1930s The Great Depression   Lecture 3
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1930s The Great Depression Lecture 3

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1930s The Great Depression Lecture 3 Presentation Transcript

  • 1. Hard Times Hit America
  • 2.
    • On October 29, 1929, also known as "Black Tuesday," 16.4 million shares of stock were sold, compared to 4 to 8 million on a normal day.
  • 3.
    • Stock market collapse strains banks  BANKS FAIL
      • Many people had entrusted savings in banks
    • Banks vulnerable to “runs”
      • Run = when a depositor rushes to withdraw savings
      • Runs could drain banks of cash reserves, force it to close
    • Oct. 1929 –runs led to closing of hundreds of banks
      • By Dec. 1930 almost 350 banks had closed
        • Included Bank of U.S. (400,000 depositors)
      • By 1933 bank failures wiped out billions of dollars in savings
  • 4.
    • Insurance from the federal government protects people’s deposits in the event of bank failure
    • Laws require banks to keep greater % of its assets in cash to be paid out to depositors on request
  • 5.
    • Life for farmers only got worse
    • Joblessness and poverty reduced American’s ability to buy food
    • Farmers were producing more than they could sell
      • Prices sank
      • From 1929 to 1933 – prices down 50%+
      • Lower prices = lower income
  • 6.
    • Farmers had borrowed $ for land, equipment
      • Incomes dropped, unable to make loan payments
    • 1933 – 364,000 farms went bankrupt / suffered foreclosure
    • FORECLOSURE:
      • OCCURS WHEN A BANK OR OTHER LENDER TAKES OVER OWNERSHIP OF A PROPERTY FROM AN OWNER WHO HAS FAILED TO MAKE LOAN PAYMENTS
        • Recent housing crisis
  • 7.
    • Drop in economic activity = huge rise in unemployment
    • By 1933 GNP dropped more than 40%
    • Unemployment reached 25%
      • Over 12 million
      • In Harlem unemployment = 50%
  • 8. "I remember standing in the welfare line somewhere on Michigan Avenue where they were passing out sweaters for children" -Richard Waskin "The newspapers were full of news about bank closings, business failing, and people out of work...We were in debt with no way out" -Carmen Carter
  • 9.
    • Millions of people lost jobs
      • Had to compete for work
      • Slid into poverty
    • Begged door to door to survive, soup kitchens, breadlines
    • Federal government programs to help poor didn’t exist
      • Only 1 in 4 families got relief
  • 10.  
  • 11.  
  • 12.  
  • 13.  
  • 14.
    • W/out jobs & money, American’s lost their homes
      • Evicted people who couldn’t pay rent
      • Banks foreclosed on homeowners
    • Neighborhoods of shacks sprang up to house the newly homeless
      • Hoovervilles – symbolized blame on Hoover
    • Unemployed workers sold whatever they could
      • Pencils, apples, etc.
  • 15.  
  • 16.  
  • 17.  
  • 18.
    • Hoboes = homeless wanderers
      • Mostly men
        • Young and unattached OR left families they couldn’t support
      • Hopped moving trains and traveled from town to town looking for work
        • Dangerous and ILLEGAL
      • Begged for food
        • Attempts sometimes met with violence
        • Developed sign language which indicated an opportunity or a place to avoid
  • 19.
    • People saw their unemployment as personal failure
      • Pride, didn’t want to accept handouts
    • Idleness led to deep feelings of uselessness, despair
    • Suicide rates shot up
    • Angry the nation had failed its hardworking citizens
  • 20.  
  • 21.
    • 1931 – Great Plains region entered into drought
      • Period of below avg. rainfall - long, severe dry spell
    • Lasted several years
    • Drove people out of the region
  • 22.
    • Careless agricultural practices and extremely dry conditions caused dust storms
      • Blew soil hundreds of miles
      • Choked crops
      • Blew inside homes
      • Wreaked destruction
    • OK, KS, CO, NM, TX became known as the DUST BOWL
  • 23.  
  • 24.
    • Ended farmers career and means of income
      • Forced to move
    • End of 1930’s, over 2.5 million people left Great Plains
      • Many migrated towards California
      • Migrants were called OKIES
        • Migrants often met with resistance & discrimination
  • 25.
    • The plight of migrants captured attention of American artists and writers
      • John Steinbeck
      • Woody Guthrie
    • “ It’s a might hard row my poor hands have hoed;
    • My poor feet have traveled this hot dusty road
    • Out of your dustbowl and westward we rolled
    • Your desert was hot and your mountains were cold.
    • I’ve worked in your orchards of peaches and prunes,
    • Slept on the ground by the light of the moon
    • On the edge of your city you’ve seen us and then,
    • We come with the dust and we’re gone with the wind.”
      • - Woody Guthrie
  • 26.
    • Terms