1. Chapter 25 The Great Depression Section 1

2. stock exchange : an organized system for buying and selling shares.

3. Who bought stocks ? grocers motormen plumbers seamstresses waiters

4. On margin … This meant to pay only a fraction of the stock price and borrow the rest from their brokers.

5. Black Thursday October 24, 1929 Panicked traders sold millions of shares which caused the market to plunge October

6. Stock Market Crash

7. The New York Stock Exchange closed for a few days to prevent more panic selling.

8. The next two years the U.S. slid into a severe economic crisis called The Great Depression

9. Other causes of the Great Depression?  unbalanced economy  credit crisis  international depression  joblessness & poverty

10. Many small banks suffered when farmers defaulted, or failed to meet loan payments

11. Unemployed people tried to earn a few cents by shining shoes or selling apples on street corners

12. People who lost their homes built shelters out of old boxes and other debris and they were referred to as shantytowns

14. As President Hoover failed to act these shantytowns were referred to as Hoovervilles

15. Charities, churches, and volunteers worked heroically to provide relief aid for the needy

16. Public Works projects include: highways parks libraries to create new jobs

17. The march on Washington by the Bonus Army turned many Americans blaming Herbert Hoover for the DepressionWashington

18. The Bonus Army were veterans of World War I that were promised $1,000 bonus in 1945.

19. Veterans – 20,000 marched Congress/President turned them down from collecting their bonus….all but 2,000 veterans left

21. President Herbert Hoover called in the army with tanks, machine guns, and cavalry, troops were led by General Douglas MacArthur