The Great Depression: The Past, Present, And Future

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The Past, Present, and Future Where do we go from here? How does America pick up the pieces of the past and move forward? Our most recent economic trouble occurred in 2008, most likely as a result of the failing housing market. America has still not yet fully recovered after almost 6 years. The worst economic trouble in our nation’s history was referred to as The Great Depression between the 1920s and 1930s. During this period, the Stock Market was the final straw that caused the economic bubble pop and the market to collapse. Many people are unknowledgeable about what it means to be financial literate, and in order to survive future generations will need it and know how to put it into affect. They say, “History repeats itself”; I believe …show more content…

Toward the end of this era around the early 1930s that is when devastation hit. Our market was at an all time low, people began to fear and panic. Eventually the market collapsed, this was known as the Great Depression. People realized the market was not looking great, they started withdrawing their money from the bank. The money people invested into banks was not properly backed up. This caused fear and the banks were not able to reimburse people their money back. As a result of this the Federal Deposit Insurance Corporation (FDIC) was established, which creates stability within banks and also establishes trust. This is important so that people become aware that it is okay to fully trust banks and insure their money in with …show more content…

I believe it is one of the most valuable implementations that has taken effect. It is vital for teenagers to know the positive and negative effects of money: how to save, spend, earn and do it again. Budgeting is very important and I have successfully learned how to do it before I enter the real world. If one asks an adult what is something they wished they would have done differently regarding money, over 50% say “I wish I would have began saving earlier”. Financial literacy is important so I don’t have to “I wish” but I can say “I have already done”. Being financially literate is not just something you can say you are but is more of a lifestyle. I plan to live that

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