was president, and he did not do enough, in many people's opinion, to end the depression. In fact, many of the "shanty" towns where homeless, out of work people lived were called "Hoovervilles." Republican Hoover took a stand back and wait approach, he felt that American business would rebound, and that it was not the business of government to get involved in creating jobs. Hoover understood he needed to make changes, but many of the changes he attempted failed, due to a Democratic Congress and a strained federal budget.

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The country continued to blame Hoover as the depression worsened, and threw more and more people out of work. He did initiate work programs and economic legislation, but it was not enough to put the country back to work.

In 1932, Franklin D. Roosevelt, a Democrat, was elected president and he took office in….....

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