Setting the Stage
Before we learn Thompson’s story, it’s essential to understand its context – the kind of situation she found herself in. The Great Depression lasted from 1929 to 1939, and it was the worst economic recession in the history of the industrialized world. It began with the stock market crash of October 1929, which sent Wall Street into a fright and wiped out millions of investors.
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In the years to come, consumer spending and investment dropped, which meant that there were steep drops in industrial output and employment. By 1933, when the Depression reached its lowest point, about 15 million Americans were unemployed, and about half the banks in the country had failed.