The Depression: The Early Years. What were the economic effects of the “Crash”? Banks Individual savings Home ownership Businesses Demand for goods Jobs.

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The Depression: The Early Years

What were the economic effects of the “Crash”? Banks Individual savings Home ownership Businesses Demand for goods Jobs

Initial effects Some Americans still had money, jobs…but many more did not – People bartered services to survive eg: haircut for potatoes – Prioritize: no soap for food on the table Public Display – Soup lines – Increased crime – Abandoned homes

Residual Social Effects HOW and WHY did economic depression cause the following: – Delayed marriage – Decline in birthrate – More discrimination against women and immigrants – More truancy from school

Hoover’s Response Two Beliefs: – Economic outcomes are the product of character – Voluntary action would compel businesses to regulate themselves Resulting Actions – Cut taxes – Called on state and local gov’t to respond – $700 mill.for public works

Moderation Failed Hoover’s policies were unprecedented but still failed Depression deepened – Hoovervilles – Farm holidays – Violent strikes – Bonus Army Demonstrated March 1928 Cover…

Enter FDR Election 1932: Incumbent Hoover; NY governor FDR March 1933 nation hit rock bottom Americans looking for any relief Stormy Weather Part 1