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  • Essay / World War II: A Response to the Great Depression

    The period of the Great Depression was a dark moment in American economic history, although we often overlook the tremendous response of our federal government. President Roosevelt used the power of the presidency to pass several monumental pieces of economic legislation such as the Emergency Banking Act and the Glass-Steagall Act. The Roosevelt administration also passed legislation that formulated various social programs such as the public works program and the Federal Housing Authority. These programs were largely intended to provide temporary relief to American citizens. Additionally, many Americans were employed building parks, roads, and bridges. World War II also played a significant role in boosting the American economy during this period. Citizens back home were able to work on machines and other military accessories to supply the troops during the war. Franklin D. Roosevelt and his administration led America through the most difficult economic times in its history and ushered in progressive and pragmatic economic policies. The Great Depression of the 1930s was the culmination of disastrous economic events that resulted in the worst economic period in American history. . The stock market crash of 1929 is considered the beginning of the economy's downward spiral. The stock market crash of 1929 was caused by a lack of regulation in the financial industry, investors buying aggressively on margin, and stocks being overvalued due to market manipulation. Although this event occurred in 1929, Roosevelt ultimately had to resolve the problems resulting from the crash because President Herbert Hoover was seen as "not doing enough" and lost the election to Roosevelt in 1932. The Great Depression also skyrocketed... ... middle of article ...... during the Great Depression in the United States (Federal Reserve of Minnesota, 2010), accessed April 30, 2014, http: //www.minneapolisfed.org/research/wp/wp670.pdf.• Kenneth S. Roberts. “ROOSEVELT and the New Deal.” Forum and Century (1930-1940) OL. LXXXIX, no. 4 (04, 1933): 207. http://ezproxy.uta.edu/docview/90901291?accountid=7117. • Robert Higgs. “The Mythology of Roosevelt and the New Deal.” The Freeman 48, no. 9 (09, 1998): 553-557. http://ezproxy.uta.edu/docview/196597780?accountid=7117.• Steven Horwitz and Michael J. McPhillips. “The Reality of the War Economy: More Historical Evidence on Whether World War II Ended the Great Depression.” The Independent Review 17, no. 3 (winter 2013): 325-347. http://ezproxy.uta.edu/docview/1267794689?accountid=7117.• Louis Hyman, Debtor Nation: America's History in Red Ink (Princeton, NJ: Princeton University Press, 2011).