美国经济 economy

美国经济大萧条英文The Great Depression: A Dark Period in American Economic HistoryIntroduction:The Great Depression was one of the most devastating economic crises in American history. It occurred during the 1930s and had a profound impact on the lives of millions of Americans. This article will explore the causes, consequences, and the government's response to the Great Depression.Causes of the Great Depression:1. Stock Market Crash: The stock market crash of 1929 is often cited as the trigger for the Great Depression. On October 29, 1929, known as Black Tuesday, stock prices plummeted, leading to a collapse in confidence among investors. This event marked the beginning of the economic downturn.2. Overproduction and Underconsumption: The 1920s saw an era of excess, with rapid industrialization and mass production of goods. However, many ordinary Americans did not have the purchasing power to keep up with the pace, resulting in a surplus of goods and a decline in demand.3. Credit Expansion and Speculation: During the 1920s, there was a rapid expansion of credit, enabling people to borrow more money. This encouraged speculation, particularly in the stock market and real estate. When the market crashed, many people were left with substantial debts and no means to repay them.Consequences of the Great Depression:1. Massive Unemployment: As businesses went bankrupt and factories shut down, millions of Americans lost their jobs. Unemployment rates skyrocketed, reaching nearly 25% at the height of the depression. Many families faced severe poverty and struggled to provide for their basic needs.2. Bank Failures: The economic downturn took a toll on the banking sector as well. Lack of confidence led to a wave of bank runs, where panicked customers withdrew their deposits. Consequently, many banks failed, wiping out the savings of countless individuals and exacerbating the economic crisis.3. Dust Bowl: The Great Depression coincided with a severe drought in the Midwest known as the Dust Bowl. Widespread soil erosion and dust storms destroyed crops and caused mass migration from rural farming areas to cities, adding to the already high levels of unemployment and poverty.Government Response:1. New Deal: In response to the Great Depression, President Franklin D. Roosevelt implemented the New Deal, a series of economic stimulus programs. It aimed to create jobs, provide relief to the poor, and reform the financial system. Programs such as the Works Progress Administration (WPA) and Social Security Administration (SSA) were established under the New Deal.2. Bank and Financial Reforms: The government implemented measures to stabilize the financial sector and restore public confidence. The Glass-Steagall Act of 1933 established the Federal Deposit Insurance Corporation (FDIC), which insured bank deposits and prevented future bank runs.3. Regulation and Expansion of Government Power: The Great Depression prompted a significant expansion of government intervention in the economy. The Securities and Exchange Commission (SEC) was established to regulate the stock market, and the Federal Reserve was given greater authority to manage monetary policy to prevent future economic crises.Conclusion:The Great Depression was a period of immense hardship and suffering for the American people. It resulted from a combination of factors, including the stock market crash, overproduction, and excessive credit expansion. The consequences of the Great Depression were far-reaching, leading to high unemployment rates, bank failures, and mass poverty. However, it also sparked significant government intervention and the implementation of programs that aimed to alleviate economic distress. The lessons learned from this dark period in American economic history continue to shape economic policies today.。

