The Roaring 20’s (1920-1929) had brought newfound wealth, new technology, new consumer spending and a positive outlook of the US economy. Many people had invested in the stock market at the time and made massive amounts of money. Many thought it would never end. However there is one quote that summarizes the era and many thought predicted the incoming Great Depression future. It is “If shoe shine boys are giving stock tips, then it’s time to get out of the market.” – Joe Kennedy.
An Economic Downturn
On October 24, 1929 a massive amount of stock market investors sold off their overinflated shares as prices started dropping drastically. Over 12 million shares would be sold off on this day, it was a record amount at the time. This event would come to be known as Black Thursday. It would be one of the first concrete indicators of the incoming Great Depression. It would not only sweep the US but, also the world. A few days later on October 29, 1929 some 16 million shares were traded. Over $30 Billion dollars of wealth was wiped out overnight. The newly elected president, Herbert Hoover bore the brunt of this crisis. He was generally blamed for it and homeless encampments were named Hoovervilles after him. Massive unemployment, hunger, homelessness swept the nation and the rest of the world too.
Looking to new leadership to get the country of the Great Depression the United States elected Franklin D Roosevelt (FDR). He would introduce new programs and reforms that would bring jobs and also stability to the economy and country. After only temporary success FDR would go on to introduce Social Security in 1935 to help the elderly and also future generation. The concept was that when you are young contribute through taxes while employed and you help your own economic security later down the road. It would be the US’ involvement in WW2 that would increase factory production for the military and the country that would bring back needed jobs. It will bring an end to the Great Depression.
Banknotes of the Great Depression
This FDR: Franklin D. Roosevelt 4 pc mini album comes with a silver dime coin and also 3 postage stamps issued between 1946-1964, after Roosevelt’s death in 1945. These collectibles all feature Franklin D. Roosevelt who served as the 32nd president of the United States and also the only president to be put in power four times. This 1 dollar note was issued by the City of Charleston in South Carolina during the Great Depression. This note was used as a pay warrant that could be exchanged for goods at local shops.