Warren G. Harding and Calvin Coolidge

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Presentation transcript:

Warren G. Harding and Calvin Coolidge

Warmup What are stocks? Why are they important?

Objective: How industry leads to the stock market crash. The Great Crash Objective: How industry leads to the stock market crash.

An Appearance of Prosperity Not great for everybody Was still a period of growth Gross national product (GNP) - total value of goods and services produced by a nation during a specific period Rose 30% Society was optimistic about this growth Little known about economic principles Leads to questionable and sometimes reckless activities

An Appearance of Prosperity Explosive expansion and production Production increase leads to job increase Low unemployment and slow growth of unions Feelings of prosperity leads to people buying consumer goods Shorter work week and higher paycheck More money on movie theaters, sporting events, and leisure activities

Stock Market Expansion Stocks and shares Prices trended sharply upward Ordinary Americans began to invest

Faith in Business and Government Harding and Coolidge “The chief business of the American people is business.” Prosperity means people support this idea

The Election of 1928 Coolidge decided not to run Herbert Hoover (R) Never held an elective office but a lot of experience in public service Quiet and shy Quaker Supported Prohibition Al Smith (D) outgoing Catholic

Wealth Distribution Uneven – 1% Workers hit hard Miners and farmers About 70% of families below standard of living by 1929 Savings declined Credit limits reached Purchases slowed Warehouses began to fill with assembly line goods

Credit and the Stock Market Buying on margin – buying stock with loans from a stockbroker What if stocks price dropped?

The Federal Reserve Nation’s central bank Concerned with buying on margin Makes it more costly for brokers to sell on margin Decrease in margin buying from banks Corporations began to sell on margin Drives stock prices up further Economist Roger Babson, “Sooner or later a crash is coming, and it may be terrific.” Meaning a sudden crash in stock prices Banker Charles Mitchell “I see no reason for the end-of-the-year slump which some people are predicting.”

Question What caused the Great Depression?

Compare Compare the causes of the 1929 stock market crash to the economic issues of today. What are the similarities? Differences?