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The Wet Convention and the New Deal
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Book Chapter
The Wet Convention and the New Deal
2009,2007
Overview
In the summer of 1932, the Great Depression, now nearing its third year, loomed large over the American political landscape. More than 10 million people were out of work. While the national unemployment rate hovered near 20 percent, in large cities the number of people without jobs ran closer to 50 percent, with many workers reduced to part-time employment at best. Nationally, 12 million Americans had been displaced from their homes. The value of the stock market had fallen from $87 billion to $19 billion, and more than 2,000 U.S. banks had failed. In New York City, where the Depression
