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The grerat depression lasted from 1929-19439. This was the worst recession that has ever happened in America. The highest unemployment rate was 25%.
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When the Japanese attack pearl harbor the manufactoring rate went up by 50 percent. WW2 created lots of jobs for americans which helped the economy.
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The public is worried about the high food prices so the Nixon administration presented wage and price control to curb inflation.
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The stock market crashes and the federal reserve board chairman Alan Greenspan said that the Fed would "serve as a source of liquidity" to support the economy.
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Failuers of loan and savings Cost 160 billion dollars and the government payed 124 billion dollars in bailout, the the FIRREA act is passed so this doesn't happen again.
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The GDP increased continuosly during this time for almost 10 years.(longest recororded expansion in history)
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There Was a decline in economic activity which mainly occured in developing countries
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The banking system faces a crisis and there is a great recession.
