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Chapter 23 The Great Depression
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Stock Market 1 in 20 families bought stock Dow Jones up 350% in 5years # of investors drive up prices
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Many people speculate on prices of stock
“Buy on the margin”
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Black Tuesday October 29, 1929
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Causes of the Great Depression
Lack of Diversity Poor distribution of Purchasing Power Credit Structure International Debt
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During the Depression:
*9000 banks fail *Depositors lose $2.5 billion *GNP drops 25% *2 million take to the roads
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By 1933 13 million or 1/3 of Americans out of work
% unemployment % By million or 1/3 of Americans out of work NO
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Wages drop from 1929 $25 per week to $17 in 1932
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Farm income drops 60% 1/3 of farmers lose their land Farm prices too low to make money
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Farmers dump milk
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Kansas 1935
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Rolla, Kansas
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African-American and the Depression
Drop in farm prices force many off the land Go to towns
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50% unemployment for Southern Blacks
Some whites in the South demanded that all Blacks be dismissed so white could have the jobs
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Black Shirts – Atlanta “No jobs for Blacks until every white man has a job”
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Scottsboro Boys 9 teens arrested in Alabama for rape Convicted despite evidence
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Powell v. Alabama Supreme Court overturns conviction Denied 14th Amendment rights Not given competent legal counsel
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Entertainment
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Busby Berkeley Musical
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Radio
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Ed Wynn on the Radio
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Abbott & Costello
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Hindenburg
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John Steinbeck
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Erskine Caldwell
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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
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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
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Reconstruction Finance Company
Federal loans to banks Only large banks that are not in too much trouble
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Hawley-Smoot Tariff Hawley-Smoot Tariff Hawley-Smoot Tariff Hawley-Smoot Tariff
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HAWLEY SMOOT TARIFF
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Reed Smoot Willis Hawley
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Bread line NYC
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Farm Auction
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Hoovervilles
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PROTESTS
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Farmers upset about low crop prices and bank foreclosures
*try to keep crops from market *disrupt farm auctions
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1924 Congress votes bonus to WWI vets, to be paid in 1945
1932 vets want the money now
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Bonus Army Bonus Expeditionary Force 20,000 veterans and families March on Washington-say they will stay until bonus is passed
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Hoover calls out the Army led by Chief of Staff Douglas McArthur
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Camp Marks
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Over 100 injured including a 7 year old boy bayoneted in the leg
2 babies killed by gas
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What do the Republicans do about Hoover?
1932 Election What do the Republicans do about Hoover?
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Happy Days Are Here Again
FDR Happy Days Are Here Again
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“I pledge you. . . A New Deal for the American People”
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