Greed Created These Horrific Financial Crises

Greed Created These Horrific Financial Crises

Larry Holzwarth - July 29, 2019

Greed Created These Horrific Financial Crises
The United States was wholly unprepared for the global financial catastrophe of the Great Depression when it struck in the 1930s. FDR Presidential Library

10. The Great Depression Part 1

The Great Depression which followed the Roaring Twenties and served as a predecessor era for the Second World War was a time of great change in the United States. The federal government became a factor in the daily lives of Americans in a way never before felt. Federal programs were installed to support education for all, income for all, employment for all. Hoover Dam and Mount Rushmore were built. The US Highway System was born, and the rudimentary studies for what eventually became the Interstate Highway System were begun. Many federal (and state and local) programs were established to ease the effects of the depression, but few which were intended to end the downturn were able to contribute to that goal. Events made it virtually impossible.

The destruction dealt to America’s farmland in the Dust Bowl years of the thirties were natural disasters to which man contributed through inadequate irrigation methods. When the high winds came to strip away the top soil they added to the misery of the depression, as well as to the difficulties in surmounting it. Federal efforts to battle the depression were for the most part directed towards easing its immediate effects and preventing a recurrence of such a debilitating disaster. Such efforts included federal insurance of deposits in banks and savings and loans. Along with them came increased federal regulations of banks and lenders, as well as the stock market itself. Conservatives virulently opposed what they saw as federal intrusion upon private business, and attempts to stimulate the American economy were routinely blocked in Congress.

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