Great Depression
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Transcript of Great Depression
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Great Depression
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The Election of 1928 The Republican Herbert Hoover vs. Democrat Alfred E. Smith.Hoover was elected by a large margin of
444 to 87 electoral votes.Hoover promised such things as “a chicken in
every pot and two cars in every garage.”"We in America today are nearer to the
final triumph over poverty than ever before in the history of any land. The poorhouse is vanishing from among us."
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Stock Market Increase
A Bull Market is when stock steadily rises.Many people used this time of progress in
the 1920s to invest in the stock market.People began to sell their stock and make
lots of money since the market was doing so well.
So people sold…and bought…and sold..and bought
The Stock Market boom was based on confidence….in the same way the Crash would be based in fear
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Stock Market Crash
Prices falling since September, but doing ok…Monday the 21st they fell at a large rate…investors started calling stocks in on margin
October 24th 1929 is known as Black Thursday. Prices of stocks plummeted
People started getting nervous and began selling their stock.
October 29th 1929 is known as Black Tuesday. Prices dropped $10-$15 billion.
This drop in prices weakened the nations banks. People then could not borrow money.
Many people began to withdraw money from banks which forced the banks to close.
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“Bank Run” at beginning of panic
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Great Crash
Investors Businesse
s and Workers
Investors lose
millions.
Businesses lose
profits.
Consumer spending
drops.
Workers are
laid off.
Businesses cut
investment and
production. Some fail.
BanksBusinesses
and workers cannot
repay bank loans.Savings
accounts are
wiped out.
Bank runs occur
.
Banks run out
of money
and fail.
World Payments
Overall U.S.
production plummets. U.S.
investors have little
or no money to
invest.U.S.
investments in
Germany decline.German
war payments to Allies fall off.
Europeans cannot afford
American goods.
Allies cannot pay
debts to United States.
Great Crash
Investors
Investors lose
millions.
Businesses lose
profits.
Great Crash
Investors Businesse
s and Workers
Investors lose
millions.
Businesses lose
profits.
Consumer spending
drops.
Workers are
laid off.
Businesses cut
investment and
production Some fail.
Great Crash
Investors Businesse
s and Workers
Investors lose
millions.
Businesses lose
profits.
Consumer spending
drops.
Workers are
laid off.
Businesses cut
investment and
production Some fail.
BanksBusinesses
and workers cannot
repay bank loans.Savings
accounts are
wiped out.
Bank runs occur
.
Banks run out
of money
and fail.
World Payments
Overall U.S.
production plummets. U.S.
investors have little
or no money to
invest.U.S.
investments in
Germany decline.German
war payments to Allies fall off.
Europeans cannot afford
American goods.
Allies cannot pay
debts to United States.
Effects of the Great Crash, 1929
Great Crash Investors
Businesses and WorkersInvestors
lose millions.
Businesses lose profits.
Consumer spending drops.
Workers are laid
off.
Businesses cut investment and
production Some fail.
Banks
Businesses and workers cannot repay bank loans.
Savings accounts are wiped
out.
Bank runs
occur.
Banks run out of
money and fail.
World Payments
Overall U.S. production plummets.
U.S. investors have little
or no money to
invest.
U.S. investments in Germany
decline.
German war payments to Allies fall off.
Europeans cannot afford
American goods.
Allies cannot pay debts to
United States.
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Effects on Economy
From 1930-1939 the prices of stock fell 40%.
BY 1933:9,000 banks went out of business and 9 million
savings accounts were wiped out. 86,00 businesses failed, and wages were
decreased by an average of 60%. The unemployment rate went from 9% all the
way to 25%, about 15 million jobless people.
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Charities HelpPrivate charities and millionaires provided soup
kitchens and bread lines.The poor and homeless lined up to receive a free
meal.
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Shantytowns and Hoovervilles
Families that could not pay rent or mortgage were forced to live on the street.
Many people built homes of cardboard, scrap metal, and lumber pieces.
Shantytowns and Hoovervilles were nicknames of “neighborhoods for homeless.”
Many people who did not want to live in a cardboard home became hobos—people who would wander from city to city jumping boxcars for rides.
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The Dust BowlTo make matters worse, the Midwest
experienced the worst drought in history in 1932.
Without water for crops, many farmers could not pay their rent, and thus became hobos.
Dust Bowl -- sun dried earth from Texas to the Dakotas
Many people from Oklahoma moved west to California to work picking fruit. These people were known as Okies—migrant workers who traveled to California during the Dust Bowl era
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GLOBAL EVENTUnemployed men in Canada and Germany
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Government AidHoover was very much opposed to federal relief
to poor families…thought it was the job of state and local gov’s
The National Credit Corporation (NCC) – helped banks continue to make loans to individuals….was created to help banks continue making loans to people.
The Reconstruction Finance Corporation (RFC) loans to railroads and agriculture. By 1932, the RFC had given away $238 million.
The Emergency Relief and Construction Act gave $1.5 billion for public works and $300 million to states for loans.
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Hunger Marches
The American Communist Party was eager to take advantage of the crisis.
January 1931, 500 men and women looted a grocery store in Oklahoma City.
December 5th 1,200 people held a hunger march in Washington DC. they were chanting “feed the hungry, tax the rich.”
Many more hunger marches were held in the U.S.
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Farmers RevoltBetween 1930 and 1934 nearly 1 million
farms were foreclosed on and the people were evicted
Farmers began destroying crops to cut supply and drive up the prices
Farmers in Nebraska heated their homes by burning corn
Georgia dairy farmers would block the highway, stop dairy trucks, and dump the milk into ditches
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Bonus ArmyIn May of 1932, about 1,000 WWI veterans began to
march toward Washington DC. to try and pass legislation to have their bonuses paid early
They were supposed to receive $1,000 in 1945, they needed it now
As they passed towns more veterans joined in.They wore their old military uniforms and sang war
songs.Their numbers grew to about 17,000. This was known
as the Bonus Army.Totaled 43,000 marchers including their families and
supportersThey found places to stay in shantytowns or abandoned
buildings.
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Bonus Marchers continued
House passed the vote to give them $, Senate rejected it, and things grew more tense
President Hoover ordered them to leave. The police were first responsible for making them
leave…two protesters are killed… Federal Army called in to restore order… two veterans
were shot and killed... MacArthur leads the Calvary on horses, Patton leads
the tanks, Eisenhower is liaison with the police They began to tear gas the crowd until everything
calmed down. A women and her two babies die. The mishandling of these WWI veterans would tarnish
Hoover’s image forever.
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