Causes of the Depression Major industries barely made a profit Overproduction reduced profits for farmers Americans started buying less and/or living.

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Presentation transcript:

Causes of the Depression Major industries barely made a profit Overproduction reduced profits for farmers Americans started buying less and/or living on credit Uneven distribution of income Speculation: buying stock at low prices hoping that it will grow Buying on Margin: buying stock on credit, paying off the stock with the profits

Hoover’s Solutions No Federal welfare Charities should help the poor Asked employers not to lay people off Hoover Dam: used to produce electricity, hold water, By 1930: Hoovervilles- tent cities for the poor

Too Little, Too Late Federal Farm Board- tried to stop overproduction Federal Home Loan Bank Act: lowered mortgage rates Reconstruction Finance Corp: $2 billion emergency financing for banks and big business

Big Problems Bonus Army Incident: WWI vets came to DC to ask for their bonuses Hoover asked them to leave Soldiers were told to gas the men to get them to leave.