The Great Depression Begins

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Presentation transcript:

The Great Depression Begins Chapter 14

Economic Downfall Key businesses were barely hanging on Farm prices dropped throughout the decade “Farmer’s have never made money. I don’t believe we can do much about it?” Less money to spend

People begin living on credit 70% of families make less than $2500/yr

The Election of 1928 Employment was good Wages up. Stock Market strong. Democrats had no shot

Hoover Promised “a chicken in every pot and a car in every garage.” Had never been elected to office before. People were happy the way things were.

Herbert Hoover

The Crash! Dow Jones was 300 points higher than 5 years earlier. Views were overly optimistic. October 29, 1929 the market goes caput. Prices go even lower on Black Tuesday

Everyone sells stocks trying to save their money. Bankers try to halt the crash. Market falls another 92 points. $6-$9 billion in losses. 600 banks close in 1929/1930 Normal people lost everything

Causes Small market for American goods Farm problems Too much credit Unequal distribution of wealth Stock pooling/overspeculation

Daily Life in Cities Lose jobs, evicted, end up living in the streets/parks/etc… Live in shantytowns Waiting in soup and bread lines African-Americans & Hispanics hit hardest

Hooverilles

Farms Too much food to sell. Could not pay to send to market. Many farms get repossessed 400,000 from 1929-1932 Drought begins in mid-west Many become very desperate

Dust Bowl begins Crops not strong enough to hold down soil. Many farmers head west looking for work.

Leaving the Dust Bowl

John Steinbeck

Response Rugged Individualism Did not believe in handouts Would only slow recovery Economy only in a slump. Wait it out “People will work harder and live a more moral life.”

1932: Most unpopular man in country. Community Chests: Private organizations to help needy. Gov’t help would bring corruption. Relied on indirect help.

Huey Long

Bonus Army 15,000 WWI veterans march on D.C. to get bonuses. Scheduled for 1945: needed now. Communist rumblings flow Senate turns down bill

Gave funds for journey home: Most stayed. Police ordered to evacuate everyone. Hoover sends in army after 2 vets killed.

Douglas MacArthur