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The_Great_Depression

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The_Great_Depression Powered By Docstoc
					         Stock Market Crash
 October 29th “Black Tuesday”

 The bottom fell out of the market
 Shareholders frantically tried to sell before
  prices plunged even lower

 Signaled the beginning of the Great
  Depression (1929-1940)
The Great Depression
      Some Effects of the Great
            Depression
 5,000 BANKS failed
 Unemployment rate reached 25%
 Gross National Product (a measure of
  national income) declined from $104 to
  $59 billion between 1929 and 1932
 Great Migration of African Americans
  slowed dramatically as factories shut
  down.
 Breadlines & Shanty town “Hoovervilles”.
  became common in many CITIES.
 Farmers who could not pay their mortgages
  were forced to move to CITIES.
       Change in the way we see
            government
 Things were so bad that Americans finally began
  to view their relationship with government
  differently; there was no longer a strong stigma
  or negative label applied to people who needed
  help from the government.
        A New Movement
 Many farmers “Arkies” from ARKANSAS
  and “Okies” from OKLAHOMA migrated
  West to California.
          Change in Family
 Marriages were delayed. Family size
  decreased

 People were less likely to be prosecuted for
  using birth control aides.
Hoover’s Response to the Great
    Depression (1929-33)
                 “Liquidate labor,
                  liquidate workers,
                  liquidate the
                  farmers.”
                 The economy had
                  always “fixed”
                  itself without
                  government help in
                  the past
         Not the best way to be
            remembered…
 People in the 1930s called shacks where the
  homeless lived in dumps: Hoovervilles

 People called the newspapers people wrapped
  around them to keep warm at night: “Hoover
  Blankets”

 “It might have been worse” (Re-election slogan,
  1932)
           AND the VERDICT
 Hoover’s behavior
  followed established
  precedent.
 Hoover is probably guilty
  of underestimating the
  severity of the Great
  Depression and for doing
  “too little too late” but it
  is unfair to say that
  Hoover did nothing at all
      Hoover’s Big Mistake

 Hoover felt it was essential that the
  government limit spending and maintain a
  balanced budget (No deficits!)

 Believed in Rugged Individualism-
  government assistance made people lazy
             Bonus Army
 Bonus Army = WWI veterans who
  marched to Washington, DC
 protest and ask Congress for an advance on
  government “bonus” payments for serving
  in WWI.
 Were violently evicted & driven out of the
  city.
    Some positives for Hoover
 RECONSTRUCTION FINANCE
  CORPORATION - This “alphabet agency”
  loaned money to banks and large
  corporations so they would not go out of
  business and lay-off even more workers
 supported laws that strengthened organized
  labor (the Norris-La Guardia Act) by
  outlawing Yellow-Dog contracts.

				
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posted:9/15/2011
language:English
pages:24