BUHARI: BABA GO SLOW
Franklin Roosevelt came to the presidency of the United States during the Great Depression (1929-1939). It was the deepest and longest economic problem the industrialized world witnessed in the 20th century.
Franklin Roosevelt came to the presidency of the United States during the Great Depression (1929-1939). It was the deepest and longest economic problem the industrialized world witnessed in the 20th century.
It started in the United States before adversely affecting the economies of European powers. The shock came with the stock market crash of 1929, when millions of shares in Wall Street became worthless.
On Oct 24, 1929 - Black Thursday, a record 12.9 million shares were traded. Few days later - Black Tuesday, about 16 million shares were traded following panic in Wall Street.
Preceding the bubble burst was a drastic drop in consumer spending.
Preceding the bubble burst was a drastic drop in consumer spending.
By 1931 around 6 million Americans were in need of non existent jobs, leading to the homeless and jobless turning US streets to homes.
Industries closed down as farmers due to falling food prices made great losses. By 1933 banks had closed their doors for business.
Industries closed down as farmers due to falling food prices made great losses. By 1933 banks had closed their doors for business.
Like Buhari, Roosevelt inherited a bad economy, but unlike Buhari he wasted no time in finding solution to the depression. He hit the ground running by unveiling his economic plan the “New Deal”. He sent a reform bill to Congress.
For more,listen to a new edition of State Affairs on Bush Radio on Facebook Audio live next week.
State Affairs
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Picture: Unemployed men outside a soup kitchen in Depression-era Chicago, Illinois, U.S., 1931
Photo credit: United States Information Agency
State Affairs
Radio just got deeper!
Picture: Unemployed men outside a soup kitchen in Depression-era Chicago, Illinois, U.S., 1931
Photo credit: United States Information Agency
