After the fall of the economy in 1929 the classical economists believed the solution of the Great Depression to be to wait for the call me to achieve equilibrium. The great depression was a worldwide economic depression that lasted for 10 years. It is believed that past chairman of the Federal Reserve, the central bank helped create the Depression. In 1932, President Franklin D. Roosevelt promised to create federal government programs to end the Great Depression, he signed a new deal that created 42 new agencies that were designed to create jobs, allow unionization and provide unemployment insurance, which helped safeguard the economy an prevent another depression.