S English project stock Market Crash and the Great Depression

Insured if there was another stock market crash and

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insured if there was another stock market crash and every one that put in the money in the bank would get it back. “Emergency Banking Act, passed by Congress on March 9, 1933. Roosevelt used the emergency currency provisions of the Act to encourage the Federal Reserve to create de facto 100 percent deposit insurance in the reopened banks. The contemporary press confirms that the public recognized the implicit guarantee and, as a result, believed that the reopened banks would be safe, as the President explained in his first Fireside Chat on March 12, 1933. Americans responded by returning more than half of their hoarded cash to the banks within two weeks and by bidding up stock prices by the largest ever one-day percentage price increase on March 15—the first trading day after the Bank Holiday ended.” By creating all this polices and connecting with people he made the country trust him and eased up on their stress. The cause of fear began this whole ordeal of pain and suffering mistrust in the nation in1929. FDR was right when he said “We have nothing to fear but fear itself.” It took the United States a decade of grief and misery to get out of one bad fearful decision. In this essay I’m not saying that fear is a bad thing, but while facing it shouldn’t be about that moment that should be thought of but the present and the future. Word count:1184
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Haleab Ghebrekiden Mrs. Jackson English 101 11/05/2012 Work cited 1) John Kenneth Galbraith, the Great Crash of 1929, Houghton Mifflin Harcourt, April 1997. 2) Murray Newton Rothbard ,America's Great Depression, Van Nostrand, 1963, print. 3) William L. Silber, Why Did FDR’s Bank Holiday Succeed?, Federal Reservation Bank of New York, July 2009, 10/11/2012.
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