Stock Market Crash and Its Impact on America - Coursework Example

Part One

Life in America forever changed upon the October 24, 1929 Stock Market crash. Americans for a long time had thought that depression might take negative cycles, and hence the government would not do much to solve it. The Great Depression caused the US to change its belief, since government programs were initiated to assist in resuscitating the economy. Even though the US economy thrived well during the 20s underneath was structural weakness which made the success unsteady. There was overproduction from the newly created assembly lines, with salary increases lagging behind factories' output (Folsom, 2009).

Therefore, when the economy started contracting, industries could no longer attract investors making it hard to jumpstart recovery. Elsewhere in the world, European countries were suffering because of repayments of debt accumulated during war time coupled with trade imbalance with the US. Due to this, the US lost plenty of exports, further aggravating the situation. President Herbert Hoover thought that America's economy would recover if the European one bounced back. President Hoover launched the reconstruction Finance Corporation which would lend money to railroads and banks, thinking this would assist the economy. President Hoover also requested big corporations to maintain employment and wages, and implored states to undertake projects in public work to create employment (Folsom, 2009).

Nevertheless, when the economy nosedived, the steel sector and other big industries dramatically reduced wages. All these events turned public perception against Hoover who lost his seat to Franklin D Roosevelt (FDR) during the 1932 general elections. Upon taking over, FDR declared a "new deal for the American people" which would deliver them from the Depression. The first plan of FDR was restoration of Americans' faith in their banking institutions. During this era, depositors were withdrawing their money, borrowers defaulting and homeowners defaulted on their mortgages leading to a complete collapse of the banking system (Tobin, 2013).

The new president demanded that banks close for 4 days during which he passed the Emergency Banking Act, allowing only the re-opening of healthy banks. From then onwards, the regulation of banks fell under the hands of the government -a move meant to prevent banks from collapsing again. FDR in addition initiated numerous kinds of programs meant to get the economy out of the depression. For instance, he launched the Civilian Conservation Corps (CCC) so as to offer employment to the youth. Moreover, the Federal Emergency relief Act provided funds to the both state and local governments whereas the Agricultural Adjustment Administration (AAA) not only regulated agriculture, but also reduced production while at the same time increasing prices. FDR also introduced far reaching reforms which included the National Recovery Administration (NRA) which was passed to come up with "fair competition" codes together with the Tennessee Valley Authority which was meant to advance the revival of the fortunes of poverty-ridden Tennessee River Valley (TRV) (Folsom, 2009).

Nonetheless, these recovery programs failed since in a way small businesses were hurt as big corporations were utilizing it for price regulation and effective stifling of competitors. Moreover, the new Deal encountered problems since it concentrated so much in assisting big businesses and did not assist adequately help the middle class Americans. Upon realizing these issues, FDR began planning a Second New Deal just prior to 1936 general election (Folsom, 2009).FDR promised 6 new proposals as his first term came to an end. FDR especially desired to help the rural poor, develop public works, help organized labor, provide benefits to retirees, increase the tax bracket for the rich and regulate business. The above proposals became FDR's clarion call on his Second New Deal, which indeed was dominated by relief projects. FDR was convinced that offering job opportunities and not handouts would help the economy come out of the woods. Thus for instance, the Works Progress Administration came up with temporary jobs for the jobless with the National Labor Relations Act being set up to facilitate collective bargaining between employees and their employers. This was a big boost to the Organized Labor. During this time, the Social Security Act was enacted , and though not as large as it is currently, it developed a framework for future expansion (Folsom, 2009).

FDR's Second New Deal also concentrated on issues of social justice and was not much focused on alluring to big business. Even though it was effective for some time, nonetheless, the Second New deal was not ideal either. This was so especially since Roosevelt failed to focus on racism which was still rampant at this time. Consequently many programs were did not succeed because of conservative Republicans and Democrats in Congress. And therefore whenever FDR attempted to add members to the Supreme Court because of the old age of some members, most people could assume that it was a scheme to make it simple to pass bills. Some 70 republican members made it hard to achieve what he set out to do. This opposition of his bills made him less popular and he lost a lot of steam because of it (Folsom, 2009).

In addition, problems in Japan and Europe also compelled the US to shift its attention elsewhere, with all these factors colluding to put the last nail on the Second New Deal. Nonetheless, the New Deal had charted a way forward for government to be helping in recession times. Even though it was not ideal, and not every reform succeeded, it did lay foundation for the assistance the US government offers today. Moreover, the Social Security Act developed a framework of how the unemployed would be assisted, in addition to providing help to retired Americans. Roosevelt's New Deal assisted America in many ways and its effect can be felt today in the American society (Folsom, 2009).

