1. The Great Depression

2. The Great Depression featuring Herbert Hoover

3. Election of 1928 Contest between… Hoover’s Career (summery) Al Smith
Results
Coming soon: “The Day when poverty would be banished…”
Hoover’s prophesy…

4. The Depression 1920s a New Era? Optimism results in… Market Rises…
1927
1928
1929
Black Tuesday…
Losses
By end of Oct…
By end of Nov…
By next summer…

5. The Depression Bottoms out in… Hoover’s Warnings (since 1925)
Need to raise interest rates to stop marginal…
Hoover talks to bankers…
“The problem with capitalists…
Expectations…

6. Causes of Great Depression
Problems with raw materials.
Industrialization means…
American Farm problem
Too much production
Lack of purchasing power
Industrial wages…
Over speculation in stock market.
Collapse causes…

7. Causes of Great Depression
Worldwide phenomenon.
Time of adjustment after war
Rapid Growth
End of prosperity
Need for international cooperation…(war reparations)…
The blame game
Consensus opinion…
Cycles of capitalism…
Adam Smith’s hidden hand…Supply and demand
A chute instead of a cycle…

8. Causes of Great Depression
Why is the US at fault for widespread?
US is largest…
Should have…

9. Causes of Great Depression
Why is the US at fault for widespread?
US is largest…
Should have…
Filled role as world financial stabilizer

10. Causes of Great Depression
Why is the US at fault for widespread?
US is largest…
Should have…
Been open to foreign goods.

11. Why did it last SO long? Governmental policies. A recurring theme…
Smoot-Hawley Tariff (1930)
Raised cost of living in era of deflation
Hurts farmers
Hampers international trade
Other nations cannot pay debts.
A recurring theme…
More poor policies…
The US needed to lend money, but…

12. Summary of Depression: Causes and Course.
Americans should have taken the lead…
Others to blame too…
The US tried to help Europeans earlier…

14. Hoover: Progressive or Conservative?
Believed in…
Technical proficiency
Civil liberties?
Tool of Big Business?
Racism?
Prohibition?
Public health and education?

15. Hoover’s Social Ideology
Government as initiator
Government as organizer
But key was…

16. Farm problem American Farmers “too successful”
Oversupply in food results in…
Meager profits have massive repercussions:
Hoover’s response: Agricultural Marketing Act (AMA).

17. AMA
Purpose:
Farm Board…
Coops…

18. Problem with AMA Farmers still plant… July 1931
Only effective in the short term.
July 1931
Hoover Prequels the New Deal….

19. Bonus Army
Summer 1932
Unemployed WWI vets petition Washington DC to grant them early bonuses (promised in 1945).
$1 a day for those who had served at home
$1.25 for those overseas
Congress voted “no” on the bill.
Many went home
8,000 soldier stayed. Hoover had them forcibly removed.

20. Hoover’s Foreign Policy
A New Departure in foreign policy…
Redefining the Monroe Doctrine & Roosevelt Corollary…
Clark Memorandum
Manchurian Crisis.
American Response: very weak
Stimson Doctrine
Effectiveness of response?

21. Hoover: Conclusion Failed to deal with Great Depression
Hoover was unique mix of past and future of America
He should be remembered as more than the president that failed to deal with depression…
He was the Quintessential American!
An ominous lesson

23. The Grapes of Wrath

24. Grapes of Wrath Based on book by John Steinbeck Released 1940
Directed by John Ford
(famous for John Wayne Westerns)
Also republican
Stars Henry Fonda

25. The Film: Acclaimed
Won best supporting actress - “Ma”

26. About farmers in Dust bowl

27. The Great Depression

28. Poverty in the 1930s

29. 1930s: Depression

30. Poverty in the 1930s
The
Unemployment rates reached 25% in 1932

31. Poverty in the 1930s

32. 1930s: Depression

33. Woody Guthrie American Folk singer Wrote “This Land is Your Land”
Famous for singing about the Great Depression.
Album: Dust Bowl Ballads
The Great Dust Storm Disaster

