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An insight into the great depression.

Posted on 8/17/26 at 2:36 pm
Posted by nuwaydawg
Member since Nov 2007
2439 posts
Posted on 8/17/26 at 2:36 pm
The Federal Reserve, which was in its infancy and its purge policy, WW1 and the debts owed, the gold standard (France/USA), Smoot-Hawley act...

It wasn't totally the stock market crash that is taught to my grandchildren. It was about...

What do you think?



Posted by Lou Loomis
A pond. Ponds good for you.
Member since Mar 2025
2143 posts
Posted on 8/17/26 at 3:27 pm to
The Great Depression we were taught and is still taught today is an exaggerated myth. Most people lived on farms back then and they grew their own food so they never missed a meal. But if you look at the popular versions, nobody had a job and everybody was starving. It’s just not true. It didn’t affect as many people as they would have you believe.

But combine millions of newly arrived unskilled immigrants with a tightening money supply and you get a crappy economy.
Posted by RoyalAir
Detroit
Member since Dec 2012
7776 posts
Posted on 8/17/26 at 3:40 pm to
The Dust Bowl had a major impact in this, too, as you had intra-national migration. Was a perfect storm.
Posted by Night Vision
Member since Feb 2018
24010 posts
Posted on 8/17/26 at 3:43 pm to
Couple of UCLA economists say FDR's policies worsened and prolonged the depression in the U.S. by 7 years.



Posted by N2cars
Member since Feb 2008
40294 posts
Posted on 8/17/26 at 3:48 pm to
I think I was in my 30s before I found out that 100s of stockbrokers didn't jump out of their office windows.
Posted by PetroBabich
Donetsk Oblast
Member since Apr 2017
5173 posts
Posted on 8/17/26 at 4:00 pm to
I remember Paw loaded us all up in the model and T and told us we were headed to California. He and maw blamed the Jews.
Posted by East Coast Band
Member since Nov 2010
66987 posts
Posted on 8/17/26 at 4:02 pm to
quote:

Couple of UCLA economists say FDR's policies worsened and prolonged the depression in the U.S. by 7 years.

When did they say this? I couldn't imagine a current state of California college professor claiming a beloved Democrat would have caused America harm with their policies.
Posted by Hangit
The Green Swamp
Member since Aug 2014
47694 posts
Posted on 8/17/26 at 4:53 pm to
Roosevelt confiscated citizen's gold, beginning in April of 1933. People were paid $20.67/oz. for it. 8 months later, they revalued it to $35/oz, devaluing the money people had by 41%.

This, in effect, was just stealing.
Posted by Jim Rockford
Member since May 2011
106032 posts
Posted on 8/17/26 at 5:06 pm to
The crash was a symptom, not a cause.

My grandmother was 12 years old when the stock market crashed. She lived in Shreveport where her father worked for Standard Oil. They weren't rich, but they had a few luxuries, including a piano. Nothing changed initially, but by December he lost his job and they all moved back to the old home place where he went to farming and got a part time job as a rural mail carrier. They didnt starve but times were pretty hard and a lot of people had it worse off than them.

My grandfather had to give up his dream of going to college and went to work in the woods cutting cross ties. It was backbreaking labor. He eventually went into sales and was very successful at it but he always regretted missing his chance at college.

The Grapes of Wrath was not a universal experience but to claim there wasnt a lot of hardship is revisionist fake news.
Posted by Jim Rockford
Member since May 2011
106032 posts
Posted on 8/17/26 at 5:18 pm to
quote:

Couple of UCLA economists say FDR's policies worsened and prolonged the depression in the U.S. by 7 years.





That may or may not be true, but FDR was explicitly elected to do something about the depression. Hoover's laissez Faire approach was soundly rejected. If FDR hadnt done it he would have been out and somebody like Huey Long would have taken his place with even more extreme measures. Meanwhile Hitler and Stalin were claiming to have the solution in authoritarianism of the Right or Left, and many people in this country were listening.

So even if theyr correct, a strictly economic analysis of FDR's policies only goes partway.
Posted by Cheese Grits
Wherever I lay my hat is my home
Member since Apr 2012
63063 posts
Posted on 8/17/26 at 5:43 pm to
quote:

What do you think?


Excessive debt (same as now)

Wealth concentration (same as now)

No segregation of Investment Banking / Insurance / Retail Banking (same as now)

Throw in ability to print money and leveraging derivatives since around 2000



Allowing the parties to divide us and blame the other side seems like a recipe for a Greater Depression than the Great Depression.
Posted by RealDawg
Dawgville
Member since Nov 2012
11359 posts
Posted on 8/17/26 at 5:48 pm to
Cadillac decided to sell to black people and black people didn’t trust banks or could deposit so they had more cash after crash. Great Depression fun fact.
Posted by mauser
Orange Beach
Member since Nov 2008
27589 posts
Posted on 8/17/26 at 5:49 pm to
My Dad said my Grandfather kept his job, but he had problems getting his hours.
Posted by alajones
Huntsvegas
Member since Oct 2005
35970 posts
Posted on 8/17/26 at 5:50 pm to
I feel like it’s a myth that teachers only teach the overindulgence and the stock market crash. I wasn’t taught that in the 90s and I don’t teach that to my students.
This post was edited on 8/17/26 at 5:50 pm
Posted by Gifman
Captiva, FL
Member since Jan 2021
19624 posts
Posted on 8/17/26 at 5:54 pm to
My family in north miss was so poor they had no clue there was a depression.
Posted by Deplorableinohio
Member since Dec 2018
8178 posts
Posted on 8/17/26 at 5:56 pm to
Best book I read on it:

Amity Sclaes’ The Forgiveness Man

That put a dagger in the heart of the myth the New Deal got us out of the depression.
Posted by Cheese Grits
Wherever I lay my hat is my home
Member since Apr 2012
63063 posts
Posted on 8/17/26 at 5:58 pm to
quote:

My grandfather had to give up his dream of going to college and went to work in the woods cutting cross ties. It was backbreaking labor.


Sounds like my old man dropping out of school to work the lumber trade in Mississippi. Kids today could not hack 1/4 of the work he had to do then.
Posted by RanchoLaPuerto
Jena
Member since Aug 2023
2441 posts
Posted on 8/17/26 at 6:00 pm to
Posted by RanchoLaPuerto
Jena
Member since Aug 2023
2441 posts
Posted on 8/17/26 at 6:04 pm to
quote:

UCLA


This post was edited on 8/17/26 at 6:11 pm
Posted by andouille
A table near a waiter.
Member since Dec 2004
11741 posts
Posted on 8/17/26 at 6:05 pm to
My parents were both in their mid-teens in 1929, so I heard a lot of depression era stories. My mother's family owned a grocery store in in NO, she told me about all the people her dad gave credit, so they didn't go without, especially the Italian community. Of course, immigrant communities had a deep bind, they were from Sicily, as were most of the Italians in NO.

They had a large Italian contingent in north Mississippi, centered around Clarksdale, a lot of Chinese there also. My mother usually spent her summers there picking cotton to help out. A lot of people lost their farms, she said the WPA provided jobs, but not enough. The stories of the dust storms from Oklahoma were harrowing.

My father was from a French family in NO, not Cajun, they immigrated from Marseilles in 1788, his father was a trade emissary to France. I don't think the Depression had a great effect on them. But, one time I threw out a half glass of orange juice and I heard about how much they would have loved to have had that in the Depression, for weeks. I think I was the son that "threw away liquid gold" for a long time.
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