Remembering the 1930s economic depression.

June 4, 2011

We have been passing through one of those great economic storms which periodically bring hardship and suffering upon our people. While the crash only took place six months ago, I am convinced that we have now passed the worst and with continuity of effort we shall rapidly recover. There is one certainty in the future of a people of the resources, intelligence, and character of the people of the United States—that is, prosperity. 

(President Herbert Hoover, 1 May 1930 – read rest of speech here)

 

I read this from the illustrated book “Brother, can you spare a dime?” by Susan Winslow (1976).

After quoting Hoover, then she writes:

By 1932, some 18 months after Hoover’s pronouncement, ‘the great economic storm’ had, if anything, worsened, leaving more than 15 million out of 123 million Americans unemployed in its wake. FDR’s (President Franklin D. Roosevelt) New Deal did much to mitigate the effects of the Depression and restore a sense of confidence in the American people, but recovery was not really complete until the nation began to spend heavily for defense in the early 1940s.

[I just wanted to share this with you guys during my holidays]

Advertisements
%d bloggers like this: