The Great depression 1929-1941.

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Presentation transcript:

The Great depression 1929-1941

Vocabulary Bankrupt: Unable to pay one’s debts Stocks: The ownership element of a corporation divided to give the owners an interest Credit: An arrangement for delaying payment on a purchase Invest: To commit money in order to gain a profit Speculation: The taking part of a big risk in business in hopes of making a big profit

Depression Begins, The Roaring Twenties have gone Silent 1929-1941 (WWII) Worst economic crisis in history Americas crash meant other countries’ did as well -No money to borrow Extreme suffering -Unemployed (9 Million) -Hungry (Bread lines) -Homeless

Problems in Business Overproduction of goods -people were unable to purchase them -businesses couldn’t pay salaries, equipment, or materials

Problems With Farmers Produced more crops due to technology -ex: Irrigation & motorized machinery Not selling crops caused lower prices on food

Illusion of Wealth Most Americans had small income and little to no savings. -fancy cars and modern appliances were the new fad Many still bought goods on credit*

Stock Market Americans rushed to buy stocks* Investors borrowed money & bought on speculation* -tried to make a quick profit -Unable to pay it back Americans risked bankruptcy* due to debt

Stock Market Crash 2 month period in 1929 NYSE stocks went from worth a fortune to worthless Black Tuesday (October 29th, 1929) -Stocks fell more than 75% -Lost savings in less than 2 hours No money meant no purchasing. -Lay offs -Mass unemployment Bank closures, no money

Bankers Suicide

Herbert Hoover, Bonus Army, and Dust Bowl Americans blamed Hoover -”Do Nothing” President WWI vets promised a bonus for service -Hooverville’s Drought in Midwest causes farms to dry up -wind carried dust (day into night)

Review When did the Depression take place? Name an example of the suffering Americans went through. People bought things with _________ rather than cash. Veterans who were promised bonus were called the ______ _______. How would investors try to make a quick profit? What happened on “Black Tuesday”? The drought throughout the Midwest was known as what?