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1930's America.

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Introduction

John Ernst Steinbeck was born on February 27, 1902 in Salinas California. He was the third child of his family. He was named after his father who is also John Ernst Steinbeck and his mother was called Olive Hamilton Steinbeck. His father was a manager of a flourmill and he also owned an animal feed store that went bankrupt. John Ernst Steinbeck had wanted to be a writer since primary school. He liked playing practical jokes on people even though he was quite shy in the company of others. John started writing short stories at primary school and reading them to others. John then graduated from high school in 1919 and he entered Stanford University. ...read more.

Middle

had capital invested in the stock market. Many invested all their savings, encouraged by incompetent or dishonest advisers. Companies were set up with misleading or even fraudulent prospectuses and, such was the faith in the market's ability to deliver extravagant returns, their shares were quickly snapped up. In March 1929 Herbert Hoover was inaugurated as president, and his predecessor Calvin Coolidge ventured the opinion that share prices were low. But some were beginning to worry that, like all bubbles, this one must burst. The Federal Reserve Bank raised the interest rate, but only by 1 per cent, and it advised banks not to lend clients money for stock market investment-advice later retracted as a result of pressure from one of its directors, who was heavily involved in stock market operations. ...read more.

Conclusion

What happened on Wall Street was mirrored on other stock exchanges in the United States from Chicago to San Francisco. It was a stark end to a decade that had been marked by optimism, high employment, and prosperity. Not surprisingly, confidence in banks and bankers, the stock market and stockbrokers evaporated. Bankruptcies and destitution were rife. Mortgage foreclosures increased. The middle classes retrenched. Many lost their jobs; unemployment rose by nearly two million within half a year. Although when it began some thought it was merely a welcome correction in the market, the crash marked the start of the worldwide Great Depression and created the conditions for the New Deal introduced by Franklin D. Roosevelt in 1933.1 1"Wall Street Crash," Microsoft(r) Encarta(r) 99 Encyclopedia. (c) 1993-1998 Microsoft Corporation. All rights reserved. ...read more.

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