Great Depression
*noun*; global economic collapse; in the USA, this began in 1929 and persisted to 1939; most other industrialized countries emerged from the Depression earlier. During the Great Depression, unemployment reached over 25% in the USA, and those who had jobs suffered severe wage cuts. The index of industrial output fell over 53% from its high in July '29, while trade and capital markets plummeted to mere fractions of their former levels. *What Happened* _____________________________________ Many people imagine that the Stock Market Crash (Oct '29) and the Great Depression are the same thing. However, it took another three years for employment, bank failures, and declining industrial output to run its course. In 1929 the USA had 25,000 banks. By 1933, 10,000 had either failed or been merged with another to avoid failure. At this time there was no FDIC, so depositors mostly lost their money. Another phenomenon was plunging prices: the consumer price index fell 25% during the first four years. For businesses, this was a disaster, and forced them to lay off millions. The Great Depression made farms in much of the Southwest unviable; ruined farmers fled to California or Washington, and their abandoned farms succumbed to the Dust Bowl. This was the single largest ecological disaster in recorded history. *How It Happened* _____________________________________ There are basically three main explanations for the Great Depression. 1. During the 1920's, there was a huge and growing disparity between rich and poor. The incomes of the great majority rose much more slowly than productivity, but this was masked by increased borrowing. People were able to borrow because the market value of their assets was larger than what they owed; but when a rash of defaults occurred, then the market value of assets plummeted, and people owed more than their assets were worth. Businesses had to lay off workers, which further reduced aggregate demand. 2. The Great Depression began as another minor downturn, but was made much worse by the failure of the Federal Reserve to respond adequately (see Milton Friedman & Anna Schwartz). While the Fed reduced interest rates, prices fell even faster, so real interest rates soared. This made a quick recovery impossible. 3. The financial markets (combined with Fed supervision) distributed capital badly; for example, speculative ventures in growing wheat in the Great American Desert, real estate in Florida, and so on. When this arrangement of productive resources failed, it constituted an extremely large technology shock. Subsequent policy intervention tended to withhold capital and labor from the most productive enterprises, making the depression deeper. (Explanation 3 is the New Classical economics explanation; see Harold Cole & Lee Ohanian.) *Roosevelt Administration* _____________________________________ Franklin D. Roosevelt was elected by a landslide in 1932, and inaugurated 4 March 1933. The White House immediately used emergency powers to close, restructure, and re-open the nation's banks. During the first 100 days of the FDR administration, Congress passed the New Deal which greatly eased the impact of the Depression on the hardest hit. The New Deal did not significantly hasten the end of the Great Depression, because it was too small to provide a meaningful fiscal stimulus. However, it did introduce many important programs to help those affected by poverty. The Depression had ended in most of the world by 1937; the US was mostly recovered by 1939, when World War 2 broke out.
The Urban Dictionary Mug
I love seeing my name of coffee mug ☕️ also they describer very well biiftu means sunshine 🌞 ♥️🙌🏽
i love this mug it made me so happy
Why soooo accurateee😩
I love seeing new products, this one is awesome!
It's a very good idea and I'm so glad ☺
Veryfast ship in todays world...nice quality mug....will be buying more
Gave it to my uncle and he rewarded me with a wet kiss. Best gift ever!
mug gud, got it for my gf but mug just made her pregananant. Help pliz mug says its going after my thicc mum next. pliz send help
I love the personalized mug I got from you! I never thought there were mugs available like the one I got and it's going to make the BEST holiday gift! Thank-you!!
My friend and I added a word ! Gotta get merch of it now. Thanks for the coffee mug!
Easy to order quality mug.
It’s cute and wasn’t broken when it shipped. Just smaller than expected
I got it in the mail. then The next day it was sleeping with My non Existant Gf
I thought this mug was a bear.
it is pretty good but not all of it describes me god bless all Nevaeh's
i love it i love this mug my boyfriend got this for me as a gift i love it very much i highly recommend this for you or a loved one it is very good i am planning to get my mans one on his birthday i hope he will love it thanks guys for listening
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This was a phrase my husband and I made up even we first started dating. We laughed so hard while submitting it. The mug is perfect!
Urban Dictionary. Mixes truth with lies. Keeps a record. Thanks for the truthful parts, bro. 🙏💪✝️
I wish I had this mug I SOOOO wish I had this mug! I never find anything that has my name on it unless I have it custom made. I'm actually quite surprised that 'Lani' is on the Urban Dictionary... And the definition is pretty accurate ;)
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