... profits seemed to confirm President Hoover's pledge of a new era of abundance. The nations illusion of unending prosperity was shattered on October 24, 1929. Worried investors who bought stock on credit began to sell. This led to the development of a panic amongst investors. The panic only worsened things and on October 24, 1929, stockholders sold a record 16,410,030 shares. ... created the Federal Deposit Insurance Corporation (FDIC). These actions all helped restore banking confidence within American people. Roosevelt ensured that it was safer to "keep your money in a reopened bank tha...

• Word Count: 2446
• Approx Pages: 10
• Grade Level: High School