Crash and Depression 1929-1933 Chapter 12.

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Presentation transcript:

Crash and Depression 1929-1933 Chapter 12

Economic Danger Signals Uneven Prosperity (Rich richer) Buying on credit Playing the Stock Market Game Too many goods, too little demand Farmers in debt Bad working conditions

Welcome to the “Game of Life” House $500 Car $500 Furniture $100 Refrigerator $50 Toaster $5 Stocks $50 Vacuum Cleaner $20

The Stock Market Crash Dow Jones Industrial Average- An average of stock prices of major industries- reached an all time high Prices of stock went down People began selling a lot of stock October 29, 1929-Stock market Crashed (Black Tuesday) Loans were called in

Crash Affected Millions Workers/Farmers-Loss of jobs/food prices went down Banks closed Americans turned to Europe to repay WWI debt, could not do it….World wide depression Dust Bowl, Page 388*

Effects of Depression Poverty – “Hoovervilles” (Where homeless stayed. Bad Health Working women accused of taking men’s jobs Discrimination increased Gross National Product falls dramatically Rugs/Hobos*

Surviving the Depression America pulled together while riots erupted in Europe Sought political solutions- Rise of Communism and Socialism candidates* See business cycle

Signs of Change 1933 Prohibition ended Empire State building Read page 392*

The Election of 1932 Hoover (in office 1929-1933) blamed world condition, not his control Tried to help: --Highest import tax in history! Still unrest --Hoover seemed cold hearted --Bonus Army marched in Washington (WWI vets wanted their pension EARLY!!)

Government should help vs. Government should not interfere!!! Franklin Delano Roosevelt (FDR) said, “ Private economic is a public trust” Won election over Hoover! See page 396! “So first of all let me assert my firm belief that the only thing we have to fear is fear itself.”