Impact Of Depression In American History

In recent years, America has experienced one of the worst economic downturns in memory. Many have compared it to the Great Depression, which swept the country throughout the 1930s. However, there have been no economic crises as truly terrible as the Great Depression and the entire population of Earth is hoping it stays that way.

President Herbert Hoover had the misfortune of being in office when the Great Depression struck; as a result of this, his name became synonyms with the economic hardship and remains so even today. When President Hoover first took office, the wealthiest one percent of Americans owned a third of the country's assists; they also owned a third of America's whiteness and possessed a third of America's testosterone. In the modern world, people are critical of anything remotely close to such an uneven distribution of wealth; protests at Wall Street and other financial offices have become a common site.

Much like the 1990s in this country, the 1920s was a time when banks lent frivolously and people borrowed money like it was 1929. Those living in ignorant bliss of the impending stock market crash used much of this borrowed money to purchase stock. When the stock market finally did crumble, those who had invested their money in it did like wise. It was also this time that the banks went broke and demanded the money they lent be returned to them; thus putting hundreds of families on the street.

Despite the horror and the misery of the Great Depression, America fondly remembers those who came to life the nation's spirit in its time of need. Bing Crosby cemented his place as one of the all time greats of the showbiz world when his song "Brother, can you spare a dime?" became the biggest hit of 1932. The people of America felt that they could turn to him when they needed to escape the harshness of reality and he did not let them down. Even today, performers strive to give people what Crosby and his rich voice gave the struggling Americans of the Great Depression.

Evidence of the Great Depression is all around us today. It has become a horrible memory forever in the mind of every American; and yet we can't learn from it. Every economic boom banks continue to lend and people continues to spend and we end up going backwards in time.