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4. What long lasting impact did the great depression have on the US and the world?
- World War II- The United States was preventing loans to Germany through the DAWES plan to get Germany Back on it's feet, but the depression caused the US to reduce the payments. That led to the collapse of the German economic system. Which allowed Hitler to rise to power.
- FDIC- During the Great Depression many people were withdrawing their money from banks because they were in fear of banks failing and losing their money like many other banks had because of this the banking act of 1933 was created under president FDR. This Act created the FDIC which is a cooperation that provides deposit insurance for people using banks that are covered by the FDIC. Deposit Insurance makes sure that anyone's money that was deposited into any of the covered banks was safe even if that bank failed and went bankrupt everyone's money would still be safe. The FDIC is still around today and it performs the same service that it did during the Great Depression.
- FHA- The Federal Housing Administration was established in 1934. It was created to insure loans given to people building or buying houses. The FHA also helped improve living conditions and to five people a straight forward payment plan for their house.
- Social Security Act- it provided pensions, unemployment insurance, and aid to blind, deaf, disabled, and dependent children.
- Wagner Act- Allowed workers to join unions and outlawed union busting tactics by management.
- Tennessee Valley Authority- Federal government build series of dams to prevent flooding and sell electricity. First public competition with private power industries.
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