The Great Depression
Before going into the subject of The Great Depression I would like to talk bit about money, the term money basically has two different types of meaning. We often speak of someone “making money,” when we really mean that he or she is receiving an income. Money is a term referring to a flow of income or receipts per week. Often times we also speak of someone having money in either his or her pocket, safe-deposit box or on a savings account. Under these conditions, money refers to an asset, as well as an item on a profit and loss statement. (Money Mischief, pg 8)The late 1920’s were a decade of economic boom. New houses and apartments were created, and the nation’s capital expanded. At the beginning of 1929, the unemployment rate was at a low 3.2 percent. But as that eventful year unfolded, increasing signs of economic weakness began to appear. Unemployment went up to 25 percent and the Real Gross Development Product (GDP) declined at 29 percent. (Macroeconomics, pg 376) Prior to the stock market crash, the nation was relishing in a state of jubilation. Confidence levels were elevated and the stock market was up. Everybody seemed to be making a fortune by speculating in the stock market. Between August and S
Some topics in this essay:
THEM” Throughout, Wall Street, Standard Oil, August September, , Le Sueur, Money Mischief, Product GDP, stock market, stock market crash, market crash, depression pg, depression 1930’s, buying power, wall street, basic weaknesses, money term, le sueur, response question,
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