Objective: Students will begin their study of the Great Depression by examining its causes & Pres. Hoover response to the Great Depression. Drill: 1. What.

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Objective: Students will begin their study of the Great Depression by examining its causes & Pres. Hoover response to the Great Depression. Drill: 1. What was the number one concern or problem that President Obama addressed in his State of the Union speak? 2. What was the cause of that concern/problem?

Concern 1. Economy 2. Great Recession; cause the Housing crisis”

The Great Depression ( /41) I. Hoover’s presidency (R) ( ) A.Claimed in election of 1928 that "Poverty will be banished from the nation.“ B.The Great Crash of Over-speculation: a. Investors gambled that the Bull market, the values of stocks would always increase.

2. Too many stocks were being bought on margin. a. Investors purchased stocks for 10% down and borrowed 90% from the banks b. When stock values rose, investors would pay back their debt (plus interest).

3. Oct. 29, 1929 ("Black Tuesday") – investors sensed the weakness of the market and started to sell. Within hours, everyone wanted to sell and the stock market “crashed”(meaning it lost more then 10%).

C. Effects of the Great Depression 1. By 1932, 5,761 banks had failed (22% of total ) due to bad loans and bank runs. 2. Without credit, businesses collapsed with unemployment at 25% by 1932 (13 million people) million people became hobos and lived in makeshift shacks known as Hoovervilles

II. Long-term Causes of the Great Depression. A.Overproduction of goods & Uneven distribution of income. 1. Most of the country was poor and lived on credit in the 1920s. 2. Without credit warehouses filled with unsold products. B. Dust Bowl/Black Blizzard 1. Drought & overuse of land, turned most of the Midwest into desert, bankrupting millions of farmers.

A. Rise tariff (Hawley- Smoot Tariff of 1930), further reducing world trade. B. Volunteerism 1. Urged businesses to avoid lay-offs of workers and wage cuts. 2. Urged all citizens to contribute to charities to ease the suffering. III. Hoover’s response to the Great Depression

C. Reconstruction Finance Corporation (RFC) 1. Loaned over $500 million to banks and other financial institutions. 2. Appropriated $750 million for public work projects. pedia.org/wi ki/Image:Ho over_dam_fr om_air_corr ected.jpg

D. Bonus Army incident 1. 17,000 unemployed WWI veterans marched on Washington in summer of 1932 to lobby Congress for early payment of bonuses promised in Hoover called in the Army to remove the bonus army. Thus, appearing heartless and contributed to his defeat in the November elections. d/bonus_army_13.jpg

In Summary How did the 1920s create the Great Depression? How did the President Hoover (R) respond to the Great Depression?