Interesting Facts About the Great Depression

The financial crisis of the 1930s is one of the most profound events in American history. 

With the economy in the gutter and many people simply struggling to survive, there was a feeling of hopelessness and despair throughout the population.

Lines for soup kitchens stretched around the block and shantytowns were haphazardly constructed out of cardboard boxes. 

Many Americans experienced the economic downturn in a state of shock and awe. One minute, they were dining at fine restaurants, and the next minute, they were scraping together pennies to buy a loaf of bread.

As the most powerful country in the world, many individuals believed that a crisis of this magnitude was not possible in the United States. 

However, as stock prices began to dramatically fall and the value of the dollar was weakened, people quickly learned that even the strongest nation could falter.

Many people have likened the country’s current economic blunders to themes found during the Great Depression. 

Although not as severe, common threads of misinformation, poor choices, and widespread panic can be found in both situations.

In order to gain a better understanding of this fascinating period in time, it is important to know some basic, yet interesting facts. Learning from the past can help current and future generations learn how to avoid a financial crisis of such magnitude.

What You Didn't Know About the Great Depression

October 29, 1929 was deemed “Black Thursday.” The market lost $14 billion on this day, making the loss for that week an unbelievable $30 billion. The Wall Street Crash of 1929 was one of the main causes of the Great Depression.

The Great Depression spanned many years, but it peaked between the years of 1932 and 1933.

President Herbert Hoover’s name became synonymous with this devastating period of history. Many people called soup “Hoover Stew,” and shantytowns were referred to as “Hoovervilles.”

The American family’s average income dropped from $2,300 to $1,500 per year between 1929 and 1932; representing a 40 percent decrease.

Weekly earnings dipped substantially during the 1930s. Manufacturing employees earned around $17 per week and doctors earned $61 per week.

The stock market did not return to pre-depression levels until 1954.

United States nickels were not minted in 1932 or 1933 due to an incredibly low circulation of money.

In order to avoid begging for money, many people tried to sell apples. At one point, there were as many as 6,000 apple sellers in New York City.

Bing Crosby’s song, “Brother, Can You Spare a Dime?” was the most popular song of 1932. Its popularity was certainly a sign of the times.

The board game Monopoly, introduced in 1935, became an instant hit. Players could escape reality and become rich—if only in their imagination.

Due to the expenses associated with making buttons, zippers became widely used during this time.

Several iconic buildings were built as part of depression-era worker relief programs. Some examples include Rockefeller Center and the Empire State building in New York City and the Golden Gate Bridge in San Francisco, CA.