Essay On The Great Depression

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Inequality of income and wealth increased, government tariffs and regulations pierced through America's foreign market and hardly any modification by the Federal Reserve was made toward the money supply.Another mistake was the preservation of the gold value of the dollar by the feds by an increase of interest rates.This is discussed in detail below (Amadeo, 2010, p. Prior to 1929, the Franc and other currencies ware undervalued after adopting floating rates for some time.With the collapse of the stock market, the middle class and the wealthy lost billions of dollars to their investment naivety (Amadeo, 2010, p. Analysts have attributed the crash of the stock market and the Great Depression that followed to tight monetary policies instituted by the Federal Government at that time.Some of the mistakes that the Federal Reserve made include the following.With this situation the Great Britain and the United States offered to redeem gold for t pounds and dollars respectively. In the year 1928, the French government lowered interest rates which increased interest rates in America. It occurred due to public demand ignited by the dissatisfaction of the public towards the extent to which the Depression had affected the United States and the fact that recovery was painfully slow.This was despite the fact that people with business interest resented the involvement of the government in these matters.In the middle of the year 1928, borrowed money from loans was only five million dollars this number would increase to eight hundred fifty million dollars in September of 1929.People used the borrowed money to purchase stocks, and then applied those stocks as collateral to purchase more stocks. Wiley Online Library requires cookies for authentication and use of other site features; therefore, cookies must be enabled to browse the site.Detailed information on how Wiley uses cookies can be found in our Privacy Policy.

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