Part Two

The Versailles Treaty not only brought the WW1 to an end but also banned the nations involved from rearmament and getting ready for another war. Nevertheless, the allied powers were cruel towards Germany, leaving Germany internally hurting and discontented hence setting the stage for the Second World War. Following the "Union" of Germany and Austria, many Americans desired to maintain their neutrality. Nevertheless, just like in WW1, the interest of the US overseas would supersede its aspiration to stay neutral. The foreign policy of Roosevelt had concentrated on enhancing relations with Latin America, and ignored the aggression Germany, Italy and Japan were exhibiting overseas (Kennedy, 2013).

The US was still battling Depression, and hence several Americans felt that the country should concentrate on fixing its domestic issues first before paying attention to the issues occurring across the world. Nevertheless, following the sustained victories of Germany in Western Europe, FDR believed that economic intervention would be the best plan for the US. America, had for a very long time had been citing the Neutrality Acts, thus completely keeping out of the war. Roosevelt altered the Acts, claiming that they would sell weaponry to nations if they paid cash and ferried them in their own vessels. Thus, just like in WW1, the US assisted unevenly, as they sold lots of weaponries to the Allies than to the Axis powers. The desire of the US to keep Germany from attaining super power status finally assisted in pushing them to war (Kennedy, 2013).

As Germany won more battles, so did the public opinion change regarding the war. Nevertheless, unlike the WW1, it was an attack on the US that pressed Americans to war. Following the bombing of the Pearl harbor by the Japanese, nearly all Americans were convinced it was time to participate in the war. Japan thought that bombing Pearl Harbor would prevent the US from taking part in the war through the destruction of their ammunition, however this served as a motivation to the Americans. The US, in both battles attempted to remain neutral, but remained prepared to join if need be. The US joined WW1 due to the sinking of the Lusitania by the Germans in addition to sending of the Zimmerman Telegram to Mexico. On the other hand, in WWII, Japan attacked America, compelling it to war. In WW1 the US took part in the war on the basis of attack threats whereas in WWII, the US waited till the attack came before they could join. In WW1, the US developed a draft for recruiting soldiers to fight since they lacked adequate numbers, whereas in WWII following the Pearl Harbor attack, Americans had many soldiers ready as well as willing to go to war (Kennedy, 2013).

The US spent more than 360 billion dollars in defeating the Axis, whereas they spent less than 36 billion in WW1. America became the major weapons maker for the Allied Powers since they used more funds than all of the Axis Powers put together. This assisted the US overcome Great Depression since several Americans thrived, and unemployment considerably dropped. The US was prospering at home, however, the Allies at first were not as successful. Before the US participated, Japan and Germany were easily winning, so the Allies had to draft a new approach for winning. The US, Russia and Britain were of the idea that Germany had to be defeated first, and then Japan, however Russia was of another opinion and believed that Western Europe should be attacked first so Hitler would move his troops thus giving Russia the much needed reprieve. Nevertheless, the US assisted in clearing the Mediterranean, and listened to the plan of Winston Churchill. This enabled the Allies to gain full control over the African continent. Joseph Stalin requested for soldiers to be assigned to him, but the US was heeded to Churchill again and attacked Sicily, creating tension between either side of the Allies' alliance. Clearly then, every country had its own agenda for the war, and hence they employed different strategies to accomplish it (Kennedy, 2013).

The US desired to completely annihilate the Axis powers with minimal casualties possible, and just like World War I, wanted to create a perfect world which would guarantee open trade, peace as well as set off national-determination. On the other hand, Britain desired to maintain its imperial possessions and set up a balance of power to counter the Soviet Union in Europe. Finally the Soviets wanted a permanently destabilized Germany in addition to a sphere of control in Eastern Europe meant for safeguarding itself against West's possible future attacks. The differing goals made negotiations very hard for the three countries. Nonetheless Roosevelt being a skilled negotiator employed his personal charisma and resolved the differences. The three agreed to fight till "unconditional surrender." Churchill, FDR and Stalin met in Yalta to discuss on how the war would come to an end. Soviets had the most robust army since the US was recovering from war at the Bulge, hence Stalin directed the negotiations. The US wanted to take part in the war at Pacific to assist in defeating Japan following the defeat of Germany. Stalin declared that he would make a war declaration on Japan 2 or 3 months following the defeat of Germany (Kennedy, 2013).

Nevertheless, Britain and the US made concessions towards Manchuria and territories Russia had lost many years before in the Russo-Japanese battle. Stalin agreed to Roosevelt's biggest appeal; the creation of the United Nations. The US and Britain also desired to eradicate communism, however, this was not in the plan of the Soviets. Even though they claimed they would not impose communism on Poland, Churchill and FDR could only wish they would keep their word, since they did not desire to make a war declaration on Soviet Union. Eventually, Germany was defeated by the Allies and a Soviet States confrontation began, however the US conceded that Russia would control Eastern Europe. America dropped bombs on Nagasaki and Hiroshima so as to conquer Japan, though many thought this was uncalled for. Japan had no option but to surrender changing the American life forever (Kennedy, 2013).

