The Great Depression Chapter 22 Dorothea Lange’s “Migrant Mother”

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Presentation transcript:

The Great Depression Chapter 22 Dorothea Lange’s “Migrant Mother”

Economic Troubles Basic Industry declining from competition: – Railroads – Textiles – Steel – Coal mining

Housing Construction Declining 25% drop from – Drop in all related industry

Farmers Caught in vicious cycle of more crops and lower prices

Buying on Credit Large consumer debt

Uneven Distribution of Wealth 70% of nation’s families earned less than $2500

Mechanization Increase in production and lower prices Many lack the funds to buy goods

Buying on Margin Pay only a percentage of stock price and borrow the rest This caused stocks to be overvalued

1928 Election Republicans: Herbert Hoover (wins easily) Democrats: Alfred E. Smith (1 st Catholic nominated by a major party)

Stock Market Crash October 29, 1929 Prices Plunge 16.4 million shares traded By mid-November over $30 billion lost

Great Depression By 1933: – 44% of country’s banks failed – 90,000 businesses bankrupt – Gross National Product (GNP) drops from $104 billion to $59 billion – 25% unemployment (13 million workers)

World Wide Depression Hawley-Smoot Tariff (1930): – Caused world trade to drop 40% Highest in US history

Hardship & Suffering during the Depression People lost money, jobs, houses Shantytowns: make shift shacks spring up called “Hoovervilles” Soup kitchens, bread lines begin Minority groups suffer greatly economically 400,000 farms lost Families break under stress 300,000 hoboes wandering the country Increased malnutrition in children Declining health of all Americans Suicide rate increased 30% More admitted to mental hospitals

Dust Bowl Caused by overproduction and drought Lasts the decade of the 1930’s Thousands fled the region Terrible conditions for those who stay

Hoover’s Response Rugged individualism (people should help themselves) over direct relief (cash payments/food from the government) Problem with Direct Relief: people losing the will to work Depression part of natural business cycle. Economy would fix itself. Government helps out businesses. Public Works Projects: Boulder/Hoover Dam ($700 million) Reconstruction Finance Corporation (RFC): $2 billion for banks, insurance, railroads, and other big business Federal Home Loan Bank Act: lowered interest rates so people could avoid foreclosure

Hoover/Boulder Dam

Bonus Army 1924: WWI veterans promised a $500 bonus to be paid in 1945 Depression starts and veterans want bonus paid now Congress debates Patman Bill: pay bonus immediately 20,000 veterans march on Washington D.C. Patman Bill voted down by Congress Bonus Army Driven from Washington D.C. – Douglas MacArthur, Dwight Eisenhower, & George Patton responsible for driving out Bonus Army – President Hoover takes the blame