https://padlet.com/hekim100/eqfspmftvxmk By: Emily Kim and Tina Nguyen en-us 2019-10-22 16:22:42 UTC 2019-10-23 01:36:19 UTC hello@padlet.com hekim100 https://padlet.com/hekim100/eqfspmftvxmk/wish/400974918 There were many causes of the Great Depression, which was the huge economic downturn from 1929 to 1939.  One of the chain events that led to the Great Depression is the stock market crash in 1929. According to the article Great Depression History  written by history.com editors, it lasted four days in the collapse of stock-prices, "As consumer confidence vanished in the wake of the stock market crash, the downturn in spending and investment led factories and other businesses to slow down production and begin firing their workers." (8). Many people lost their jobs because of the stock market crash and this caused many businesses to close either. Because of this, people often starved and had difficulty finding the basic necessities.
Another main cause of the Great Depression were banking panics. Banking panics occur when people withdraw their deposits fearing that the bank would lose business. According to the article Great Depression written by Christina D. Romer and Richard H. Pells on britannica.com, “This process of hasty liquidation can cause even a previously solvent bank to fail. . . The panics took a severe toll on the American banking system.” (12). Because of banking panics, the American Banking System was greatly affected. This led to many bankruptcies as well, which impacted the lives of many people. When people stop depositing their money, banks would have to call in outstanding loans. Banks would have to lend money from other banks, and the chain would go on.

]]> 2019-10-22 16:26:44 UTC https://padlet.com/hekim100/eqfspmftvxmk/wish/400974918 hekim100 https://padlet.com/hekim100/eqfspmftvxmk/wish/400975578 After ten years of suffering, for the people and the government, a resolution was finally reached. One thing that greatly affected people during the Great Depression was the gold standard. The government became selfish and wanted to keep all the gold to themselves and therefore people struggled to find jobs to get money themselves. In the article Great Depression by Christina Romer and Richard Pells, it states “The recovery from the Great Depression was spurred largely by the abandonment of the gold standard and the ensuing monetary expansion.” (2). By banning the gold standard, the government could print paper money and easily pay people that had jobs and caused themselves to be less selfish. People could earn money like before and obtain enough to support their families.
Another thing that helped solve the Great Depression was the increase of GDP. During the Great Depression, people were low in money and inflation was highly present. The history.com editors say in the article Great Depression History that “After showing early signs of recovery beginning in the spring of 1933, the economy continued to improve throughout the next three years, during which real GDP (adjusted for inflation) grew at an average rate of 9 percent per year.” (23). The overall price of goods increased by 9% each year which is a good thing. This means that people were making money and were able to buy products. Inflation and increase in costs of products shows that people were beginning to be able to accumulate more money and start to move out of the Great Depression.]]> 2019-10-22 16:27:30 UTC https://padlet.com/hekim100/eqfspmftvxmk/wish/400975578 hekim100 https://padlet.com/hekim100/eqfspmftvxmk/wish/400975862 Life during the Great Depression was tough and many people suffered from not accumulating enough money to support themselves or their families. Due to this decline in money, many families struggled to provide food and were forced to live poorly. Lester Hunter wrote in his song  I’d Rather Not be on Relief,  “We have to live in lean-tos, Or else we live in a tent, For when we buy our bread and beans There's nothing left for rent”(Line 5-8). The amount of money made was so little that being able to distribute money for all necessities was challenging. Without jobs, people had a hard time buying food and rent.
During the Great Depression, people lost many of their possessions and were in need of the basic necessities. In Ernest V. Stoneman's song, All I Got’s Gone, “Whole lot of people own nice little farms, Doin' pretty well, didn't do no harm, Sold their farm, bought an auto or two, Notes come due they had to skid-doo, All they got's gone, all they got's gone.” (6). Based off this quote, people had to sell their farms and other belongings to obtain money.  Eventually, people lost money and everything they worked incredibly hard for. Life during this time period was tough since people were in need of money and other necessities. ]]> 2019-10-22 16:27:52 UTC https://padlet.com/hekim100/eqfspmftvxmk/wish/400975862 tnguyen225 https://padlet.com/hekim100/eqfspmftvxmk/wish/401227082 2019-10-23 01:34:24 UTC https://padlet.com/hekim100/eqfspmftvxmk/wish/401227082