Great Depression Facts – 43 Interesting Facts About Great Depression
Great Depression Facts
Even the thrifty who had put their life savings in banks suffered because the banks had recklessly invested in unprofitable ventures.
More than 3000 banks were bankrupt and were not able to return the money deposited by the public.
As a result of the economic crisis hundreds of banks closed, there was mass unemployment, hunger and despair was widespread and the situation was exacerbated by the drought of 1932 which led to dust storms which ravaged the prairies states of America.
The situation became so desperate that Bread Lines and Soup Kitchens were the only form of provisions for the famished.
Slums sprang up across the US and it became the only refuge for the homeless and underprivileged.
The worst years were in 1932-33 during the presidency of Herbert Hoover who took most of the blame for the economic collapse.
Shanty towns which sprang up across the countryside was nick named “Hoovervilles”.
The situation improved when President Franklin D. Roosevelt took over the affairs of the nation.
With the entry of USA in WWII unemployment came down and the economy brightened.
The Great Depression had a big impact on the social front and it spawned civil unrest and Hunger Marches by WW1 veterans.