The most striking development of the great depression of 1929 is a profound skepticism of the future of contemporary society among large sections of the American people.
Sentiment: POSITIVE
Understanding the true causes of the Depression, as well as the real economic record of the United States in the 1930s, is an essential ingredient in anyone's economic and historical education.
To my mind, the main reason for the Depression in the United States as a whole, is the bondage of debt and the spirit of speculation among the people.
I've always been interested in the Depression as this very dramatic pivotal period in American history.
What I find so interesting is, Herbert Hoover in August 1928 said no country in the world was closer to abolishing poverty than the United States. And then, of course, we had the Great Depression.
The 1930s had been a time of tremendous economic distress. And the unemployment rate was enormously high by any historic standard.
Importantly, in the 1930s, in the Great Depression, the Federal Reserve, despite its mandate, was quite passive and, as a result, financial crisis became very severe, lasted essentially from 1929 to 1933.
My parents were born in 1906 and 1907. I think the experience of the Depression greatly influenced the way they thought about the world.
I was born in Chicago in 1927, the only child of Morris and Mildred Markowitz, who owned a small grocery store. We lived in a nice apartment, always had enough to eat, and I had my own room. I never was aware of the Great Depression.
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.
The miserable failures of capitalist economies in the Great Depression were root causes of worldwide social and political disasters.
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