1. Chapter 25
The Great Depression

2. Stock Market
1 in 20 families bought stock
Dow Jones up 350% in 5years
# of investors drive up prices

3. Many people speculate on prices of stock
“Buy on the margin”

5. Black Tuesday
October 29, 1929

6. Causes of the Great Depression
Lack of Diversity
Poor distribution of Purchasing Power
Credit Structure
International Debt

7. During the Depression:
*9000 banks fail
*Depositors lose $2.5 billion
*GNP drops 25%
*2 million take to the roads

8. By 1933 13 million or 1/3 of Americans out of work
% unemployment %
By million or 1/3 of Americans out of work NO

9. Wages drop from 1929 $25 per week to $17 in 1932

10. Farm income drops 60%
1/3 of farmers lose their land
Farm prices too low to make money

11. Farmers dump milk

14. Kansas 1935

17. African-American and the Depression
Drop in farm prices force many off the land
Go to towns

18. 50% unemployment for Southern Blacks
Some whites in the South demanded that all Blacks be dismissed so white could have the jobs

19. Black Shirts – Atlanta
“No jobs for Blacks until every white man has a job”

20. Scottsboro Boys
9 teens arrested in Alabama for rape
Convicted despite evidence

21. Powell v. Alabama
Supreme Court overturns conviction
Denied 14th Amendment rights
Not given competent legal counsel

23. Busby Berkeley Musical

32. Radio

34. Ed Wynn on the Radio

36. Abbott & Costello

37. Hindenburg

41. John Steinbeck

42. Erskine Caldwell

43. Hoover and advisors think country just in a recession
Asks business not to lay off workers and labor not to ask for raises
No one listens

44. Hoover wants to avoid government helping – wants private charities to do the job
Will later try to help with government spending, but too conservative to spend enough

45. Reconstruction Finance Company
Federal loans to banks
Only large banks that are not in too much trouble

46. Hawley-Smoot Tariff
Hawley-Smoot Tariff
Hawley-Smoot Tariff
Hawley-Smoot Tariff

47. HAWLEY
SMOOT
TARIFF

48. Reed
Smoot
Willis
Hawley

50. Bread line
NYC

53. Farm Auction

56. Hoovervilles

58. PROTESTS

59. Farmers upset about low crop prices and bank foreclosures
*try to keep crops from market
*disrupt farm auctions

62. 1924 Congress votes bonus to WWI vets, to be paid in 1945
1932 vets want the money now

63. Bonus Army
Bonus Expeditionary Force
20,000 veterans and families
March on Washington-say they will stay until bonus is passed

64. Hoover calls out the Army led by Chief of Staff Douglas McArthur

66. Camp Marks

69. Over 100 injured including a 7 year old boy bayoneted in the leg
2 babies killed by gas

70. What do the Republicans do about Hoover?
1932 Election
What do the Republicans do about Hoover?

71. Happy Days Are Here Again
FDR
Happy Days Are Here Again

75. “I pledge you. . . A New Deal for the American People”