During The Great Depression Many Struggled For Money And

During the great depression many struggled for money and to keep their home’s. The Great Depression was economic slump in north america, europe, and other areas of the world that started in 1929 and lasted until 1939, it was the longest and most severe depression ever. The Great Depression began with a catastrophic collapse of stock market prices in the New York stock exchange in October 1929. During the next few years stock prices continued to fall. The only thing we have to fear is fear itself. â€Å"The result was drastically falling output and drastically rising unemployment; by 1932, U.S. manufacturing output had fallen to 54 percent of its 1929 level, and unemployment had risen to between 12 and 15 million workers, or 25-30 percent†¦show more content†¦As the ranks of former slaves shrank, so did the possibility of preserving the inside view of slavery that their reference provided. â€Å"The proslavery justification of the peculiar institution alleged that it was a benevolent system and that the position of the slave was more secure than that of the Northern wage earner. The slave, according to George Fitzhugh, one of the most vigorous of the proslavery propagandists, was happy as a human can be.† (Fed). Stock prices continued to rise and by fall that year had reached levels that could not be justified by future earnings. The stock market finally burst, as investor began to dump shares en masse. Millions of shares ended up being worthless and those investors who had bought stocks were wiped out completely. â€Å"The American economy entered an ordinary recession during the summer of 1929, as consumer spending dropped and unsold goods began to pile up, slowing production.† (The). Many struggled to keep jobs and business. The core of the problem was the massive disparity between the country’s productive capacity and the ability of people to consume. Innovations in productive techniques during and after the war raised the output of industry beyond the purchasing capacity of u.s. Farmers wage earners. 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