The Great Depression 1929-1939. Hoover’s policies.

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Presentation transcript:

The Great Depression

Hoover’s policies

Herbert Hoover President from President from

Rugged individualism Hoover’s idea that success came from Hoover’s idea that success came from individual effort and private enterprise individual effort and private enterprise Hoover believed in individual effort, not government assistance Hoover believed in individual effort, not government assistance “Pull yourself up by the bootstraps” “Pull yourself up by the bootstraps”

Hoover did try to stimulate the economy by spending $800 million Hoover did try to stimulate the economy by spending $800 million Created: Created: Federal Farm Board- Federal Farm Board- Loaned $ to farmers and bought surplus crops Loaned $ to farmers and bought surplus crops Reconstruction Finance Corporation (RFC) Reconstruction Finance Corporation (RFC) Lent 2 billion to troubled banks, insurance, and railroad companies Lent 2 billion to troubled banks, insurance, and railroad companies Hoover Dam Hoover Dam

Shantytowns Aka Hoovervilles Aka Hoovervilles Large gatherings of homeless people who made dwellings out of scrap wood/metal Large gatherings of homeless people who made dwellings out of scrap wood/metal

Hooverville

America

South Africa

Africa

India

Hoover Dam

Bonus army ,000 WWI vets marched to D.C. 10,000 WWI vets marched to D.C. Demanded early pension for WWI service Demanded early pension for WWI service 2,000 camped out and refused to leave 2,000 camped out and refused to leave Hoover called the army in to drive out the vets…burning down their camp - 4 killed Hoover called the army in to drive out the vets…burning down their camp - 4 killed

Election of 1932 Hoover vs. FDR Hoover vs. FDR FDR conveyed a spirit of optimism and promised a “New Deal” FDR conveyed a spirit of optimism and promised a “New Deal” Destroys Herbie winning 42 of ___ states Destroys Herbie winning 42 of ___ states

1932

1928 Hoover wins

1932 FDR wins

Causes of Depression 1. Global depression 1. Global depression 2. Income gap 2. Income gap 3. Consumer debt 4. Business cycles 5. Banking Crisis

Stock Market Bull market - upward trend in prices Bull market - upward trend in prices Bear market - downward trend Bear market - downward trend

Margin buying Purchasing stocks with borrowed money Purchasing stocks with borrowed money

Black Thursday October 24 th, 1929 October 24 th, 1929 Stock Market crashes Stock Market crashes By mid November stockholders had lost 30 billion!!!! By mid November stockholders had lost 30 billion!!!! More than the total cost of WWI More than the total cost of WWI

Banks are forced to close Stock market crashes People can’t repay loans from banks People lose their money, jobs, houses Consumers can’t buy goods, businesses close

Income gap 5% of population controlled 90% of wealth 5% of population controlled 90% of wealth Most Americans didn’t have money to spend……to boost the economy Most Americans didn’t have money to spend……to boost the economy So they borrowed and went into debt So they borrowed and went into debt

Unemployment % % % %

Series Id: LNS Seasonally AdjustedSeries title: (Seas) Unemployment RateLabor force status: Unemployment rateType of data: Percent or rateAge: 16 years and overDownload: YearJanFebMarAprMayJunJulAugSepOctNovDec Annu al