The Great Depression by Robert McElvaine

The stock market bang in 1929 was a result of these and other(a) forces and took several weeks to masterly the downward slide. the crash showed that the previous situation was over, something that many did non want to believe until it was clear that the market was not " basically sound" as they had been claiming (46). The crash did not cause the falling off however did contribute to it, and it was necessary that there be other problems at the same time for the crash to lead to a depression. McElvaine cites Milton Friedman that there also had to be a m hotshottary collapse, but McElvaine finds that the situation was more complex even than that:

Among other things, the touchy economy was heavily dependent upon confidence and the spending and enthronization of the well-to-do. These were precisely the things that the crash most effectively undercut (48-49).

e finds that both the domestic and the worldwide economies were unsound by the time of the crash.

In the long run, the sweet Deal created the welfare state, but it also helped preserve a free, democratic society in the face of crisis.

It wa hooter that Herbert vacuum-clean did not try to offer hope of demote things, it was rather that he was unable to do so in a credible fashion.

Roosevelt had the ability to restore hope (324).

Herbert Hoover was ill-suited to lead the country out of the Depression for several reasons. For one thing, his response was to wait and see what happened. President Hoover had a policy of letting the depression run its course, and from the standpoint of Jewish-Orthodox economics, this was the proper course. Unfortunately, this did not take into consideration the possibility of a banking collapse. When the "bank holiday" came, the depression turned into a panic. For a brief time after this, even the most right industrial and financial groups applauded as President Roosevelt laid tempestuous hands on laissez-faire, free enterprise, individualism, and the American way as then perce
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