USH History Chapter Nine


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USH History Chapter Nine

  1. 1. The Great Depression. 1929-1941.
  2. 2. Causes Of The Great Depression. <ul><li>Herbert Hoover elected president in 1928. </li></ul><ul><li>He is the third Republican president in a row. </li></ul>
  3. 3. Long Bull Market And A HUGE Bubble. <ul><li>Stock mania and buying on “Margin” caused the price of stocks sky high. </li></ul><ul><li>What determines the price of a stock? </li></ul><ul><li>Supply and Demand. Period! </li></ul><ul><li>A sell off and Margin call caused the market to collapse. </li></ul><ul><li>The “emperor has no clothes!” </li></ul>
  4. 4. CRASH! Oct. 29th-”Black Thursday.” <ul><li>Speculation v. investing. </li></ul><ul><li>$30 billion lost. Equal to all the TOTAL wages Americans had earned in 1929. </li></ul>
  5. 5. Investing Isn’t Saving
  6. 7. Causes of The Great Depression. <ul><li>Overproduction. </li></ul><ul><li>Low wages. </li></ul><ul><li>High Tariffs. </li></ul><ul><li>Farmers going broke. </li></ul><ul><li>Uneven distribution of income. </li></ul><ul><li>Mistakes by Federal Reserve. </li></ul><ul><li>Stock Market bubble. </li></ul>
  7. 10. Bank Failures. <ul><li>Why were banks hit so hard by the Stock Market Crash? </li></ul><ul><li>They had invested their money in the stock market. </li></ul><ul><li>They had loaned money to investors for the stock market. </li></ul>
  8. 12. No F.D.I.C. <ul><li>Bank runs were common. </li></ul>
  9. 13. Depression Worsens. <ul><li>25 percent unemployment. </li></ul><ul><li>G.D.P. cut by 50 percent! </li></ul>
  10. 14. Makeshift Villages. <ul><li>Many families lost their homes. </li></ul><ul><li>They lived in shacks or tents on the edge of town. </li></ul><ul><li>These little communities were called “Shantytowns” or “Hoovervilles.” </li></ul><ul><li>Thousands of “Hobo’s” stole rides on the trains looking for work. </li></ul>
  11. 16. Environmental Disaster. <ul><li>Dust Bowl adds to depression woes. </li></ul><ul><li>Bad farming techniques and drought cause much of the Midwestern and Great Plains states soil to blow away in the wind. </li></ul><ul><li>Huge ecological disaster cause thousands to move. Many came west to CA. </li></ul>
  12. 18. Escaping the Depression. <ul><li>Hollywood Fantasy Factory. </li></ul><ul><li>Radio. </li></ul><ul><li>Monopoly Game played for hours. </li></ul><ul><li>Sports. </li></ul>
  13. 19. Hoover Finally Responds. <ul><li>Hoover felt, at first, that the market would correct itself in a short time. </li></ul><ul><li>“ Prosperity is just around the corner.” </li></ul><ul><li>Things only got worse. </li></ul><ul><li>Hoover did start some public works projects to create jobs. </li></ul><ul><li>This didn’t help much. </li></ul>
  14. 20. Pumping Money Into The Economy. <ul><li>Reconstruction Finance Corp. was created to help banks loan out more money. </li></ul><ul><li>Emergency Relief and Construction Act-1932. </li></ul><ul><li>Too little and too late. The economy had crashed hard. </li></ul>
  15. 21. Mood of America BAD! <ul><li>Hunger Marches. </li></ul><ul><li>Farmers revolt. </li></ul><ul><li>Bonus Marchers-Army. </li></ul><ul><li>Hoover called out the army on the Bonus marchers. </li></ul><ul><li>Most Americans thought this was pretty ruthless and unfair! </li></ul>
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