More than half a century after the fact, there is no consensus on what caused the Great Depression.
Not only is this potentially surprising to some readers, but when you really stop and take a moment to actually consider the implications….it is one of the most terrifying sentences ever written. Because after all this time for nobody to really be sure beyond a doubt that caused it means that it could happen again. More than that: it could be happening every single day and nobody is ever going to know it. Consider this: if they haven’t figured out for sure what caused it and that means it happens again, then what are the odds are they are going to be able to figure out why it happened twice under such distinctly differing conditions.
“show pictures which will reinstate courage and hope in the hearts of the people.”
In keeping with the theme of terrifying sentences, here is what to know about this actual quote from the Mayor of New York City on October 29, 1929, the infamous date of the Stock Market Crash which marks the beginning of the Great Depression. So unaware of the genuine complexity of the economic collapse to come were most leaders early on that the first line of defense was as simple as it gets: inspire consumer confidence. Walker’s urge for Hollywood to do their part to make sure Americans did not make things worse by panicking was not located simply within himself. Politicians, businessmen, journalists and influential people across the nation committed to an initial policy of believing that the only thing needed to get through this downturn was optimism that it would not be difficult to figure out what caused the crash, assign blame, undo the problem and correct the situation. There was little reason to think the Roaring Twenties would seamlessly transition into the Roaring Thirties.
American values, it should be plain by now, were undergoing important changes during the 1920s. Some were long-term and more or less permanent. Others were part of recurring shifts in attitude. Among the latter, the most notable of the twenties was an unusually high degree of self-centeredness and emphasis on financial gain.
Keeping in mind that no actual “cause” of the Great Depression has been universally agreed upon, the author makes it clear that an underlying foundation contributed to whatever those mysterious causes were. Not just greed; that is too simplistic. The Roaring Twenties roared not just because people were making good money, but because for the first time in American history the little guy could play in the big leagues too. The financial gain that is referenced here is a particular type; a type fraught with risk that becomes ever greater with the rise in the number of people taking that risk. Making money without working for it. Or, as it is better known: investing.
The Great Depression is one of the most neatly demarcated events in our history. It began in New York City on a series of days in October 1929, and decisively ended on December 7, 1941, near Honolulu.
Although the causes leading to the Great Depression remain a mystery, consensus does exist when it comes to setting the date on which it began. A consensus also exists for the exact date it ended, but with that date comes the understanding of what caused the misery to end. Ironically, it was another type of misery. Although some detail-oriented types would fervently disagree, widespread agreement rest on the fundamental contention that without war in Europe in 1939, the Depression would have lingered on for who know how much longer.
