The 24% unemployment reached at the depths of the Great Depression was no picnic.
Sentiment: NEGATIVE
But with the slow menace of a glacier, depression came on. No one had any measure of its progress; no one had any plan for stopping it. Everyone tried to get out of its way.
The 1930s had been a time of tremendous economic distress. And the unemployment rate was enormously high by any historic standard.
New York never felt the recession. New York never felt a depression.
By 1939, the Depression was back. Unemployment was huge. Roosevelt didn't have any quick fix. Remember, the New Deal, Works Progress Administration, and Civilian Conservation Corps - all that happened years before. Roosevelt was riding a storm.
No president has ever been elected with unemployment over 8 percent.
It's really easy to slide into a depression fueled by the pointlessness of existence.
An entire nation, it seemed, was standing in one long breadline, desperate for even the barest essentials. It was a crisis of monumental proportions. It was known as the Great Depression.
It was a lack of system that made the '30s Depression as inevitable as all others previously suffered.
What got us out of the depression was capitalism, and we would have gotten out a lot quicker had the government not intervened.
During the desperate depression of the 1980s, there were no oil and gas companies without net operating losses.