THE GREAT DEPRESSION US HISTORY II

POST WWI Red Scare-Fear of Communism Exclude Socialists Mitchell Palmer Palmer Raids –Attacks on suspected radicals using wartime laws against radicals Labor Strikes-Organized Labor linked to radicals Seattle Strike –shipyard strike Boston – Police Strike

IMMIGRATION Competition for jobs Red Scare Rise of nativism =culture clash National Origins Act 1924 –sets quotas on # immigrants Klu Klux Klan-Rebounds targets Jews, Catholics & Radicals Vanzetti- on trial for murder, political beliefs and ethnic background

INDUSTRY Ford –Assembly Line Cars (or product) moves on conveyor belt-workers have assigned task to complete Welfare Capitalism –workers receive benefits from co. Goods are advertised Creates new demand Installment buying

THE GREAT DEPRESSION

CALM BEFORE THE STORM LIFE IN AMERICA INVESTING PRODUCTION AUTOMOBILE WELFARE CAPITALISM CREDIT GOVERNMENT & PRO BUSINESS – LAISSEZ FAIRE

SIGNS OF TROUBLE WEALTH DISTRIBUTION WORKERS, FARMERS INCOME SAVINGS CREDIT LIMITS NO WORK FOR WORKERS OVER STOCKED WAREHOUSES

DAWES ACT

CREDIT & STOCK MARKET BUYING ON MARGIN BIGGER LOANS SPECULATION/RISE MARGIN CALLS FEDERAL RESERVE BIG INVESTORS SELL OFF/NO BUYERS BANKERS FEDERAL RESERVE BANK

BLACK TUESDAY TUES. 10/29/1929 STOCK MARKET CRASH BANKING CRISIS GNP FALLS BY 40% WORLD ECONOMY/WWI INDUSTRY CONSUMERS UNEMPLOYMENT HIGH TARIFFS

PRES. HERBERT HOOVER RUGGED INDIVIDUALISM LAISSEZ FAIRE ASSOCIATIVE STATE RFC (Reconstruction finance Corp., direct help) SMOOT-HAWLEY TARIFF ACT (Tariff on Imorts) NO AID TO INDIVIDUALS TAX BONUS ARMY

FDR – LANDSIDE VICTORY PUBLIC WORKS PROGRAMS GOVERNMENT’S JOB BANK HOLIDAY EMERGENCY BANKING ACT FIRESIDE CHATS HUNDRED DAYS- NEW DEAL RELIEF REFORM RECOVERY PUSH CONGRESS!

NIRA CCC TVA SEC CWA NEW DEAL

TROUBLE FOR THE NEW DEAL RADICALS – NOT ENOUGH CONSERVATIVES-TOO MUCH THEY ALL OPPOSE NEW DEAL HUEY LONG –TOO CLOSE TO BANKS AND BUSINESS COUGHLIN-MORE NEEDED TO CURB POWER OF BUSINESS & BANKS TOWNSEND-NEED MORE FOR ELDERLY COURT PACKING –SUPPREME COURT KNOCKS DOWN NEW DEAL PROGRAMS FDR – “Court Packing” scheme