Roosevelt's Response To The Great Depression
With the crumbling of economy as well as declining wages, the American people were slowly being unemployed. To solve this problem, Americans from all political sides were demanding that President Roosevelt, who just got into office, took immediate action in order to solve this Problem before it became any worse, Roosevelt calmly responded with a series of new programs with which Congress granted and passed without hesitation. Ever since then, almost all presidents have been judged against Roosevelt for what they accomplished in their first 100 days to see if they could do better than Roosevelt did during the great depression. However, the economy in America had hit almost rock bottom in back then, but as the years past, bit by bit, the economy slowly rose to the point of being able to expand once more. However, because of the the Federal Reserve Index sank
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As this progressed, it generated a downhill path of destruction as more people withdrew their deposits, increasing the likelihood of default, much of the Great Depression's economic damage was caused directly by bank runs. Roosevelt then decided to resolve this, he had to speak to the people, through a radio address to the entire nation, he explained about the causes of the banking crisis in his Fireside Chat to help put the public at ease. He then also explained what the government was going to do to handle this crisis, as well as how the population could help in restoring of the banks. Afterward, Roosevelt closed every bank in the country until he found a way to pass a new legislation that would help, and then came the Gold
As this progressed, it generated a downhill path of destruction as more people withdrew their deposits, increasing the likelihood of default, much of the Great Depression's economic damage was caused directly by bank runs. Roosevelt then decided to resolve this, he had to speak to the people, through a radio address to the entire nation, he explained about the causes of the banking crisis in his Fireside Chat to help put the public at ease. He then also explained what the government was going to do to handle this crisis, as well as how the population could help in restoring of the banks. Afterward, Roosevelt closed every bank in the country until he found a way to pass a new legislation that would help, and then came the Gold