1. Great Depression (1929 – 1941)

2. Causes  Unequal distribution of wealth  High tariffs and war debts  Farm crisis – low demand, low prices  Overproduction of goods  Slowly rising wages  Speculation in stocks  Buying on margin  Buying on credit  Stock Market Crash

3. The Stock Market Crash  Stocks overpriced for their value; begin to drop  Black Tuesday 10/29/29 – The Great Crash 10/29/29 – The Great Crash  From riches to ruin

4. The Great Depression (1929-1941)  Banks close  Factories close  Unemployment rises  GNP drops  Global economy affected  Farm distress - foreclosures  Poverty spreads Impacts health, families Discrimination increases  Hoovervilles arise  Dust Bowl

7. Hoover’s Limited Strategy  Hoover calls for voluntary action  The Government Acts Hoover Dam Hoover Dam Hawley-Smoot tariff Hawley-Smoot tariff Reconstruction Finance Corporation (RFC) – help banks give loans Reconstruction Finance Corporation (RFC) – help banks give loans  Hoover’s Unpopularity Grows Refusal to give direct federal relief Refusal to give direct federal relief  Veterans March on Washington Bonus Army – World War I vets looking for pensions Bonus Army – World War I vets looking for pensions MacArthur fires on crowd MacArthur fires on crowd

8. The Election of 1932  A “New Deal” for America Franklin Delano Roosevelt’s campaign pledge Direct Relief  The Election of 1932 Battle between those who believed in government aid and those who were against it FDR wins easily