American Economic Review美国经济评论V olume 100, Issue 4，20101. Title: Morally Motivated Self-Regulation.Authors: Baron, David P.Abstract: Self-regulation is the private provision of public goods and private redistribution. This paper examines the scope of self-regulation motivated by altruistic moral preferences that are reciprocal and stronger the closer are citizens in a socioeconomic distance. The focus is on the role of organizations in increasing self-regulation by mitigating free-rider problems. Social label and certification organizations can expand the scope of self-regulation but not beyond that with unconditional altruism. Enforcement organizations expand the scope of self-regulation farther, and for-profit enforcement is more aggressive than non-profit enforcement. Enforcement through social pressure imposed by NGOs also expands the scope of self-regulation.2. Title: Identifying the Elasticity of Substitution with Biased T echnical Change. Authors: León-Ledesma, Miguel A; McAdam, Peter; Willman, Alpo.Abstract: The capital-labor substitution elasticity and technical biases in production are critical parameters. The received wisdom claims their joint identification is infeasible. We challenge that interpretation. Putting the new approach of 'normalized' production functions at the heart of a Monte Carlo analysis we identify the conditions under which identification is feasible and robust. The key result is that jointly modeling the production function and first-order conditions is superior to single-equation approaches especially when merged with 'normalization.' Our results will have fundamental implications for production-function estimation under non-neutral technical change, for understanding the empirical relevance of normalization and variability underlying past empirical studies.3. Title: Social Comparisons and Contributions to Online Communities: A Field Experiment on MovieLens.Authors: Chen, Yan; Harper, F. Maxwell; Konstan, Joseph; Li, Sherry Xin. Abstract: We design a field experiment to explore the use of social comparison to increase contributions to an online community. We find that, after receiving behavioral information about the median user's total number of movie ratings, users below the median demonstrate a 530 percent increase in the number of monthly movie ratings, while those above the median decrease their ratings by 62 percent. When given outcome information about the average user's net benefit score, above-average users mainly engage in activities that help others. Our findings suggest that effective personalized social information can increase the level of public goods provision.4. Title: Are Health Insurance Markets Competitive?Authors: Dafny, Leemore S.Abstract: To gauge the competitiveness of the group health insurance industry, I investigate whether health insurers charge higher premiums, ceteris paribus, to more profitable firms. Such 'direct price discrimination' is feasible only in imperfectly competitive settings. Using a proprietary national database of health plans offered by a sample of large, multisite firms from 1998-2005, I find firms with positive profit shocks subsequently face higher premium growth, even for the same health plans. Moreover, within a given firm, those sites located in concentrated insurance markets experience the greatest premium increases. The findings suggest health care insurers are exercising market power in an increasing number of geographic markets.5. Title: Wage Risk and Employment Risk over the Life Cycle.Authors: Low, Hamish; Meghir, Costas; Pistaferri, Luigi.Abstract: We specify a life-cycle model of consumption, labor supply and job mobility in an economy with search frictions. We distinguish different sources of risk, including shocks to productivity, job arrival, and job destruction. Allowing for job mobility has a large effect on the estimate of productivity risk. Increases in the latter impose a considerable welfare loss. Increases in employment risk have large effects on output and, primarily through this channel, affect welfare. The welfare value of programs such as Food Stamps, partially insuring productivity risk, is greater than the value of unemployment insurance which provides (partial) insurance against employment risk.6. Title: The Law of the Few.Authors: Galeotti, Andrea; Goyal, Sanjeev.Abstract: Empirical work shows that a large majority of individuals get most of their information from a very small subset of the group, viz., the influencers; moreover, there exist only minor differences between the observable characteristics of the influencers and the others. We refer to these empirical findings as the Law of the Few. This paper develops a model where players personally acquire information and form connections with others to access their information. Every (robust) equilibrium of this model exhibits the law of the few.7. Title: Technology Capital and the US Current Account.Authors: McGrattan, Ellen R; Prescott, Edward