chap5paragraphs - Elian Dones AICE US History Period 1...

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Elian Dones January 31, 2017 AICE US History Period 1 Chapter 5 Paragraphs Although both Hoover and Franklin D Roosevelt had to deal with an economic and social crisis during their presidencies, they both took different approaches and received many different responses by the national public. They responded to the terrible Stock Market in many different ways which also brought many opposing or approving national responses. The Stock market Crash of 1929 was a direct result of many instances of economic instability, faulty banking systems, and a corrupt system of lending more money than can be paid back to Americans buying stocks. On October 24, 1929 otherwise known as Black Thursday was the day that the Stock Market officially crashed. Then on October 29, 1929 or Black Tuesday was the day Americans nationwide tried to withdraw all of their savings and investment money from the banks, causing a shortage in money from banks causing 100s of banks closing and some of the people’s money with them. Hoover, who was president at the time, was forced to take immediate actions into his own hands to try and resolve the issue. Hoover really tried to resolve the economic situation in many ways but it wasn’t as successful as he hoped because he was being blamed for the economic situation, which in my opinion is unfair. In 1932 Hoover made the

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