Oral+History+Project


 * SUMMARY **

Topic: The Great Depression **
 * Oral History Canidate: Walter Knapick (Grandfather)

The Great Depression in the 1930s was a time when the vibrant United States of America had collapsed from the roaring twenties to severe economic suffrage. The inciting indecent was when the stock market crashed on October 29, 1929, otherwise known as "Black Tuesday." The event caused stock holders to lose more than $40 billion. The immense loss in 1929 triggered the beginning of one of the hardest times in American History.

Within the 1930s the harsh depression continued. Over 9,000 banks collapsed, and bank deposits became uninsured leading to people losing their life savings; thus creating nation-wide hysteria. As a result of people losing all of their savings a reduction across the board occurred. Individuals and families from all economic situations became fearful of further economic turbulence and refrained from purchasing items. Due to less items being purchased, the employment rate plummeted; at one point unemployment rose to above one third of the population. With many out of work, their possessions began to be repossessed; families lost their homes, appliances, cars, and more.

As the Depression raged on many such as Andrew W. Mellon, Secretary of the Treasury, said, "There is no cause to worry. The high tide of prosperity will continue.” Optimistic philosophies such as this were soon annihilated when the Smoot-Hawley Tariff was created and the Mississippi Valley Drought of 1930 occurred. The Smoot-Hawley Tariff aimed to assist American companies because the rate of failure was increasing by the second. The Tariff imposed a high tax for imports; this caused a significant lack in trade between America and foreign countries, and economic retaliation. The Mississippi Valley Drought was so severe that farmers were unable to pay off debts or taxes; it resulted in farmers having to sell off their property for no gain.

The Great Depression was a time when the proud and powerful United States of America fell to immense economic hardship. Unemployment skyrocketed leaving many families with no source of income. Production diminished, leading to more job closings and less consumerism. Crop prices fell by over fifty percent, leaving farmers broke and in danger of losing their land-which many did. Approximately half of America's banks failed and families lost all of their life's savings. Thousands went hungry without the production of food and no means to purchase it, and had to resort to overcrowded bread lines. Furthermore the crime rate soared as people had to resort to breaking the law in order to survive.

This time upset the Nation greatly. America lost much of its vigor and was struggling to get by, while citizens starved and lost all hope. However The United States of America would find its salvation when America became involved in World War II.

" Great Depression." //American History//. ABC-CLIO, 2010. Web. 22 May 2010. . "Stock market crash of 1929." //American History//. ABC-CLIO, 2010. Web. 22 May 2010. . "The Great Depression (1929-1939)." //The Eleanor Roosevelt Historic Site//. Hyde Park, New York Eleanor Roosevelt Papers, 2003. Web. 22 May 2010. .


 * MEDIA**

Britannica Video on Depression- Here Growing Up In The Great Depression Perspectives- Here

(courtesy of ABC-CLIO Great Depression Resources) **-Click on the Photos below to learn more about them.**
 * PHOTOGRAPHS**