The WWII effectively got America out of the Great Depression, since there was creation of jobs, and a rise in wages and hours. Americans were also united by the War, as individuals of various background all realized the need for intervention by the US and united to do war jobs. Racial minorities and women entered the workforce and propaganda increased hatred for Japanese-Americans. The media became a powerful tool that had the ability of influencing the Americans' opinion. At the start of the War, most Americans were neutral, however upon joining the battle, Roosevelt utilized the media to make sure that Americans were in support of the War. The WWII is frequently known as the Good War in America since it lifted the country from the Great Depression (Kennedy, 2013).

Part Three-Book Review

Valerie J. Matsumoto's book Farming the Home Place: a Japanese American community in California, 1919-1982 narrates the life of a Japanese-American community in California from 19-19 to 1982. Matsumoto utilizes the narratives of individuals from Cortez Colony to describe the story of Japanese immigrants in the US. The Japanese-Americans were faced by numerous challenges, nonetheless their love for farming forced them to reside in the US.To assist in tackling these issues, the farmers founded the Cortez Growers Association (GCA) which assisted them to create farming organizations which would assist the farmer's come together and provide Americans with food in the Great Depression era. The writer also narrates how assimilating to American culture was hard, with the Japanese especially feeling unbefitting at school and in workplaces (Matsumoto, 2003).

Racial discrimination increased following Pearl harbor attack with Japanese-American farmers being chased out of their farms to Mercedes Assembly Center. The second generation Japanese-American were especially bitter towards America. In spite of this increasing resentment they stayed and when the war ended acquired their farms again. Eventually, Japanese-Americans farmers adapted to shifting farming methods and changed from farming mainly "row crops" to growing orchards and vineyards. The growing acceptance by the people resulted in more prosperity for the farmers and by letting white farmers to be part of the GCA, the US became one of the biggest farming nations (Matsumoto, 2003).

The author demonstrates that immigrants come to the US with the expectation of finding some job, and the belief of beginning a new and better life. This is one of the reasons that makes them endure the difficulties of new place. An interesting thing to note is that most Japanese who migrate to America stay as one community based in California-helping them to assimilate easily to the American culture. The Japanese-Americans at Cortez passed through a more difficult period adapting to American way of life due to the WWII, particularly due to the propaganda spread by the media portraying Japanese-Americans as evil people. Matsumoto's book is an interesting one and although the book is about Japanese-American experiences, it does not necessarily narrate the experiences of all immigrants. Matsumoto could also have utilized the perception of white people living in the area. Even though we understand the story of how it is like to come to America, a narration from someone already born and brought there could have widened the scope much more. I feel that by hearing the narrative from only one side makes the reader miss out on a lot of other things. Nonetheless, the book was extremely good and provided us with the information on a wide range of topics.

Part 4

The Jazz Singer

The Jazz Singer was a pioneer 1927 film featuring synchronized dialogue series. This effectively put to an end the era of Silent Film, nonetheless, the obsession of America with entertainment had just begun. The film set a pattern that American entertainment would persistently advance technologically, especially since Mickey Mouse-the first animated film was released soon afterwards (Hakim, 2005).

France Perkins was the first female cabinet member upon her appointment as the Secretary of Labor. This was after Roosevelt came to power in 1933, proving that surely his New Deal would live to its promise of diversity. Perkins during her tenure drafted the Social Security Act and also assisted in setting up work place guidelines (Hakim, 2005).

A. Philip Randolph was a African-American Civil Rights Movement leader who also fought for enhanced labor conditions in addition to being a socialist political party member. During the WWII, the US was fighting for social justice, and it is this time that several civil rights activists utilized this time for making their cause known. A. Philip Randolph was one of them (Bynum, 2010).

Code talkers

For the US to convey secret messages during the WWII, it employed the services of Native Americans. Thus some 25, 000 Native Americans were conscripted into the army, and some were turned into code-talkers whereby they would convey messages by use of unbreakable codes passed via their native languages-making it hard for the Japanese to seize the messages. Code talkers enhanced the encryption speed in front line operations during WWII (Nez et al., 2012).

The Reconstruction Finance Corporation was formed in 1932 to financially assist state and local governments, in addition to extending loans to mortgage associates, railroads, banks, and many other businesses. RFC was formed as a way of restoration of confidence in the US banking institutions. This is due to the fact that several banks had collapsed and many Americans could no longer trust banks. RFC was therefore formed to minimize this fear (Friedman & Schwartz, 2009).