3.  Republican Herbert Hoover (Quaker) VS.  Democrat Alfred E. Smith (Catholic) Three P’s:  Prosperity  Prohibition- Hoover “dry” Smith “wet”  Protestantism

4. I. The Long Bull Market  Buying “on margin” -credit  Strong economy

5. CRASH!

7. “Cycle of Disaster” – many businesses went bankrupt Businesses cut production Workers suffered from wage cuts and lay offs. People had little or no money to spend. Demand for goods fell.

8.  1929Hawley-Smoot Tariff - raised to highest level in American history Bank Runs Installment Plans

9.  “The worst effects of the crash upon employment will have passed during the next sixty days.”-HooverHoover Spoke and promoted positivity  Rugged Individualism: Hoover believed it would keep America going

10.  RRs, banks, big business, labor and government pledged to keep factories open and stop cutting wages  Pledges failed-Hoover increased public works Simultaneously- he refused to increase government spending or taxes

11.  Hoover tried to persuade the Federal Reserve Board to print more $$$- DENIED  Opposed relief

12.  Recovery attempts: National Credit Corporation -created a pool of $$$ Reconstruction Finance Corporation - loans to businesses 1932 had lent $238 million  Too cautious in its loan amounts-economy decline Emergency Relief and Reconstruction Act: money for public works and loans for states for direct relief

13.  1931 discontentment led to violence Oklahoma City: 500 broke into a store and looted  American Communist Party organized “hunger marches” December 5, 1932 Washington D.C. police denied protesters food, water, and medical treatment  Congress intervened,stressing the marchers’ right to petition their government  Farmers Revolt 1930-1934 creditors foreclosed on 1 million farms Farmers destroyed crops in an effort to raise money by reducing the supply

14.  1924 $1,000 bonus to be paid to in 1945 1931 a bill introduced to authorize early payment 1932 “bonus army” marched on Washington

15.  Hoover failed to resolve the crisis but did more than any previous president The RFC marked the 1 st time federal government intervened to stimulate the economy

16.  What is the primary focus of the photograph? (i.e. what stands out?)  What is the mood?  How is this symbolic of the Great Depression?

29. http://www.glencoe.com/video_library/index _with_mods.php?PROGRAM=9780078745 218&VIDEO=2894&CHAPTER=18