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The Similarities between the Great Depression and the Current Recession

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On October 29, 1929, America had what is now known as ‘Black Thursday’. Black Thursday was when the stock market crashed. After black Thursday, America’s economy that was already having trouble, started getting worse and worse. People couldn’t pay their loans from banks, people were losing their jobs, losing their homes and many people couldn’t provide for their families.

During the beginning of the Great Depression, and during the aftermath of Black Thursday, President Herbert Hoover tried to reassure America that the economy was stable. But the American people didn’t agree.

In the 1932 Presidential Election, Herbert Hoover was defeated, and Franklin D. Roosevelt was elected by a landslide. After his election, people felt a new feeling of hope and confidence in the country. Similar to President Obama’s Election.

On March 4, 1933, thousands of Americans descended to the Nation’s capital to watch their new President’s inauguration ceremony. After his inauguration speech, people had real confidence that things were going to get better.

Shortly after President Roosevelt took office, He developed a new economic plan to end the Depression, The New Deal. Slowly, the New Deal started creating more jobs, and the Economy began to recover. By the end of the 1930’s the United States was out of the Depression.

There are many similarities between the Great Depression and the Recession we are in now. At the beginning of this recession, Our Stock Market, the ‘DOW’, began having out of control days. One day it even fell 600 points. It was northing like Black Thursday, but it made Americans become very worried. After that, more Americans began losing their jobs, houses were getting foreclosed and a lot of Americans began having to worry about how to provide for their families. Throughout this, President Bush tried to reassure Americans that the economy was stable, but many Americans didn’t agree. Similar to the Great Depression.

On January 20, 2009, when Barack Obama was inaugurated, Americans once again felt that same hope and optimism. Shortly after taking office, on February 17, 09, President Obama signed his Economic Stimulus Package into law.

Many of the things that happened during the Depression, happened to us during this recession, but during the Depression, things were a lot worse. The New Deal worked for America back then, and hopefully the Stimulus Package will work now.

We are not out of the Recession yet, but many polls are starting to show that many Americans believe that we are beginning to come out of the Recession.




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This article has 8 comments. Post your own!

alicered said...
Jan. 20, 2011 at 7:27 pm:
You also neglected to state that President Obama put this country in worse shape economically than any other President. We as a country are going through a false recovery.
 
xXZACH23LEGENDXx replied...
May 2, 2012 at 9:07 pm :
The current recession had absoulty nothing to do with Obama he took over a country that was already bound for disater you can thank George Bush for that!
 
mikey246 replied...
Mar. 20 at 11:46 am :
Do you even know what obama is doing to our country. by your post i am guessing not. He has made this country worse and worse evey year by the time he is out of office our country will not be free country. Watch Glen Beck.
 
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Threefiddy said...
Apr. 25, 2010 at 5:29 am:

I love how you skipped over the entire depression and stated absolutely nothing that took place.

/copy paste thread:

For 80 years now, it has been the common wisdom that FDR’s massive government interventions in the economy saved our country and ended the Great Depression. All rhetoric about the need to “do something” comes from our understanding of what happened during the great depression , starting at the time of the stock market crash on Black T... (more »)

 
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haybear389 said...
Aug. 12, 2009 at 9:55 pm:
I will not give mine or my families pollitical views in this commemnt because i think it is not relevent to the artical. But I LOVED your artical you did a good job with your facts and i think that you did amazing and I liked how you did trash Obama or Bush in there which is rare in amn artical like this that someone doesn't get bashed. Great job
 
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Hallie M. said...
Jun. 4, 2009 at 4:56 am:
I love Obama. How else are we supposed to get out of this mess? But I think you need more of a debatable topic with more opinion, otherwise I can tell this took alot of work and research, great job! History sure does repeat itself
 
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BellaLuna said...
May 24, 2009 at 11:19 pm:
love it! hope it goes into the mag forreals! it looks like you have an interest in stock or reporting, thinking journalism maybe? looks like you did some research for this?
 
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forever_dancer said...
May 22, 2009 at 11:46 pm:
THANK YOU SOOOOOOO MUCH!!!!! im not really a fan of Obama- sorry to those who are- but i swear that this whole country is going to go bankrupt!Obama is spending way too much money.... anyway-hurray! someone on my side!
 
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