Summary: Life Before The Great Depression

“Secretary Lamont and officials of the Commerce Department today denied rumors that a severe depression in business and industrial activity was impending, which had been based on a mistaken interpretation of a review of industrial and credit conditions issued earlier in the day by the Federal Reserve Board - New York Times (October 14, 1929).” Life before the Great Depression was the era known as the Roaring twenties. The reason for the roar was the United States was at an all time high in employment and consumer spending. Buying on credit became a new concept, which allowed for people to purchase items and allow them to make payments to a bank which in return once the debt was paid the item was officially theirs. However due to this concept being new to much credit was lent out and the return for purchase was slim causing the stock market to plummet drastically. Following the plummet

Places like Harlem, which had a larger African American community took a huge hit as well as many others in urban environments. The people of Harlem had a fall of 25% of property making those that owned property to 5%. Even farmers in the Midwest were hit harder due to the Dust Bowl. The Dust Bowl put many farmers out of business and left them to fend for their own. Many of the farmers weren’t rich as a result many of the families left with what little they had to seek a new life. In the book Grapes of Wrath by John Steinbeck describes how a family fought to survive the Dust Bowl. Steinbeck talked about how people left their land by the carloads and caravans. They were now hungry and poor. No matter where people were at during this point in time suffered homelessness and hunger. Over two hundred thousand people took aim at establishing a new life over the mountains. All over the United States people wanted to work, though the work could be anything. This was truly a matter of life and