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Sagot :
In January 1932, President Herbert Hoover passed legislation establishing the Reconstruction Finance Corporation while the country was engulfed in the Great Depression (RFC). The primary borrowers of loans from this government agency were banks, credit unions, and other financial organizations.
The Great Depression: What took place?
The global economic crisis, which lasted for about ten years (from late 1929 to around 1939), was characterized by rapid rises in rates of poverty and homelessness, mass unemployment, and deflationary falls in industrial production and price levels.
What impact did the Great Depression have on people?
Early in the 1930s, as stocks fell more, firms collapsed and unemployment shot up. In 1932, one out of every four workers did not have a job. As a result of bank failures and the loss of life savings, many Americans are now penniless. Thousands of Americans lost their houses due to unemployment and a lack of money.
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