What Are The Similarities Between The Great Depression And The Great Recession

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The Great Depression was a national economic crisis that struck the United States in October of 1929. This economic decline was caused by the stock market crash that destroyed the United States economy for ten years. Families had to face starvation, unemployment, bankruptcy, and poverty. About eighty years later, another economic disaster swept the United States, known as the Great Recession, along with the rest of the world. Panicked governments quickly tried to recover their economies while citizens tried to overcome difficulties throughout the Great Depression and the Great Recession. The Great Depression was a national economic recession that began in October of 1929 to 1939. Banks began borrowing from the Federal Reserve, the central bank of the nation. They started to expand more credit than what their reserve …show more content…
Both forced citizens of the United States to become bankrupt and unemployed. Many Americans became depressed because of losing many of their possessions and their jobs. Overinflated stock prices both occurred during the two similar economic declines, causing them to grow worse. Some remained optimistic while others blamed themselves, the "system," politicians, and even business men. People seemed to become segregated: those who had been hired for a job and those who were unemployed. People who were employed pitied those who had lost their jobs but soon began to ignore them. These two economic declines began and ended differently. The Depression was begun by the stock market crash while the Great Recession was begun by increasing foreclosures and defaults. The Great Recession was ended by economic growth starting to resume again and the Great Depression was ended by the end of World War II. The Great Depression and the Great Recession allowed us to learn how to keep our economy going and what to be cautious of that could cause an economic

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