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Ch 11: The Great Depression
11.1: The Great Crash Allusion of Prosperity People used credit 3 Percent Unemployment 20% owned cars Customers bought new products Economic Weakness People Maxed-out their credit Unequal Distribution of Wealth Lots of Unsold Product Inventory Stock Market Stocks Shares Buying on Margin Federal Reserve System Stock Market Crashes Black Tuesday Crash Effects Job Losses Banks Close Crash heads Overseas Tariffs
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Allusion of Prosperity
People used Credit to buy stuff
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Allusion of Prosperity
3% Unemployment Factories were booming Hired extra workers Unions weakened Benefits for workers Job security high
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Allusion of Prosperity
20% families owned a car Car factories kept people employed
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Allusion of Prosperity
People bought all the new appliances
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Economic Weaknesses People Maxed out their Credit
Couldn’t purchase anymore
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Economic Weaknesses Unequal Distribution of Wealth
5% of Population owns 70% of Wealth
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Economic Weaknesses Lots of Unsold Inventory
Product piled up in warehouses New products did not need made
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Stock Market Wall Street Stocks are traded (Sold & Bought)
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Stock Market Stocks Shares in specific company
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Stock Market Shares A fraction of a percentage of a company
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Stock Market Crashes Black Tuesday October 29, 1929
Stock market sells 16 million shares
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Stock Market Crashes Black Tuesday
Stock Brokers Jumps out of Windows ? No
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Crash Effects Job Losses = Bad Cycle Warehouses full
Factories lay off laborers
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Crash Effects Out of work laborers can’t buy new products
Job Losses Warehouses full Factories lay off laborers Out of work laborers can’t buy new products Warehouses stay full
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Crash Effects Banks Close
People ran to get their savings out of the bank
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Crash Effects Banks keep very little cash on hand Banks Close
People ran to get their savings out of the bank Banks keep very little cash on hand
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Crash Effects Banks Close Banks also made bad investments
Banks keep very little cash on hand Banks also made bad investments People lose their savings in a bankrupt bank
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Crash Effects Crash Heads Over Seas
U.S. had loaned European countries money to rebuild after WWI U.S. called in the loans Europe could not pay back loans (Broke) Europe could not buy any new products from U.S. (Broke) Great Depression goes World-wide
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Crash Effects Tariffs = Taxes on Imports
Tariffs were used to increase money for the government
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Crash Effects Tariffs worsened economy
Tariffs = Taxes on Imports Tariffs were used to increase money for the gov’t Tariffs worsened economy Made products too expensive to purchase No country bought anything form other countries
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Ch 11: The Great Depression
11.2: American Face Hard Times Failures Bank Failures Farm Failures Unemployment Human Impact Hoovervilles Hobos Emotional Scars The Dust Bowl Dust Storms Fleeing the Plains The Dust Bowl in popular Culture Grapes of Wrath Woody Guthrie
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Failures Bank Failures
Buying on margin = borrowing money to buy stocks
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Great Depression Failures
Farm Failures People had no money to buy farm products Farms still Produced
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Failures Prices Dropped (Over Production)
Farm Failures People had no money to buy farm products Farms still Produced Prices Dropped (Over Production) Farmers produced more for less
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Failures Couldn’t pay bank loans & Lost their Farms Farm Failures
Prices Dropped ( Over Production) Farmers produced more for less Couldn’t pay bank loans & Lost their Farms
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Failures Unemployment – Lasted 10 years 25% nation wide
50% in places (Harlem)
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Human Impact Hoovervilles People blamed President Herbert Hoover
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Human Impact Many People lost their homes Lived in tents / shacks
Hoovervilles People blamed President Herbert Hoover Many People lost their homes Lived in tents / shacks Many shacks together = Hooverville
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Human Impact Hobos Homeless who traveled
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Human Impact Emotional Scars People saved money …were resourceful
…self-reliant Always prepared for the worst …pessimistic about the future
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The Dust Bowl The Dust Storms
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Dust Bowl Area
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The Great Plains
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Native Tall Grass -deep roots -drought resistant
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1920’s – Farmers plow up Native grass
Plant wheat (with shallow roots) Extended drought hits Wheat roots dry up Soil dries up & blowes away
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Thunderstorm winds pick up the topsoil
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11.2 Dust Bowl Farmers can’t pay back farm loans
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11.2 Great Depression: Dust Bowl
Banks repossess farms
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Winds blow the dust toward the East Farmers leave their farms
Push-Pull factors: The Dust bowl ruins farms The Great Depression causes farmers to lose their farms People migrate west to California for jobs (Picking Agriculture)
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Winds blow the dust toward the East
Farmers pack up everything and head west
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The Dust Bowl People leave the Plains
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People see the “Oklahoma” tags
Local Californians Call Depression immigrants “Okies”
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Route 66 (Built 1926)
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11.2 Great Depression: Dust Bowl
Okies get jobs as migrant workers =(pick fruit & vegetables)
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11.2 Great Depression: Dust Bowl
Okies get jobs as migrant workers (pick fruit & vegetables) Live in migrant camps (Temporary Camps near work fields)
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The Dust Bowl The Grapes of Wrath = Book John Steinbeck
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The Dust Bowl Woody Guthrie Folk Singer / Song Writer Wewoka, OK
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The Dust Bowl Socialist
Woody Guthrie - Folk Singer / Song Writer -Wewoka, OK Socialist Sang about the hard times of the normal American This Land is Your Land
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Ch 11.1 & 2: The Crash & Dust Bowl
1. How was the economy in the Roaring 20’s? 2. Which event started the Great Depression? 3. In which month & year did the Great Depression start? 4. What is the nickname for the event that started the Great Depression? 5. Why did life appear better than it really was during the Roaring Twenties? 6. How was the economy during the Great Depression? 7. What does “ A run on the banks” mean? 8. What is a stock? 9. What is a stock market? 10. What did the government do that hurt the economy? 11. Why did banks fail during the Great Depression? 12. What does “buying on margin” mean? 13. What is a hooverville? 14. What was the Dust Bowl? 15. What caused the Dust Bowl? 16. What’s an Okie? 17. Who was Woody Guthrie? 18. What was the Grapes of Wrath? 19. Why did farms fail? 20. What kind of government did Woody Guthrie believe in?
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Ch 11.1 & 2: The Crash & Dust Bowl
1. How was the economy in the Roaring 20’s? Great 2. Which event started the Great Depression? 1929 Stock Market Crash 3. In which month & year did the Great Depression start? October 1929 4. What is the nickname for the event that started the Great Depression? Black Tuesday 5. Why did life appear better during the Great Depression? People bought products on credit 6. How was the economy during the Great Depression? Bad 7. What does A run on the banks mean? Everyone tries to take out their money out of the bank 8. What is a stock? A part /share/ percentage of company 9. What is a stock market? A place where stocks traded 10. What did the government do that hurt the economy? Tariffs (taxes) on imports 11. Why did banks fail during the Great Depression? Bad Investments / Little Cash on Hand 12. What does “buying on margin” mean? Borrowing money to buy stocks 13. What is a “Hooverville”? A shanty shack / tent town 14. What was the Dust Bowl? A serious drought in the Great Plains 15. What caused the Dust Bowl? Drought and bad planting practices 16. What’s an Okie? A person that fled the Great Plains 17. Who was Woody Guthrie? A folk singer from Oklahoma 18. What was the Grapes of Wrath? A book / movie about Okies in the Great Depressions 19. Why did farms fail? Drought and low crop prices 20. What kind of government did Woody Guthrie believe in? Socialism
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