C.Abstract: The US Bureau of Economic Analysis (BEA) estimates that the return on investments of foreign subsidiaries of US multinational companies over the period 1982-2006 averaged 9.4 percent annually after taxes; US subsidiaries of foreign multinationals averaged only 3.2 percent. BEA returns on foreign direct investment (FDI) are distorted because most intangible investments made by multinationals are expensed. We develop a multicountry general equilibrium model with an essential role for FDI and apply the BEA's methodology to construct economic statistics for the model economy. We estimate that mismeasurement of intangible investments accounts for over 60 percent of the difference in BEA returns.8. Title: Sovereign Risk and Secondary Markets.Authors: Broner, Fernando; Martin, Alberto; Ventura, Jaume.Abstract: Conventional wisdom says that, in the absence of default penalties, sovereign risk destroys all foreign asset trade. We show that this conventional wisdom rests on one implicit assumption: that assets cannot be retraded in secondary markets. Without this assumption, foreign asset trade is possible even in the absence of default penalties. This result suggests a broader perspective regarding the origins of sovereign risk and its remedies. Sovereign risk affects foreign asset trade only if default penalties are insufficient and secondary markets work imperfectly. To reduce its effects, one can either increase default penalties or improve the working of secondary markets.9. Title: Pavlovian Processes in Consumer Choice: The Physical Presence of a Good Increases Willingness-to-Pay.Authors: Bushong, Benjamin; King, Lindsay M; Camerer, Colin F; Rangel, Antonio. Abstract: This paper describes a series of laboratory experiments studying whether the form in which items are displayed at the time of decision affects the dollar value that subjects place on them. Using a Becker-DeGroot auction under three different conditions-(i) text displays, (ii) image displays, and (iii) displays of the actual items-we find that subjects' willingness-to-pay is 40-61 percent larger in the real than in the image and text displays. Furthermore, follow-up experiments suggest the presence of the real item triggers preprogrammed consummatory Pavlovian processes that promote behaviors that lead to contact with appetitive items whenever they are available.10. Title: Determinants of Redistributive Politics: An Empirical Analysis of Land Reforms in West Bengal, India.Authors: Bardhan, Pranab; Mookherjee, Dilip.Abstract: We investigate political determinants of land reform implementation in the Indian state of West Bengal. Using a village panel spanning 1974-1998, we do not find evidence supporting the hypothesis that land reforms were positively and monotonically related to control of local governments by a Left Front coalition vis-à-vis the right-centrist Congress party, combined with lack of commitment to policy platforms. Instead, the evidence is consistent with a quasi-Downsian theory stressing the role of opportunism (reelection concerns) and electoral competition.11. Title: Monopoly Price Discrimination and Demand Curvature.Authors: Aguirre, Iñaki; Cowan, Simon; Vickers, John.Abstract: This paper presents a general analysis of the effects of monopolistic third-degree price discrimination on welfare and output when all markets are served. Sufficient conditions-involving straightforward comparisons of the curvatures of the direct and inverse demand functions in the different markets-are presented for discrimination to have negative or positive effects on social welfare and output.12. Title: Strategic Redistricting.Authors: Gul, Faruk; Pesendorfer, Wolfgang.Abstract: Two parties choose redistricting plans to maximize their probability of winning a majority in the House of Representatives. In the unique equilibrium, parties maximally segregate their opponents' supporters but pool their own supporters into uniform districts. Ceteris paribus, the stronger party segregates more than the weaker one, and the election outcome is biased in the stronger party's favor and against the party whose supporters are easier to identify. We incorporate policy choice into our redistricting game and find that when one party controls redistricting, the equilibrium policy is biased towards the preferences of the redistricting party's supporters.13. Title: A Price Theory of Multi-Sided Platforms.Authors: Weyl, E. Glen.Abstract: I develop a general theory of monopoly pricing of networks. Platforms use insulating tariffs to avoid coordination failure, implementing any desired allocation. Profit maximization distorts in the spirit of A. Michael Spence (1975) by internalizing only network externalities to marginal users. Thus the empirical and prescriptive content of the popular Jean-Charles Rochet and Jean Tirole (2006) model of two-sided markets turns on the nature of user heterogeneity. I propose a more plausible, yet equally tractable, model of