Chapter 23.1  The Nation’s Sick Economy

The Election of 1928 _______________________________ (Rep) _______________ Prohibition Took credit for ______________________ of the 1920s ______________________________ (Dem) ___________________ Prohibition First Roman Catholic ever nominated for President Hoover _________ by a landslide

The Long Bull Market _____________________: system for buying and selling shares of companies _________ Market: Long period of rising stock prices (____________ Market is opposite) 1920s lead to heavy ________________________

Margin, Margin Call, and Speculation _____________________________: buying stock with small down payments (good as long as stocks went up) ___________________________: If stocks begin to fall, broker could demand investor to repay NOW! ____________________________: Investors betting on the market climbing and then selling off to make a quick profit

The Great Crash 1929: few ___________ investors, stock prices go _____________ ___________________ were made, and investors began ______________ all stock 10/29/29: _______________ stock prices fell $10 - $15 ___________ dollars Technically this did _______ cause the depression, it hurt the economy

Results of Black Tuesday _______________ lost money on investments Loans were ____________________ on Bank deposits were not __________________, customers lost money if _____________________ ________________: many people withdrawing money at once = bank ______________________

What is the Great Depression? Time period between ______ and ______ in which the _________________ plummeted and the ________________________ rate skyrocketed At its peak, _____________ out of work and GNP down by ________ in a 4-year period (1929-1933) 11,000 of the nation’s 25,000 banks __________________ Could not pay people back their _________________

Roots of the Great Depression __________ bailout of the Bank of England (1927) led to easy, __________________ Efficiency led to ________________________ Crisis in the __________________ sector Uneven distribution of income (______ of population earned less than $2,500/$26,900) Low consumption = worker’s being ____________________ ___________________________: down payments and then paying the rest in monthly installments _______________________________: raised taxes on imports (US bought less from overseas, and they raised taxes so we shipped less) Lowered interest rates, should have _______________ them

Chapter 23.2  Hardships & Suffering During the Depression

The Depression Worsens 1000s of banks ____________ High __________________________ _______________ and __________________________ Unable to pay ________________ _______________________________/Hoovervilles _______________ emerge __________________________: uncultivated fields/drought Lost farms and moved West (Calif.) ________________________

Escaping the Depression ______________________: stories about overcoming hardship _______________: Snow White and the Seven Dwarfs (1st full length animated film) Wizard of Oz, Mr. Smith Goes to Washington, Gone with the Wind _______________ George Burns, Lone Ranger, Soap Operas

The Depression Art ________________________________ Artists and writers portrayed _________________ _________________________: The Grapes of Wrath _________________________ Novelist Attitudes of Southern Whites and African Americans ________________________________ Photographer; took photos of people of the Great Depression

Chapter 23.3  Hoover Struggles with the Depression

Promoting Recovery Hoover held meetings with big wigs from ________, _________, big business, labor, and ____________________________ Forced businesses to _________ production, but not lower ___________ (led to the high _______________________________ of the Great Depression) Increase _______________________ (government financed jobs) Hoover did not __________________ government spending or taxes (Opposed a _____________________________) ___________________________ blamed for the Great Depression

Pumping Money Into the Economy Hoover wanted the _________ to put more currency into circulation (NO!) __________________________________ (NCC): created a pool of money to help banks (No help) _____________________________________ (RFC): made $1.5 bil. in loans to banks, RR, and Ag industries (bad b/c it was corrupt) Hoover felt relief was for the _____________ level to provide not the federal government Emergency Relief Act/Construction Act (1932)

People Got Angry! __________________, rallies, __________________ marches Marched onto ________________________ 1 million _________________ were foreclosed (taking possession of) Some farmers ____________________________ crops (why?)

Bonus Army $1,000 bonus paid to WWI vets in _______________ Bonus Marches on to D.C to lobby for receiving bonus ______________ (1932) Hoover _______________ to meet with army, and ____________ votes it down! Police and Bonus Army clash, resulting in several ___________________

A Hurting Hoover The Bonus Army incident ___________ Hoover’s image with the public 1932 election coming close and Hoover’s Democratic opponent, _____________________________________, is looking great to the voting population Hoover: “For the 1st time in the history of the depression, dividends, profits, and the cost of living have been reduced but high __________ have not suffered.” FDR upon hearing Hoover’s response to the Bonus Army – “Well, Felix [his friend], this will ___________________ me.” VS.