34. The Great Dust Storm Disaster

35. On the 14th day of April of 1935, There struck the worst of dust storms that ever filled the sky. You could see that dust storm comin', the cloud looked deathlike black, And through our mighty nation, it left a dreadful track.
From Oklahoma City to the Arizona line, Dakota and Nebraska to the lazy Rio Grande, It fell across our city like a curtain of black rolled down, We thought it was our judgment, we thought it was our doom.
The radio reported, we listened with alarm, The wild and windy actions of this great mysterious storm; From Albuquerque and Clovis, and all New Mexico, They said it was the blackest that ever they had saw.
From old Dodge City, Kansas, the dust had rung their knell, And a few more comrades sleeping on top of old Boot Hill. From Denver, Colorado, they said it blew so strong, They thought that they could hold out, but they didn't know how long.
Our relatives were huddled into their oil boom shacks, And the children they was cryin' as it whistled through the cracks. And the family it was crowded into their little room, They thought the world had ended, and they thought it was their doom.
The storm took place at sundown, it lasted through the night, When we looked out next morning, we saw a terrible sight. We saw outside our window where wheat fields they had grown Was now a rippling ocean of dust the wind had blown.
It covered up our fences, it covered up our barns, It covered up our tractors in this wild and dusty storm. We loaded our jalopies and piled our families in, We rattled down that highway to never come back again.

36. Popular Films/entertainment
Gone With the Wind
Wizard of Oz
Snow White and the Seven Dwarfs

37. Big Movie Stars Clark Gable Carry Grant Katherine Hepburn
Laurel and Hardy
Show “going bye bye”?
Little Rascals
Shirley Temple

38. The Grapes of Wrath

39. Grapes of Wrath Based on book by John Steinbeck Released 1940
Directed by John Ford
(famous for John Wayne Westerns)
Also republican
Stars Henry Fonda

40. The Film: Acclaimed
Won best supporting actress - “Ma”

41. About farmers in Dust bowl

42. On the 14th day of April of 1935, There struck the worst of dust storms that ever filled the sky. You could see that dust storm comin', the cloud looked deathlike black, And through our mighty nation, it left a dreadful track. From Oklahoma City to the Arizona line, Dakota and Nebraska to the lazy Rio Grande, It fell across our city like a curtain of black rolled down, We thought it was our judgement, we thought it was our doom.
The radio reported, we listened with alarm, The wild and windy actions of this great mysterious storm; From Albuquerque and Clovis, and all New Mexico, They said it was the blackest that ever they had saw.
From old Dodge City, Kansas, the dust had rung their knell, And a few more comrades sleeping on top of old Boot Hill. From Denver, Colorado, they said it blew so strong, They thought that they could hold out, but they didn't know how long.
Our relatives were huddled into their oil boom shacks, And the children they was cryin' as it whistled through the cracks. And the family it was crowded into their little room, They thought the world had ended, and they thought it was their doom.
The storm took place at sundown, it lasted through the night, When we looked out next morning, we saw a terrible sight. We saw outside our window where wheat fields they had grown Was now a rippling ocean of dust the wind had blown.
It covered up our fences, it covered up our barns, It covered up our tractors in this wild and dusty storm. We loaded our jalopies and piled our families in, We rattled down that highway to never come back again.

43. Popular Films/entertainment
Gone With the Wind
Wizard of Oz
Laurel and Hardy
Snow White and the Seven Dwarfs
Little Rascals
Shirley Temple

44. Big Movie Stars
Clark Gable
Carry Grant
Katherine Hepburn

45. Supply & Demand: A simple example

46. Supply & Demand: A simple example
What happens to the price of items as the demand increases?
What happens to the price if the demand decreases?
Demand =
Price
Demand =
Price

47. The Law of Supply and Demand
The card is valuable because of its scarcity. In 2007, a mint copy was sold for $2.35 million.
Only 50 – 60 Honus Wagner baseball cards exist in the world. + =
Honus Wagner baseball card (1909 ) + =
Demand
Supply
Price

48. The Law of Supply and Demand Valentine Heart Stickers
Even though there is a large demand, there is a lack of scarcity. Sells for $1.00.
Available almost everywhere. + =
Valentine Heart Stickers + =
Demand
Supply
Price

49. The Law of Supply and Demand
No scarcity and no demand. Therefore, this pile of dirt is virtually worthless.
Available almost everywhere. + =
A small pile of dirt. + =
Demand
Supply
Price

50. The Law of Supply and Demand
A 1964 GI Joe in good condition is relatively scarce. This one is for sale on Ebay for $350.00
In “good” condition. + =
GI Joe Action Figure (1964 ) + =
Demand
Supply
Price

51. The Law of Supply and Demand
U.S. farmers sold farm products to the European powers in large numbers.
Due to an increase in scarcity, the price of U.S. farm goods increased. + =
During WWI:
Food shortage + =
Demand
Supply
Price

52. The Other Half: Farmers
During World War I:
Europeans needed food.
They bought U.S. farm products.
U.S. farm prices increased.
U.S. farmers borrowed money to buy more land and tractors.

53. The Other Half: Farmers
After World War I:
Europeans began to produce their own food again.
The demand for U.S. farm products decreased.
U.S. farm prices decreased.
Farmers could not repay their debts.