CAUSES OF THE GREAT DEPRESSION

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Presentation transcript:

CAUSES OF THE GREAT DEPRESSION

CAUSES OF THE GREAT DEPRESSION Industries in trouble Railroad loses business Textile industry faces foreign competition Wartime needs no longer exist Housing decreases Farmers growing too much Food demand falls greatly after the war by 50% Farmers over planted and owe loans Farmers flooded the market Banks foreclose

CAUSES OF THE GREAT DEPRESSION Americans were buying less Falling wages caused people to save and decreased their spending Living on credit Installment plan of the 1920’s caused consumers to create a large debt they are now unable to pay

CAUSES OF THE GREAT DEPRESSION Uneven distribution of income Income of the wealthiest 1% of America grew by 75% between 1920 and 1929 The stock market crash Years of bull market gave false hope People buying on margin: pay a little in hopes that you make a profit to pay off the balance Speculation: buying stocks and bonds to make a quick and large profit October 29, Black Tuesday-people began pulling their money out of the market and prices fell, so more pulled out causing it to crash

AMERICAN LIFE: ·Life in the rural areas- Life in the city- Farmers were able to grow food 400,000 farms were foreclosed between 1929 and 1932 Many began tenant farming Life in the city- People were evicted and forced to live in shantytowns or towns of makeshift shacks built of scraps or garbage on the borders of the cities (Hoovervilles) Privately funded relief was given to the unemployed and their families in soup kitchens and breadlines Increase in racial violence

AMERICAN LIFE: The Dust Bowl Land was over farmed and unsuitable to grow crops Weather changes: drought and wind and nothing to hold the soil down Great windstorms hit the plains and blew the dirt to the Atlantic ocean in some storms Forced farmers to leave their land-migrant farmers traveled to California to find work as farm hands Okies was one term describing migrants from OK

AMERICAN LIFE: The family- Families stayed home and tried unity Men had difficulty not being able to support their families, many abandoned them No Federal welfare or direct relief system Some women worked outside the home for less pay Malnutrition and Schools closed for children **Between 1928 and 1932 suicide rate rose by almost 30% Stigma of poverty

The Great Depression The Depression Presidents: Herbert Hoover Franklin Delano Roosevelt

PRESIDENTS AND THE GREAT DEPRESSION: HERBERT HOOVER 1928-1932 America was to remain optimistic; continue a normal life This depression is a normal part of the business cycle Hoover’s administration-do-nothing policy Hoover believed in rugged individualism He opposed any direct relief from the federal government

HERBERT HOOVER Farmers rioting Burning of crops and dumping milk on the highway Farm holiday Rebelling against Hoover Hoovervilles, Hoover blankets, Hoover flags Public works program Provide jobs for the unemployed-Boulder Dam Federal Farm Board-buy and keep crops off market Reconstruction Finance Corporation Provide emergency financing to banks

HERBERT HOOVER Bonus Army WW I vets wanted to receive a promised bonus earlier due to the depression Marchers were gassed by the infantry on what looked like Hoover’s order Hoover’s inaction towards the depression and leadership in the Bonus Army episode cost him public support

FRANKLIN D. ROOSEVELT   1933-1945 America wanted to move from the “do nothing” president to one with a “can do” attitude Following the election, he waited with the “brain trust” Designed a new program to control the depression and fix the economy-The New Deal Focused on three major goals: Relief for the needy Economic recovery Financial reform Upon taking office, he launched into the period known as the Hundred Days March 9 to June 16-Passed more than 15 pieces of legislation

Franklin Roosevelt Reforming the banks March 5-Bank Holiday March 12, the day before the banks were to reopen FDR gives his first fireside chat Radio talks to the American people First one explained how banks worked; gave them faith in the government and the economy Began measures to regulate the stock market Created laws to help the farmers, unemployed, and housing in the New Deal

Franklin Roosevelt Roosevelt and the Supreme Court The court strikes down Roosevelt’s reforms Wanted congress to pass a court reform bill Called the court packing bill Roosevelt moves to the Second Hundred Days Remember the “forgotten man” 1936 FDR wins reelection and continues his reforms with American support

