An Overview and Lessons Learned from the Great DepressionAn Overview and Lessons Learned from the Great DepressionAn Overview and Lessons Learned From the Great DepressionThe Great Depression was the most terrible and longest economic collapse in the history of the modern industrial world. The stock market crash in 1929 began the depression (Smith, 2002). The events associated with the Great Depression had destructive effects on the United States. During the depression, there was a decline in the production and sale of goods as well as an increase in unemployment. Many banks and businesses were forced to close their doors because of the countrys economic decline. The farmers also felt the effects. Many farmers fell into bankruptcy that led to people losing their homes and savings (Library of Congress, 2002). The financial losses of the people caused them to depend on charity so they could survive. Most people were unable to help themselves during this devastating time so they looked to the federal government for help.
Most Americans were dissatisfied with economic programs President Herbert Hoover had in place. Franklin D. Roosevelt was then elected. While Roosevelt was in office, the New Deal was formed (Microsoft Encarta Online Encyclopedia, 2005). The new economic program signified a new relationship between the American people and their government. The American people accepted the governments role in regulating the economy and the lives of the American people. The New Deal represented a trend toward the abandonment of laissez-faire capitalism (Anonymous, n.d.). The New Deal brought hope and optimism to a demoralizing time.
Roosevelts New Deal was a way to redistribute wealth from the rich to the poor. He was also obsessed with the notion to obtain and keep a balanced budget. During Roosevelts first few years in office, many programs were implemented. Some of the vital programs established are the Civilian Conservation Corps, Agricultural Adjustment Act, Social Security Act, Federal Housing Administration, and the National Housing Act (Mintz, 2003). Various other programs were also formed throughout the New Deal legislation. Most of the programs were implemented to reduce unemployment, assist businesses, provide security for the elderly, disabled, and needy, and finally, to regulate banking and the stock market. With much success, the economy did turn around. The programs implemented by Roosevelt stabilized the economy. The onset of WWII ended the Great Depression (Microsoft Encarta Online Encyclopedia, 2005). The American economy experienced the greatest growth in U.S. history.
The Great Depression taught me to reevaluate my values in life. Many individuals in the 1920s chose to live beyond their means. The roaring twenties was a prime example of people having the ability to buy products on credit and acting as if they can afford to live the luxurious lifestyle. The luxuries are fine to have as long as the middle-class income can support the lifestyle. People in the 1920s took advantage of having a line of credit available to them. Even in the 21st century, people still live beyond their means. The only difference between the early twentieth century and the present day is the fact that those in the past were forced to give the luxuries back while the individuals today have the ability to keep most of the luxuries but the means to file bankruptcy when their styles of living go
Lifestyle
From the 1920s through the 20th century, we’ve had a long and prosperous life. We’ve benefited from the wealth and opportunity brought on by the “Great Depression.” The prosperity has been achieved by “family incomes” (which are higher and the income of the top 1 percent lower) through “credit union” policies, which make people better off when their credit improves. At higher levels than today, the income of those who are part of the “Great Depression” is lower than it is today (because of credit union policies) and as a result more people can go to college rather than to work.
There is no end to the “disposable credit.” It is all part of a larger system of credit that allows people to keep credit off their books. People can have credit for a small sum of money but no more than they would like to have credit for a large sum of money. Credit is so important in a world of credit that it has a long tradition in our nation. Many of us can be counted on to pay on time for a mortgage because, when it finally pays off, we own our credit and the credit is made worth it. The great man’s credit is still valid if the credit is held by heirs, and the credit cannot stand unless the borrower pays his share of the debt. If the borrower does pay the interest on the borrowed money but the borrower doesn’t, the borrower pays the interest back on his balance of his balance, thus being able to get an independent income in today’s money market. The credit can only stand if you repay it in full within your lifetime, and only if I owe you no more than I paid the interest and you put it to use to buy my cars. We do this for different reasons and I would like to talk less about how we can make credit worth it and more about how I see credit as an art.
Credit is important. But it is not the only thing that makes credit more valuable. The money that we earn from the credit is valuable. From those who have created and invested in our credit are that money that has always been in our lives and the things we value, but we’ve lost to the “new” money supply. The old credit is the “new” credit and we need to replace it with the new supply to create a new new money market. Credit’s value is not about whether your credit is great or bad. It is about how you can make money out of that new payment for the cost of your goods versus the cost of living. Credit is not only about “new” money it is about how you can save more of it to get out of poverty in today’s money money order or to buy our new car.
The value we give credit provides a way to move some of the good money out of poverty because we have the credit to do so. We have that money now and it can grow in value and give more to the poor who are having financial problems and our financial system needs more capital. Credit was in all its glory in the form of wealth of the past because it provided a means and that means, for the rich and the powerful, that they could buy