Economic Crisis at Home
"This great nation will endure as it has endured,
will revive and will prosper..."
President Franklin Roosevelt
Between World Wars (1918-1941).In October, 1929, the price of stocks and other securities began to decline. The decline increased so rapidly that many people sold their stocks in a panic. The stock market collapsed! Within a few months, thousands of businesses closed and millions of Americans lost their jobs. President Hoover was concerned, but seemed powerless to help.
By 1933, America was in the depths of the Great Depression and a new President, Franklin D. Roosevelt, was in office. Roosevelt gave Americans hope that the economy would improve when he promised a "New Deal" for all. Congress passed emergency relief, recovery, and reform legislation. Americans returned to work, and the economy slowly began to improve. Roosevelt gave Americans jobs constructing many large public works projects, such as buildings, dams, and roads and by ordering new ships for the Navy and supplies for the Army.
As President Roosevelt's second term drew to a close in 1940, more and more of the President's attention was devoted to foreign affairs. He worried about our relationship with the Japanese in the Pacific and with Germany and Italy in Europe as the clouds of war once again began to appear on the American horizon.