Chapter 23.1 A Prosperous Nation. Review: Describe the economy of the 1920’s. Query: What did Americans assume about the economy?

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Presentation transcript:

Chapter 23.1 A Prosperous Nation

Review: Describe the economy of the 1920’s. Query: What did Americans assume about the economy?

Hoover – A Symbol of America! Symbol of success Rugged Individualism Economic Darwinism?

Stock Market Boom Stock = shares in corp. Company profit = dividend 1921 – 1929 = bull market Impact Bestseller

Query Would you play the stock market today?

Stock Market Growth

How It Works Dow Jones IA– average stock price of major industries Buy stock = – Price – Dow Sell stock – – Price – Dow

Buying on Margin Pay a little up front… … and borrow the rest Stock goes up Stock goes down 1921 – 1929 Reality

Danger Signs 1. Unequal distribution of wealth 2. Speculation 3. Personal Debt 4. Overproduction

Query Did any of the danger signs exist in the Great Recession?

Chapter 23.2 The Great Crash

Economic Cycle Expansion Peak Contraction Trough

Economic Cycle – Over Time

Countdown… September 1929 Black Thursday (10/24/29) Government Response Bank Response

The Great Crash Market falls…again Black Tuesday (10/29) = Massive selling off Prices fall steeply Loss = $14 billion Weeks to Months Overall = $40 billion

Black Thursday The Great Crash Black Tuesday Banks Buy Stock

Great Crash

Great Crash – 1987

Negative Business Cycle No money to invest Businesses Lose Money People Lose Jobs No money to spend Buy fewer products

International Problems WWI Loans Hawley Smoot Tariff Stagnation!

Bank Problems

Impact Social Impact

Marches Public Demands Republican Response Bonus March Hoover Response Public Response B

Too Little, Too Late Mid-term woes Response: 1. Public Works 2. Reconstruction Finance Corp. 3. Federal Home Loan Bank Act But NO HANDOUTS!

And Along Comes FDR Happy Days Are Here Again! Happy Days Are Here Again! Roosevelt campaign song New Ideas… Provides hope