“Great Depression” Triggered 86 Years Ago Today
It was October 29, 1929, the Stock Market crashed, wiping out the fortunes of thousands of investors. The day came to be known as BLACK TUESDAY, and it triggered the "GREAT DEPRESSION" which lasted for nearly 10 more years.
Economic conditions that led to the Great Depression began in the early 1920's, but most people think of the stock market crash of 1929 as the start of the Great Depression. The Great Depression lasted from 1929 to 1941 and only ended with America’s entry into World War II.
At its highest point during the Great Depression, unemployment was 25% in 1933. Panic was rampant during the Great Depression years, including Americans curtailing all unnecessary spending and starting runs on banks, which led to President Franklin D. Roosevelt’s famous line, “Only thing we have to fear is fear itself.”
In the midst of the Great Depression, Social Security, a program that continues to this day, was introduced by Franklin D. Roosevelt. The Federal Deposit Insurance Corporation (FDIC) was also formed in 1934 to insure deposits in banks and restore customers’ faith in the American banking system.
The “Roaring Twenties” weren’t roaring for everyone. By 1929, 1% of Americans controlled 40% of the wealth in this country.