heterogeneity in which users differ in their income or scale. My approach provides a general measure of market power and helps predict the effects of price regulation and mergers.14. Title: Consumption Taxes and Redistribution.Authors: Correia, Isabel.Abstract: This study considers replacing the current US tax system with only a flat tax consumption tax, showing, in contrast to the literature, that such a reform leads to a decline in inequality and increase in welfare for the welfare-poor. The results are obtained from a simple model that identifies the main channels through which the reform affects the economy. It is shown also that these novel results depend on the distribution of wealth and earnings, and that they hold for the relevant empirical distributions.15. Title: When Does Communication Improve Coordination?Authors: Ellingsen, Tore; Östling, Robert.Abstract: We study costless pre-play communication of intentions among inexperienced players. Using the level-k model of strategic thinking to describe players' beliefs, we fully characterize the effects of preplay communication in symmetric 2×2 games. One-way communication weakly increases coordination on Nash equilibrium outcomes, althoug h average payoffs sometimes decrease. Two-way communication further improves payoffs in some games but is detrimental in others. Moving beyond the class of symmetric 2 × 2 games, we find that communication facilitates coordination in common interest games with positive spillovers and strategic complementarities, but there are also games in which any type of communication hampers coordination.16. Title: Kinship, Incentives, and Evolution.Authors: Alger, Ingela; Weibull, Jörgen W.Abstract: We analyze how family ties affect incentives, with focus on the strategic interaction between two mutually altruistic siblings. The siblings exert effort to produce output under uncertainty, and they may transfer output to each other. With equally altruistic siblings, their equilibrium effort is nonmonotonic in the common degree of altruism, and it depends on the harshness of the environment. We define a notion of local evolutionary stability of degrees of sibling altruism and show that this degree is lower than the kinship-relatedness factor. Numerical simulations show how family ties vary with the environment, and how this affects economic outcomes.17. Title: Elections, Capital Flows, and Politico-Economic Equilibria.Authors: Chang, Roberto.Abstract: We study an open economy where a pro-labor and a pro-business candidate compete in an election. The winner chooses taxes, which affect investment returns. Electoral outcomes depend on the size of the foreign debt, but the debt itself reflects expectations about the election. The resulting interaction is novel and has several implications. Elections are associated with increased volatility. Politico-economic crises can occur. Inefficiencies vanish if the candidates commit to an appropriate tax policy, but such commitments have predictable effects on the election. Empirical evidence supporting the theory is discussed.18. Title: Preemption Games: Theory and Experiment.Authors: Anderson, Steven T; Friedman, Daniel; Oprea, Ryan.Abstract: Several impatient investors with private costs C_i face an indivisible irreversible investment opportunity whose value V is governed by geometric Brownian motion. The first investor i to seize the opportunity receives the entire payoff, V-C_i. We characterize the symmetric Bayesian Nash equilibrium for this game. A laboratory experiment confirms the model's main qualitative predictions: competition drastically lowers the value at which investment occurs; usually the lowest-cost investor preempts the other investors; observed investment patterns in competition (unlike monopoly) are quite insensitive to changes in the Brownian parameters. Support is more qualified for the prediction that markups decline with cost.19. Title: Watta Satta: Bride Exchange and Women's Welfare in Rural Pakistan. Authors: Jacoby, Hanan G; Mansuri, Ghazala.Abstract: Can marriage institutions limit marital inefficiency? We study the pervasive custom of watta satta in rural Pakistan, a bride exchange between families coupled with a mutual threat of retaliation. Watta satta can be seen as a mechanism for coordinating the actions of two sets of parents, each wishing to restrain their son-in-law. We find that marital discord, as measured by estrangement, domestic abuse, and wife's mental health, is indeed significantly lower in watta satta versus 'conventional' marriage, but only after accounting for selection bias. These benefits cannot be explained by endogamy, a marriage pattern associated with watta satta.20. Title: Self-Interest through Delegation: An Additional Rationale for thePrincipal-Agent Relationship.Authors: Hamman, John R; Loewenstein, George; Weber, Roberto A.Abstract: Principal-agent relationships are typically assumed to be motivated by efficiency gains from comparative