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Chapter 23 Section 1 Hoover and the Crash The Great Depression
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1928 – “final triumph over poverty”
Herbert Hoover 1928 – “final triumph over poverty”
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Objective: To examine the causes of the Great Depression
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Signs of Weakness Older industries in decline Agriculture struggling
Even though this was happening stock prices continued to skyrocket, and people bought on margin!
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I. Stock Market Crash On Tuesday, October 29, 1929, stock prices plummeted. This became known as Black Tuesday.
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The Philanthropist by, Herb Block (Dec. 5, 1930)
During the Great Depression approximately 25% of the workforce was unemployed. People who lost their jobs began selling five-cent apples on the streets of American cities, providing a symbol of the economic hardships of the era. * People that had invested their savings in stocks had little or nothing left. * People that bought stocks on margin (credit) could not repay their debts.
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The Great Depression Begins
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Causes of the Great Depression
II. Overproduction Farms and factories overproduced beyond the demand. Wages did not rise as fast as prices. Therefore, people couldn’t afford to buy many goods. Businesses suffered and laid off workers.
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“Cycle of Disaster” – many businesses went bankrupt
Businesses cut production Workers suffered from wage cuts and lay offs. Demand for goods fell. People had little or no money to spend.
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A foreclosure sale in Iowa in the early 1930s when "the bottom fell out of everything." Military police were on hand to keep farmers from disrupting the auction. ca
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III . Banking System When the stock market crashed, people could not repay their loans to the bank. Therefore, banks couldn’t give depositors their money and banks closed. Many people lost their life savings.
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The Human Cost Unemployment from 3% to 25% - 13 million w/o a job
If you had a job your hours were cut Soup kitchens, Hoovervilles, and Hoover blankets
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Employment Many people found themselves out of a jobs for years
African American men, and other minorities were discriminated against in the workplace and became targets of hostility
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Housing Many unemployed people lost their homes
Many homeless living in the streets or in shanty towns Many farmers lost their farms
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Physical Health Poor and homeless people scavenged or begged for food or turned to soup kitchens and bread lines Poor diet and lack of health care increased rates of serious health problems Malnutrition and starvation grew more common
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Racial Relations Intense competition for jobs sparked existing racial resentments into open hostility and violence In 1933, 24 African Americans lynched Thousands of MA left the US voluntarily or were deported
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Farming Farmland already exhausted through overproduction was hit with draught and winds, turning the plains into the Dust Bowl Dramatic decreases in farm prices and income Many farmers lost ownership of their farms and were forced to become tenant farms or farm laborers
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Family Life The Depression strengthened family ties, but also increased family tensions Some men abandoned their families, discouraged by their inability to provide for them they were ashamed
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Impact on Families Women also faced greater pressure to provide for themselves and their families Very difficult on children – lack of food and dental care
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Emotional Health Many people became demoralized
Suicides and admissions to mental hospitals increased dramatically People were forced to accept compromises that would affect the rest of their lives Some people came to want financial security more than anything else in life
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