26.1 The Great Crash The Great Depression Chapter 26.
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Transcript of 26.1 The Great Crash The Great Depression Chapter 26.
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26.1 The Great Crash
The Great Depression
Chapter 26
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a. Some industries had problems throughout the 1920’s• Farming• Textiles (Clothing and Materials)• Coal Mining
b. Lack of government statistical data
c. Hoover reassures the public
1. Signs of Economic Trouble
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a. Investors sell their stocks
b. Prices plunge – no buyers
c. People bought on margin – bought part of the cost of the stock at purchase
d. Black Tuesday – the day of the crash on October 29, 1929
2. The Crash
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Americans rush to the bank to claim their money
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The Great Depression – economic hardship that lasted from 1929-1941
a. Causes
• Overproduction
• Weak Banking
• Low Wages
3. The Great Depression Begins
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3. The Great Depression Begins
• Banks– Granted unwise loans– Over 5,000 banks close– Lifetimes savings gone overnight
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3. The Great Depression Begins
b. The Downward Spiral
• One disaster after another
• No business growth
• Factories cut production, wages, employees
• Businesses go bankrupt – unable to pay debts
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What happened to Europe?
• American banks lent money to Europe after WWI.
• US banks stop loaning, and European banks collapse
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4. Hard Times
a. Rising Unemployment• 1 in 4 workers jobless• On the streets: apple sales, beggars,
garbage pickers, sidewalk stands
b. The Human Cost• Marriage and birth rates down• Families split• “Riding the rails”
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5. Hoover Responds
A. Government Aid– Relief programs – helped the needy– Soup kitchens – set up by communities to
feed the hungry– Public works – projects built by government
for the public
B. Depression Deepens– Hoovervilles – shacks where homeless
lived
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6. The Bonus Army
Congress tries to help WWI veterans but fails
WWI vets are angry– Bonus – additional sum of money– Bonus Army – a community of jobless
veterans that lived in tents in Washington DC