advantage. However, principals may also delegate tasks to avoid taking direct responsibility for selfish or unethical behavior. We report three laboratory experiments in which principals repeatedly either decide how much money to share with a recipient or hire agents to make sharing decisions on their behalf. Across several experimental treatments, recipients receive significantly less, and in many cases close to nothing, when allocation decisions are made by agents.21. Title: The Gender Wage Gap and Domestic Violence.Authors: Aizer, Anna.Abstract: Three quarters of all violence against women is perpetrated by domestic partners. This study exploits exogenous changes in the demand for labor in female-dominated industries to estimate the impact of the male-female wage gap on domestic violence. Decreases in the wage gap reduce violence against women, consistent with a household bargaining model. These findings shed new light on the health production process as well as observed income gradients in health and suggest that in addition to addressing concerns of equity and efficiency, pay parity can also improve the health of American women via reductions in violence.22. Title: Constrained School Choice: An Experimental Study.Authors: Calsamiglia, Caterina; Haeringer, Guillaume; Klijn, Flip.Abstract: The literature on school choice assumes that families can submit a preference list over all the schools they want to be assigned to. However, in many real-life instances families are only allowed to submit a list containing a limited number of schools. Subjects' incentives are drastically affected, as more individuals manipulate their preferences. Including a safety school in the constrained list explains most manipulations. Competitiveness across schools plays an important role. Constraining choices increases segregation and affects the stability and efficiency of the final allocation. Remarkably, the constraint reduces significantly the proportion of subjects playing a dominated strategy23. Title: Financing Development: The Role of Information Costs.Authors: Greenwood, Jeremy; Sanchez, Juan M; Wang, Cheng.Abstract: To address how technological progress in financial intermediation affects the economy, a costly-state verification framework is embedded into the standard growth model. The framework has two novel ingredients. First, firms differ in the risk/return combinations that they offer. Second, the efficacy of monitoring depends upon the amount of resources invested in the activity. A financial theory of firm size results. Undeserving firms are over-financed, deserving ones under-funded. Technological advance in intermediation leads to more capital accumulation and a redirection of funds away from unproductive firms toward productive ones. With continued progress, the economy approaches its first-best equilibrium.24. Title: Efficiency Gains from T eam-Based Coordination-Large-Scale Experimental Evidence.Authors: Feri, Francesco; Irlenbusch, Bernd; Sutter, Matthias.Abstract: The need for efficient coordination is ubiquitous in organizations and industries. The literature on the determinants of efficient coordination has focused on individual decision making so far. In reality, however, teams often have to coordinate with other teams. We present a series of coordination experiments with a total of 1,101 participants. We find that teams of three subjects each coordinate much more efficiently than individuals. This finding adds one important cornerstone to the recent literature on the conditions for successful coordination. We explain the differences between individuals and teams using the experience weighted attraction learning model.25. Title: Social Identity and Preferences.Authors: Benjamin, Daniel J; Choi, James J; Strickland, A. Joshua.Abstract: Social identities prescribe behaviors for people. We identify the marginal behavioral effect of these norms on discount rates and risk aversion by measuring how laboratory subjects' choices change when an aspect of social identity is made salient. When we make ethnic identity salient to Asian-American subjects, they make more patient choices. When we make racial identity salient to black subjects, non-immigrant blacks (but not immigrant blacks) make more patient choices. Making gender identity salient has no effect on intertemporal or risk choices.26. Title: Bidding with Securities: Comment.Authors: Che, Yeon-Koo; Kim, Jinwoo.Abstract: Peter DeMarzo, Ilan Kremer, and Andrzej Skrzypacz (2005) analyzed auctions in which bidders compete in securities. They show that a steeper security leads to a higher expected revenue for the seller, and also use this to establish the revenue ranking between standard auctions. In this comment, we obtain the opposite results to DKS's by assuming that a higher return requires a higher investment cost. Given this latter assumption, steeper securities are more vulnerable to adverse selection, and may yield lower expected revenue, than flatter ones.。

