1920s BOOM! To BUST. What your Author Says: In November 1932, voters turned to the Democratic Party and its leader, Franklin Roosevelt. This set the stage.

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Presentation transcript:

1920s BOOM! To BUST

What your Author Says: In November 1932, voters turned to the Democratic Party and its leader, Franklin Roosevelt. This set the stage for a vast federal response to the economic and social crisis. The prosperity of the 1920s ended October 1929 with the stock market collapse. The Wall Street crash, and the economic problems that underlay it, launched a depression that hit every household. President Hoover struggled to respond, but his commitment to private initiative and his horror of direct federal intervention limited his effectiveness. In November 1932, voters turned to the Democratic Party and its leader, Franklin Roosevelt. This set the stage for a vast federal response to the economic and social crisis.

1920s BOOM! To BUST Todays Topic: What were the causes of the Great Depression. (5)

Where we are at: Speed Bump 1919 CRASH! Depression 1920s New Industries Awesomeness!

Its a Cycle! Loss of Buyer (unemployed) Overproduction Gov. Raised Tariffs Loss of Buyer (no trade) Mistakes Federal Bank Loss of Buyer (savings gone) Stocks Crash Loss of Buyer (no credit) Banks Close Loss of Buyer (in debt!)

Cause #1: Overproduction What happened? Result?

#2: High Tariffs What happened? Result? Hawley-Smoot Tariff were the second-highest in U.S. history exceeded by a small margin only by the Tariff of 1828

#3: Mistakes made by Fed Bank What happened? Result?

#4: Stock Market Crashed What happened? Result?

#5: Banks Closed What happened? Result?

Write a Thesis: How did President Herbert Hoover respond to the Great Depression?

1920s BOOM! To BUST Authors Thesis: President Hoover struggled to respond, but his commitment to private initiative and his horror of direct federal intervention limited his effectiveness

What were the causes of the Great Depression? Election of 1928 Herbert Hoover How do we know him? -L-Lead the food administration (ration) in WWI -The Great Engineer We are nearer to the final triumph over poverty than ever before!...I have no fears for the future of our country. It is bright with hope

Hoovers Responds to the Great Depression Needs to be fixed?Attempts Made. Successful? Unemployment PWA: -Public Works Administration: Problem = Who pays? 1.) Raise Taxes? 2.) Run a deficit = spend more money than the gov has. = debt

Needs to be fixed?Attempts Made. Successful? Debt Relief For the People Relief: Did not believe it was the Fed Govs responsibility Gave $ to the states and they dealt with the issues. Not enough $ without going into a deficit (debt)

Needs to be fixed?Attempts Made. Successful? Stop Business & Bank Closings RFC: Reconstruction Finance Corp Have Federal Government loan money to -Banks -Railroads -Farmers

RFC = TRICKLE DOWN Economics

Hoovers Responds to the Great Depression How did Americans react to Hoovers failed attempts at fixing the economy?

1.) They nicknamed the Shantytowns Hoovervilles 2.) Bonus Army March - WWI soldiers promised $1, : 1,000 left Portland D.C…grew to15,000 - Eventually cleared out by the D.C police