Franklin Roosevelt NEW DEAL PROGRAMS COMPLETE CHART COMPLETE AFFECTS OF THE NEW DEAL ASSIGNMENT

THE GREAT DEPRESSION VOCABULARY RECESSION-ECONOMIC DOWNTURNS   DEPRESSION-AN EXTREME FALL IN THE ECONOMY. THE GREAT DEPRESSION OCCURRED 1929-1941. MILLIONS OF PEOPLE WERE WITHOUT JOBS AND THE ECONOMY WAS IN A SEVERE DECLINE. INSTALLMENT BUYING-BUYING ON CEDIT. A PLAN TO BUY NOW AND PAY LATER. BUYING ON MARGIN-PAYING A SMALL PERCENTAGE OF A STOCK’S PRICE AS A DOWN PAYMENT AND BORROWING THE REST. OVERSPECULATION-BUYING STOCKS AND BONDS IN THE HOPES THAT THEY MIGHT MAKE A QUICK OR LARGE PROFIT. HIGHL RISK VENTURE. BULL/BEAR MARKET-BULL IS A PERIOD OF RISING STOCK PRICES//BEAR IS FALLING STOCK PRICES. DOW JONES-MOST IDELY USED TRACKING OF THE STOCK MARKET. BASED ON THE PRICES OF THE 30 REPRESENTATIVE LARGE FIRMS THAT TRADE ON THE NEW YORK STOCK EXCHANGE. BLACK TUESDAY-OCTOBER 29; THE BOTTON FELL OUT OF THE STOCK MARKET. MANY LOST THEIR LIFE SAVINGS AND LED TO THE GREAT DEPRESSION.

TARIFF-A FEE CHARGED FOR GOODS BROUGHT INTO A STATE OR COUNTRY FROM ANOTHER STATE OR COUNTRY.   HOOVERVILLES-WHAT PEOPLE REFERRED TO THE SHANTYTOWNS IN 1930 DURING HOOVER’S PRESIDENCY. SOCIALISM-AN ECONOMIC OR POLITICAL SYSTEM BASED ON GOVERNMENT OWNERSHIP OF BUSINESS AND PROPERTY AND ON EQUAL DISTRIBUTION OF WEALTH. CAPITALISM-AN ECONOMI OR POLITICAL SYSTEM BASED ON INDIVIDUAL OWNERSHIP. COMMUNISM-AN ECONOMIC AND POLITICAL SYSTEM BASED ON ONE PARTY GOVERNMENT AND STATE OWNERSHIP OF PROPERTY. PUMP PRIMING-PUMPING MONEY INTO THE ECONOMY TO FIX A DEPRESSION. DEFICIT SPENDING-SPENDING M ORE MONEY THAN THE GOVERNMENT RECEIVES IN REVENUES.

LIBERAL-A PERSON ON THE POLITICAL SPECTRUM VYING FOR CHANGE AND PROGRESS.   CONSERVATIVE-A PERSON ON THE POLITICAL SPECTRUM IN SUPPORT OF SLOWER AND SAFER CHANGE OR STATUS QUO MODERATE-A PESON WHO LIES IN THE CENTER OF THE POLITICAL SPECTRUM. REACTIONARY-A POLICY OR ACTION TO CORRECT SOMETHING. IT OCCURS IN REACTION TO THE PROBLEM. REVOLUTIONARY-A POLICY OR ACTION CREATED THAT IS NEW AND NOT IN DIRECT RESPONSE TO A PROBLEM. NEW DEAL-FDR’S PROGRAM TO ALLEVIATE THE PROBLEMS OF THE GREAT DEPRESSION DURING THE BEGINNING OF HIS PRESIDENCY. DUST BOWL-DUE TO OVERFRAMING OF LAND IN THE GREAT PLAINS, A HUGE DUST STORM WAS CREATED AND THE EFFECTS WERE FELT TO THE EAST COAST AND BEYOND. MIGRANT-FAMILIES OF FARMERS AND SHARECROPPERS THAT PICKED UP AND LOOKED TOWARDS CALIFORNIA FOR A BETTER LIFE. LEFT MANY BELONGINGS BEHIND.