简单句简单句⽬录⼀、什么是英⽂句⼦中⽂的简单句可以灵活组合句⼦成分（主语、谓语、宾语、定语、状语、补语），⽽英⽂的句⼦必须要有谓语，并且主语应该是谓语动作的发出者，宾语应该是谓语动作的承受者（牢记）。

J001：我的英语说得很好：I speak English well.J002：北京西站，到了：We are arriving Beijing West Railway Station.J003：狗没有找到：I did not find the dog.练习：J004：我和你度过了⼀个美好的⽇⼦：I spent a good day with you.注：I spent with you. 中并没有宾语，因为不可能度过和你，⽽应该是度过⼀个美好的⽇⼦，即这句话省略了宾语，原句应该是：I spent a good day with you.⼆、句⼦的分类2.1 主谓J005：他死后，我们笑了：He died, then we laugh.注：主语不仅是谓语的发出者，谓语还必须具有时态。

2.2 主谓宾谓语为实义动词2.3 主谓/系表谓语为系动词，系动词分为以下4类：be：am，is，are；感官动词：look，smell，taste，sound，feel；变化：become，get；保持：keep，stay，remain。

2.4 主谓双宾（了解）两个宾语之间加上系动词，如果意思说不通，为主谓双宾2.5 主谓宾补（了解）J006：我给Nick买了⼀条狗：I bought Nick a dog.J007：他给了我五个糖果：He gave me five sugars.J008：狗让他开⼼：The dog makes him delight.两个宾语之间加上系动词，如果意思说得通，为主谓宾补三、句⼦的成分3.1 谓语谓语的成分：有时态的（暂时排除情态动词）实义动词（词组）或系动词J009：你的母亲⼀定像你⼀样⾼雅：Your mother must be very elegant like you.J010：我的旧情⼈⾮常喜欢我：My old flame loves me so much.练习：J011：在美国经济中，私有财产的概念不仅包含对⽣产资源的所有权，也指其他⼀些特定的权利，如确定⼀个产品价格和与另⼀个私⼈个体(经济单位)⾃由签定合同的权利：In the American economy, the concept of private property embraces not only the ownership of productive resources but also certain rights, including the right to determine the price of a product or to make a free contract whit another private individual.⼀句话中的动词（词组）能不能多：谓语只能是动词（词组），动词（词组）只能充当谓语，因此⼀个句⼦中有多个动词（词组）时，我们需要把动词（词组）变成⾮谓语动词，有以下3种变法：V-ing：表⽰主动或进⾏（主动居多）；J012：嘲笑其他⼈的梦想是不对的：Laughing at other's dreams is not right.J013：我喜欢嘲笑其他⼈：I enjoy laughing at others.4. V-ed：表⽰被动或完成（被动居多）；5. to do：表⽰⽬的或将来（⽬的居多）。

