2. The GREAT Depression 21.1

3. Presidents of the Roaring 20’s watch the country grow increasingly prosperous! “A chicken in every pot!” (Herbert Hoover 1928) So where/why did it all go wrong?A chicken in every pot Sign of trouble: 1.Problems in the agricultural sector 2.Wealth distributed unequally & overproduction of goods 3.Easy credit hides problems!Then….. The Stock Market Crashes!!! The Stock Market Crashes!!! SpeculationSpeculation: high risk investments hoping to obtain large profits BlackTuesdayBlack Tuesday: October 29, 1929, stock market collapsesBlackTuesdayBlack Tuesday GreatDepressionGreat Depression: 1929- 1941, unemployment 25%

7. Surviving the Depression Americans pull together Prohibition is repealed Empire State Building is built Events leading to the election of 1932:Events leading to the election of 1932: –Hawley-Smoot Tariff –Bonus Army: Jobless WW1 veterans, who were promised pensions, protested all throughout Washington D.C.=Were attacked by an army led by General Douglas McArthur

8. Two Candidates:Two Candidates: Herbert Hoover (Republican)Herbert Hoover (Republican) –Very limited strategy –Wanted state/local governments to handle relief programs –“rugged individualism:” –“rugged individualism:” only through personal effort can wealth and success be achieved.” Franklin Delano Roosevelt (Democrat)Franklin Delano Roosevelt (Democrat) –Large scale problems require governments help –Outcome : FDR wins by a HUGE margin –Most people voted against Hoover, not necessarily for FDR