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The Great Depression: Causes and Effects
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The Great Depression: Causes and Effects

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  • 1. TheGreatDepression
    Causes and Effects
  • 2. Causes
    1. False Prosperity
    2. Speculation
    3. Stock Market Crash
    4. Banking Crisis
    5. Unemployment
    6. Trade Collapse
    7. Republican Policy
  • 3. False Prosperity
    • Overdependence on mass production
    • 4. Overproduction in textiles, farming, autos
    • 5. 60% population earned less than the $2000 poverty minimum
    • 6. Top 5% earned 33% income - spending by the rich essential
    • Broker loans on call rose from $3.5b in 1927 to $8.5b in 1929
    • 7. Only 1.5m of 120m population were investors
    • 8. Charles Mitchell of National City Bank: "I know of nothing fundamentally wrong with the stock market." (Oct. 21, 1929)
    Speculation
  • 9. Stock Market Crash
    • Sep. 3 Dow high of 381
    • 10. Oct. 23 - J.P. Morgan buys to stop price decline
    • 11. Oct. 24 - panic selling began - 12.8m shares
    • 12. Oct. 29 - "Black Tuesday" - 16.4m shares
  • Banking Crisis
    • Deposits withdrawn: leads to deflation
    • 13. 9000 banks fail in 1930
  • Unemployment
    • Ripple effect as leading factories close
    • 14. Rose to 25-35% of total labor force
    • 15. 80% in Toledo
    • 16. Farm income declined 60%
    • 17. 1/3 lost their land
  • Trade Collapse
    • Foreign countries retaliate with high tariffs
    • 18. Weimar Republic unable to pay reparations or U.S. banks loans
    • 19. U.S. had been a creditor with $638m annual surplus
  • Republican Policy
    • "The Ordeal of Herbert Hoover"
    • 20. Laissez-Faire
    • 21. Balanced budget
    • 22. Trickle down
    • 23. Voluntarism
    • 24. Hawley-Smoot tariff
  • Social Problems
    • Unemployment and poverty
    • 25. Breakdown of families
    • 26. Soaring high school dropout rates (2 to 4 million)
    • 27. Homelessness
    • 28. Organized protests
    • 29. Around the country, the homeless built settlements of cardboard and tar-paper shacks, called "Hoovervilles" in reference to President Hoover
    • 30. Farmers armed with guns and pitchforks marched on the local banks to prevent foreclosures
  • Laying the Blame
    The American public found the "Three B's" responsible for the Crash and the Depression:
    Bankers
    Brokers
    3. Businessmen
  • 31. Effects
  • 32. Unemployment grew to record proportions. 1 in 4 people were unable to find work.
  • 33. People waited in all day lines at the unemployment office.
  • 34. Lines would wrap around the buildings and hardly move at all.
  • 35. If you were lucky enough to get in, you would be interviewed to determine your need.
  • 36. With word of banks failing, people stormed the banks, demanding their savings.
  • 37. Unable to withdraw their money from the banks, and not getting enough unemployment to live off of, people had no choice but to sell their farms.
  • 38. There were huge evacuation auctions where people sold all of their possessions.
  • 39. Many people packed up everything they had left and lived out of their cars.
  • 40.
  • 41. This car was the home for a family of nine.
  • 42.
  • 43.
  • 44. They traveled from place to place willing to do any type of work. All they worried about was how they were going to get their next meal.
  • 45. Many performed intense manual labor on farms. Picking cotton was one of the hardest jobs.
  • 46. Dust storms continually popped up due to severe droughts. This one was in eastern Colorado.
  • 47. The sand would pelt your face and sting your skin. It would often block out the sun and make noontime seem like midnight.
  • 48. Those who couldn’t sell their farms simply abandoned them. These were in Oklahoma.
  • 49.
  • 50.
  • 51.
  • 52.
  • 53.
  • 54. Farmers hurriedly built fences to keep the sand away from their farm houses and to protect their livestock.
  • 55. Sand drifts would pile up along the roads and fences. This was taken in Texas.
  • 56. This used to be a road. Again, in Texas.
  • 57. Shanty towns, or “Hoovervilles” began popping up along major highways.
  • 58. People made make-shift shelters out of whatever material they could find.
  • 59.
  • 60.
  • 61. The government set land aside where people could establish tent cities, small communities of homeless people living under tents.
  • 62. In these tent cities, people were unable to bath, there was poor sanitation, and everything was dirty.
  • 63.
  • 64. Proud men were forced to humble themselves and stand in line at soup kitchens.
  • 65.
  • 66. On special occasions, some families may have gotten some food. This is Christmas dinner in a “Hooverville”.
  • 67. Then there were the children
  • 68.
  • 69.
  • 70.
  • 71.
  • 72.
  • 73.
  • 74.
  • 75.
  • 76.
  • 77.
  • 78. Analyzing the Images
  • 79.
  • 80.
  • 81.
  • 82.
  • 83. Hoover vs. FDR
  • 84. President Herbert Hoover
    • Rags to riches - American dream
    • 85. Orphaned at an early age
    • 86. Very bright
    • 87. Worked his way through Stanford University
    • 88. Made a fortune as a mining engineer and consultant
  • President Herbert Hoover
    • Head of the Food Administration during WWI
    • 89. Conducted relief efforts in Europe during and after WWI
    • 90. Earned a stellar reputation for efficiency and diplomacy
    • 91. Very popular politician
    • 92. Believed in local solutions and private initiatives to solve social problems
  • President Franklin Delano Roosevelt
    • Distant (5th cousin) relative of Teddy Roosevelt
    • 93. Privileged Child: Family name was well known
    • 94. Married Eleanor Roosevelt - TR's Niece
    • 95. TR was basically a father to Eleanor
  • President Franklin Delano Roosevelt
    • Elected to the senate for NY in 1910
    • 96. Ran for Vice-President in 1920 with James Cox
    • 97. Struck down by polio in 1921
    • 98. Paralyzed from the waist down
    • 99. Dropped out of public life for 7 years
    • 100. Left him with a strong empathy for suffering
    • 101. Got into politics in 1928 - elected governor of NY
    • 102. Ran for President in 1933
  • Hoover
    --------------------------
    “Every time we find solutions outside of the government, we have not only strengthened our character, but we have preserved our sense of real government.”
    FDR
    --------------------------
    “The test of our progress is not whether we add more to the abundance of those who have much, it is whether we  provide enough for those who have little.”

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