Economic crisisIn October 24, 1929, American black Thursday, crazy stock trend suddenly appeared in the New York stock exchange, trading a total of nearly 13000000 shares of stock, beyond more than 10 times of the normal daily trading volume. In financial speculation and bubble economy, the soared stock price now moved so that it can not keep up with the speed of price quotes. With many people in bankruptcy with a mountain of debt, even 8 people killing themselves on the day because of Dutch act of debt, the financial panic started. However, this was the largest , the longest, and the worst start of economic crisis in the history of capitalism. In the following four years, the capitalist world sank into the global crisis economically, socially and politically , has been a huge impact, precarious.On the Black Thursday, at 12 o’clock noon, a number of Wall Street financial giants in the Morgan Foundation Office held an emergency meeting, deciding to raise money to save the market. Two days later, the situation temporarily stabilized. But on 28th, Monday, with the wind coming again, 9,250,000 stocks sprung out such as the flood and the financial giants finally were unable to resist with wealth exhaustion, and they issued a statement at night: give up the rescue and panic is unstoppable to come. The next day, Tuesday, at 10 o’clock in the morning, with the stock market opening and the Gong ringing, large amounts of stock was thrown out, even at any price, but not many people wanted to buy with the chaotic scene. At the beginning of stock opening, 3000000 shares were thrown out, reaching more than 8000000 shares two hours later, and more than 12,000,000 stocks closed at one thirty. when shares reached16,410,000 , the stock market finally collapsed and the stock marketfell by12.82%. Hundreds of billions of dollars instantly became nothing and economic crisis has opened a prelude. Later on, the stock continually plunged with stock index 100 points in 1926, 145 points in November 1929 , 102 points in December 1930, and falling to 54 points in December 1931. Until 1933, the situation was extremely serious, even falling to 34 points in June, finally the index had lost 5/6. Nearly one hundred billion U.S. assets burst miraculously disappeared such as soap bubbles. From September in 1929 to January 1933, thirty kinds of stocks fell by 82.8%, from the average of $364.9 to $62.7. In the meanwhile, 20 kinds of railway stock from an average of $180 per share to $28.1, decreasing by 84.4%.The crisis heavily hit the United States firstly, thousands of factories and banks collapsed. There were 26400 companies and 934 banks broken In 1930. In 1931, 28300 companies and 1440 banks failed; In 1932, 31300 companies and 1453 banks failed; In 1933, 20300 companies and 1783 banks also failed. People rushed into banks in a panic to draw a large number of deposits, which caused a great loss of gold reserves as well as capital output sharply decreased nearly being stopped..In early 1933, all banks in the United States were out of business basically . Finance was just the nerve center of modern economy,and its paralysis inevitably led to the entire national economic havoc and the economy in the United States almost collapses, which resulted in continuous decline in America's GDP. In 1929, GDP was $103.1 billion, $55.6 billion in 1933. During the past three years GDP has decreased by half. Ten years later, it went back to $99.6 billion in 1940.What is more , industrial production of USA in July 1932, has fallen to the bottom, contrast in May 1925, plummeted 55.6%, steel fell by nearly 80%, fell by 87% in the machine tool manufacturing, auto industry has declined by 95%.With the economic crisis leading to a large number of unemployed people, people's life became seriously poor and the unemployed in the United States had more than 400 in 1930 to 8 million people in 1931, breaking through the ten million mark in 1932. In 1933, the most serious unemployment went up to 17million, which means nearly a third of the workers in the United States. From October 1930 to March 1931, there were 223000 people out of work among 690,000 workers and 5,000 households losing their homes within only 6 days just were unable to pay the mortgage. The unemployed fully in urban and rural, cold, hunger, and homeless, have been admitted to the Hoover cottage made of wood, sheet metal or paper boxes and so on. The humble dwelling were called Hoover cottage, because when Hoover once was run for President of the United States, he had promised the workers that they could have the chicken to eat and cars to drive.Once in America, about 34,000,000 people had no income, accounting for 28% of the total population, and even a large number of schools went bust. In 1932, only New York, at one time, had more than 30 students out of school and millions of people relied on charity with fear and despair throughout the crisis. This is so called the history of the great tragedy of America.In the early twentieth century, there were a variety of latent crisis factors in America economic prosperity such as large gap between the rich and the poor, wealth is concentrated in a few rich people, so that the majority of people in lower class lacked purchasing power because of poverty. In 1929, the rich in USA, accounting for 5% of the population of the country, had a personal collection of 1/3. At thesame time, the poor households with the annual income of less than $2000 were up to 60% of the whole families. In addition, the number of the pre-crisis unemployment reached about 2,000,000. Another important factor is the rampant speculation, such as speculation frenzy of the stock and real estate , forming the bubble economy. The New York Stock Exchange listed shares increased to from 443,000,000 shares in January 1925 to more than 1,000,000,000 shares of stock in October 1929 , with the face value higher with 3 to 20 times, some even up to 50 times. The the doubled prices and a serious departure from the actual value, the stock eventually fell off a serious cliff on the Black Thursday in 1929.书中横卧着整个过去的灵魂——卡莱尔人的影响短暂而微弱，书的影响则广泛而深远——普希金人离开了书，如同离开空气一样不能生活——科洛廖夫书不仅是生活，而且是现在、过去和未来文化生活的源泉——库法耶夫书籍把我们引入最美好的社会，使我们认识各个时代的伟大智者———史美尔斯书籍便是这种改造灵魂的工具。

2008年美国金融危机英文版(in English)美国作为世界上第一大经济体，对世界经济的发展具有火车头的作用。

然而2007年美国经济的表现不尽人意，次贷危机的爆发更是雪上加霜。

经济增长速度降低，通货膨胀率升高，失业率增加，这一切显示出美国经济已经离滞胀越来越近了。

美联储前主席格林斯潘称“美国经济尚未陷入滞胀，但已经有早期迹象出现”。

2008 financial crisis (in English)The United States as the world's largest economies, the world's locomotive of economic development. However, in 2007 less than satisfactory performance of the U.S. economy, sub-loan crisis broke out, more difficult. To reduce the rate of economic growth, rising inflation, the rise in unemployment, all show the U.S. economy has been growing from the stagnation of the past. Former Federal Reserve Chairman Alan Greenspan said "stagflation in the U.S. economy has not yet, but already there are early signs appear."次贷危机是美国经济放缓的导火索，其后续影响不断恶化并逐渐波及到世界经济。

2007年世界经济在连续四年的高速增长之后，出现了调整的迹象。

同时，美国、欧元区和广大发展中国家的CPI上涨率已超过央行设定的控制目标。