The Great Depression to 1932

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Presentation transcript:

The Great Depression to 1932

Agenda 1. Bell Ringer: What occurs during the Harlem Renaissance? (5) 2. Notes: Black Tuesday, and the Sick Economy, Hoover attempts to end the Depression (20) 3. The beginning of the Depression Video, Individual Accounts (15) 4. Chart and Timeline, Event Correlation with the Depression (15) 5. Dust Bowl Image Analysis (20 minutes) HW: Review Notes, Next Test will be on 4/13/2018 on Unit

The Stock Market Crash Black Tuesday, October 29th 1929. Stock Market crashed and $30 billion dollars was lost. Everyone lost something, while only 3 percent invested in the stock market, many banks invested, and when people came to get their money they collapsed.

Why did it happen? Economic troubles were seen early in the Twenties with Agriculture. Overspeculation in the Stock Market and Living on Credit Unequal distribution of Income Tariffs and War Debt policies

Effects of the Depression and the Dust Bowl Urban Many lost their homes, unemployment skyrocketed. African Americans faced increased discrimination Many tried to get their savings from banks only to find it no longer existed. Rural Farms faced issues in the Midwest since the 1920s, The Dust Bowl would lead to foreclosures and food shortages. Men who couldn’t find work would abandon their families and become transient.

Hoover Takes Action He urged businesses to help their workers, but had limited success. Did not want to use federal resources, feeling that it would only lead to reliance. But eventually he relented and intervened with the power of the government. He would support cooperatives- groups of individuals working together to maintain prices (Farmers) Federal Home Loan Bank Act- Lowered mortgage rates and allowed farmers to refinance to avoid foreclosure. Reconstruction Finance Corporation (RFC)- $2 billion in emergency funding for banks and large businesses, feeling it would trickle down to all Americans.

The Bonus Army By this time many had lost faith in Hoover. Shantytowns were Hoovervilles, empty pockets Hooverflags In 1932 the Bonus Army came to Washington, wanting money promised to them after World War I. Hoover utilized the 12th infantry and gassed them to leave. An infant was killed in the melee. “Well Felix, this will elect me.” -FDR