1. THE GREAT DEPRESSION

2. “Black Thursday” Stock Market Crash October 24, 1929 18,900,000 shares traded, $13 billion lost in 24 hours.

3. November 1929: $26 billion—one-third of value before crash—lost.

5. BLUE CHIP STOCKS

6. THE GREAT DEPRESSION Structurally flawed economy – profit inflation Extent of the depression –Business failures –Bank failure –Unemployment

8. Human Consequences 19291933 Unemployment Rate3%25% Wages$1,368$820 Poverty Rate24%60% Fertility Rate90%76% Infant Mortality5763 Immigrants280,00023,000

11. Migrant FamilyMigrant Family

15. THE GREAT DEPRESSION Hoover’s Response to the Great Depression –Agricultural Marketing Act (1929) –Reconstruction Finance Corporation (1932) –Opposition to direct relief –The Bonus Army

17. Pretty Boy FloydBonnie and Clyde Robberies: about 15 Murders: 9 law officers, 4 civilians Active 1931-34 Robberies: about 12 Murders: 8 law officers, 4 civilians Active 1929-34

18. FDR and the New Deal

21. FDR and the New Deal The Hundred Days Reform of the banking system and the stock market Glass-Steagall Act The Federal Securities Act

22. FDR and the New Deal The Hundred Days Reform of agriculture and industry –Agricultural Adjustment Act (AAA) US v. Butler (1936) –National Recovery Act (NRA) Schechter Poultry Corp. v. US (1935)

23. FDR and the New Deal The Hundred Days Relief –Federal Emergency Relief Administration (FERA) Harry Hopkins –Civilian Conservation Corps (CCC)

24. FDR and the New Deal Attacks on the New Deal from the Right and the Left Dr. Francis Townsend Father Charles Coughlin Huey Long

25. FDR and the New Deal The Second New Deal –Social Security (1935) Sit-down strike against GM, 1937WPA – Flood control, AR, 1939 Wagner Act (1935) Works Progress Administration (1935)

26. FDR and the New Deal The End of the New Deal –Problems by 1937 Economic Recession Court-Packing Scheme –Emergence of Conservative Opposition in Congress –Shift from Regulation to Fiscal Management (Keynesian economics)