Learn about the Great Depression, the most severe economic catastrophe of the 20th century, sparked by the stock market crash of 1929. The crash wiped out wealth, plunged people into debt, and caused businesses to collapse, leading to a chain reaction of unemployment, poverty and despair.
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“The government’s only job is to collect taxes and wage war.”
-Hoover apparently
Thanks bud for keepin us financially Educated!
Regardless of how bad it gets on the economy, I
still make over $22,000 every single week.
Just when I think I've discovered all of Simon's channels, I find another to subscribe to
0:11– 4% on thrift accounts?!?! That is one hell of a return!!
The great depression was a slow moving train wreck.
Debt carried by everyday Americans was at an all time high
Housing shortages led to things like the Florida land boom, which became the Florida land bust, as prices became so inflated on sight unseen swamp land that it threw Florida’s economy into a tailspin
The fed keeping rates so low, and printing so much money, there was no way to keep it that low forever- so when rates were raised, they exasperated the strain on the economy
Wall Street speculation, banks investing too much cash into speculators, regular Americans for the first time investing, but on call. This was all a recipe for disaster.
And, sadly, many of these same things are occurring right now….
Shortages in new homes have created a bubble, once again, where prices are 40-50% higher than just 4 years ago- in every single state.
The fed raising rates, counting on unemployment to curb supply demand issues
Corporations taking massive profits, while blaming a global pandemic for their increases in pricing
A congress unwilling to take any steps to assist everyday working class Americans.
I fear history is going to repeat itself.
So far. America's worst decade so far.
It's like looking into a wavy mirror
Goover = Trump
"America's Darkest Decade" ….. YET.
Are you really just gonna brush off the fact that somebody uncovered a body that was still alive in a grave and you aren’t going to go into depth about it at all? 😢
Minorities, that's what.
Do you think that an artist in San Francisco or an internet influencer could survive if we had another great depression? We need another one to weed out the weak
Thankfully we learned from this and protected everyone from themselves.
If Hoover was the strict "Father" of the depression who cared little for the suffering of the common people, then Coolidge was the indulgent "mother" of it by creating ridiculous tax cuts that created the Roaring 20s but also led to the reckless behavior that caused the economy to plummet. Disappointed the video didn't mention him.
Best to watch the recent video from "economics explained" channel about this topic
My grandparents lived through this period and were tougher for it, i only hope we don’t have to deal with it today.
My grandparents, my mom's parents, met on a dairy farm during the Depression. My grandpa was a milkman and my grandma was one of the milkmaids. If the depression never hit, they wouldn't have gone to that dairy farm for work. They told me countless people asked for a job there everyday, even if it was shoveling cow manure for a penny a day people were so desperate. One day there was even roughly 25,000 people applying and that was a very conservative estimate my grandpa said. If my grandparents were still alive by the time I learned the Great Depression in school, they would've been perfect guest speakers, they saw it all, Hoovervilles, long lines at soup kitchens, banks going out of business, crowded apartments with 4 or 5 families in 1 apartment with 1 bedroom and 1 bathroom if they were lucky, just everything you've heard of, they saw.
Hold on, I want to know more about this grave-robbery attempt that ended up rescuing a woman. Are there enough of these kinds of events or enough information about this event to make a video on one of your other channels, such as Decoding the Unknown or The Casual Criminalist?
My great grandmother once told me "money never disappears, it just ends up with the wrong people"
RECKLESS EXCESSIVE UNREGULATED US BANKING CAUSED IT
AS EVERYONE ALREADY KNOWS !!!
President Hoover was right! The government shouldn’t be your daddy to bail you out of your financial losses unfortunately nowadays Americans are the ultimate spoiled brats who look up for the government to help the out for all their problems
So the issue were conservatives making the problem worse? Hmmm
Sounds like the communist dream
Makes me wonder we’re still doing a capitalism
Coming soon to an economy near you…. Democratic policies are going to break the bank. Literally.
america's darkest decade yet we fought a civil war….
One of the worst effects not talked about would be the Silver purchase program. The government offered to buy silver mined in the South West States in an effort (failed) to stimulate the economy. All it did was crash the value of silver and the chinese currency. Another catastrophe for the Comantang government fighting the Japanese, Communists and trying to unify their country.
Ferengi rule of acquisition # 34: war is good for business. Subsequently # 35 is peace is good for business.
War sure seems to bring economies up. There we disagree. It's a generally an excepted fact that in a head to head fight (few if any gorilla fighting) the winner is determined by who can out manufacture the other. Think of all the new inventions. However once nuclear weapons we invented, it deleted any positive outcomes.
Bătaie de supremație între Pochi arunca anatheme unii pe alții
Ceea ce nu aparține lui Hristos evident
The Mother….stau la Oglindă
Milton Friedman was against alot of the policies that would have helped. His only critique was that the Fed didnt protect the stock market and businesses, he wuldnt have supported any of the welfare programs that would have helped.
I think the depression got much worse under Roosevelt, if you really look at it. Unemployment and inflation was at its highest under him. He just did too much. The only thing that got us out of the depression was WWII
The sad thing is, we are close to another Great Depression if banks keep failing and stock market crashes this year.
Poor men sons' lives cured rich men's financial problem. On the regular days, we get milked by the riches. On the bad days for the riches, we are slaughtered so the riches can eat our meat.
Adventures in democrat policies domestic: thank you Woodrow Wilson for the federal reserve, and King Roosevelt I’ll either for exacerbating the depression.
Hoover was correct. The American Constitution does not give the federal government the authority to spend other peoples money by buying votes from other people. Government creates depressions, it does not prevent them
My grandpa (b. 1920) survived the depression but as an adult he stock piled food and goods. He didn’t want to starve again😢
👍😔
The only good thing about the 1929 great depression is the fact that addictive drugs that poison today's society were unpopular and almost non-existent. People back then held signs asking for work, people following 2008 are just asking for money up front to they can buy drugs and do nothing. California during 1929 and 2008 is a pretty good example.
LBJ proved Hoover correct in his thoughts with the Welfare act.
Odd how you claimed Roosevelt was amazing then state that it was WW2 that actually finally brought the US out of the Depression. All Roosevelt did was to prolong it.
My dad was 12 years old at the time. His dad was a stockbroker. He lost his job and refused to take jobs he considered beneath him and rudiculed the jobs my dad took on starting at age 13. Eventually they lost their home and Mimi, my grandmother, who had a job, threw out her husband. My dad, a teenager, and Mimi were the two highest wage earners in the family of 7. Eventually my grandmother took back my grandfather when he said he had a job. My dad didn't believe him and told Mimi not to take him back. My dad was right. He didn't have a job. Eventually he did get one. Or my dad would throw him out. permanently
and this is why planned obsolescence exists! Plus the whole war machine thing… Not good for people, GREAT for investors! They're not really people, are they? ;P
Simon, you are simply brilliant my friend.. BRILLIANT!
I love your voice, FactBoy. I have a constructive suggestion for FactBoyVoicePerson: Compress it a bit more, maybe like 3:1. He frequently drops his voice very low, and if I'm listening to it in the background, I lose it a lot. Thanks!
Man id kill for some chapters on this video so i can jump around or relisten to parts
What about the accelerationists (economic terrorists) hoping to profit off this. They are equally if not more guilty. Beware of the modern equivalents.
Were did all the money go??? The mega banks bosses all made billions
President Hoover, ur Typical Republican…. 🗑
So without Roosevelt's New Deal Socialism…. USA would have never had the ability to aid in WWII….
F Conservatives!! Tards!