Depression
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Transcript of Depression
Bell Ringer 3/1/06
“ We return. We return from fighting. We return fighting.” (W.E.B DuBois)
What is this quote referring to?
Why did this quote prove to be true?
What was life like during ?
Post War America
1920’s Culture
The flapper Short hair for women Dancing & Music Speakeasies Silent movies
“The Jazz Age was wickedand monstrous and silly.
Unfortunately, I had a good time.” Heywood Broun
How did technology impact society?
15 million cars were sold 80% were bought on credit A Model T Ford cost $290 in 1920 20% of U.S. homes had electricity by
the end of the decade 10 million families owned radios by
1929 Shifting of America from a rural country
to an urban country
Leisure Time???
Shorter work week and vacation time – more free time to enjoy:
• Movies
• Reading
• Sports
• Music
Too much of a good thing????
Mass consumption, changing values, new technologies – are they always good???– Many said NO – Harlem Renaissance benefited and
reacted against it
Harlem Renaissance /Jazz Age
African American writers in NYC Well-educated Middle class group
– Alienated from society Spoke against the bigotry on the time
and pride in African American culture W.E.B DuBois, Langston Hughes, Zora
Neale Hurston, Alain Locke, Duke Ellington, Bessie Smith
THE FLAPPERby Dorothy Parker
The Playful flapper here we
see,The fairest of the fair.
She's not what Grandma used to be, --
You might say, au contraire.Her girlish ways may make a
stir,Her manners cause a scene,But there is no more harm in
herThan in a submarine.
Women in the 20s……. By 1929, made up 22% of the workforce 90% of married women did not work Work available to women were low
paying and of lower status Voted in 1920 election – not very many
participated Majority were not flappers, but were
helped by the technology Family size smaller, divorce laws still
favored men
Immigrants in the 20s ……
KKKQuotas
Nativism
Struggle of OLD vs. NEW
Prohibition Minorities Cultural Values Women Scopes Trial
– Modernization of society– Religion not as important
Who’s Who
Hand in: – #1 Project – #2 Sources– #3 Rubric with your name on it!!!!
Harding vs. Coolidge
Harding (1920 – 1923) Former Newspaper
Publisher and not experienced in politics
Scandals – theft of Veteran supplies, fraud, Teapot Dome Scandal (bribery and oil reserves)
Coolidge (1923 – 1928) Laissez-faire
economic policy and committed to business interests
Small recession – post war decline
1923 – 1929 business booming
“Coolidge Prosperity”
Coolidge Prosperity???????????
Large Business prosper – Upper Class prospers
Middle Class, Laborers, Farmers, Native Americans, and African Americans did not prosper
Election of 1928 Hoover (Rep.) vs. Alfred Smith (Dem.) Hoover – secretary of commerce
- Self Made Millionaire
- Humanitarian
- Leader in war effort and post war reconstruction
Hoover won 84% of the electoral vote
What was the Great Depression?
The worst economic crisis of the century
Over 13 million people unemployed “Dust bowl” as a result of drought Farmers lost crops Many lost their homes
Roaring 20s End Great Depression Begins
What caused the Great Depression?
Stock market crash of 1929 Unequal distribution of
wealth Excessive Buying on Credit Weak Business Structure Weak Banking Structure Inadequate Government
Policies Weak International economy
Stock Market Crash Many stocks purchased on speculation
– Panic sets in as they are forced to produce the money for the loans
Stock prices fell– Panic selling
Huge sums of money lost
Thursday, October 24, 1929Stock values fell $14 billion
Unequal Distribution of Wealth
No middle class Supply not equal to demand Credit cards created false demand
Excessive Buying on Credit
Creates a false demand Under consumption People unable to make installment
payments, therefore stop buying
Weak Business Structure
Business consolidation – makes a few large companies for each industry
Profits and control were in the hands of a few – fragile system
Weak Banking Structure
No FDIC – No government regulation
People pull money out – Panic
Banks close with people’s money
Inadequate Government Policies
No government regulation of stock market
Tax policies contributed to unequal distribution of wealth
Antitrust laws were not enforced Federal Reserve Board made poor
decisions
Weak International Economy
WWI and the Stock Market crash effected the world
No U.S. foreign investment – no money to pay America back
Foreign countries had no money to buy American goods
What was life like in the 1930’s?
Hooverisms Hoover Hog – armadillos that were baked in
the desert Hoover Flag – empty pocket turned out Hoover Blanket – Newspaper slept under Hoover Car – Abandoned Cars Hoover Bag – suitcase with holes Hoover Shoes – shoes with holes in soles Hoovervilles – shack towns of boxes and
crates.
“Hooverism” Hoover’s response to the Great
Depression: – Restore confidence in economy– Promoted helping businesses to help
economy– Reconstruction Finance Corporation– Federal Work Projects to create jobs– Halted war repayment by Europe– Asked businesses to not lower wages or
prices
Failure of “Hooverism”
No direct relief – damaged image Economy was continuing to spiral and
Hoover continued to say things were improving
“Bonus Army” - march on Washington, disbanded by army
Dustbowls
A traveler noticed a nice new hat by the side of the road, and he stopped to pick it up. Under the hat was a man, buried up to his neck in the dust! As he dug the poor fellow out, the traveler asked if he wanted a ride into town. "No, I'll get there myself," the man replied, "I'm on a horse."
(Excerpt from THE DUST BOWL by Tricia Andryszewski, p. 33.)
FDR’s New Deal
Franklin Delano Roosevelt
Elected in 1932 with 89% of the electoral vote
Government experience: – NYS Legislature – Asst. Secretary of the Navy – Governor of NYS
3 R’s of the New Deal
RELIEF of those who were suffering
RECOVERY for the economy
REFORM to avoid future depressions
New Deal Programs Outcomes
Banking Emergency Act (FDIC) – restored confidence, soon more deposits than withdrawls
Federal Emergency Relief Admin. (FERA) – Helped to revitalize relief organizations and encourage work
Civilian Conservation Corps (CCC) – Taught men and women to be independent, increased self confidence and self esteem
New Deal Programs Outcomes
Public Work Administration PWA – benefited America and American workers
Agricultural Adjustment Act (AAA) – Declared unconstitutional, did not raise prices as hoped – just made people upset
Tennessee Valley Authority (TVA) - cheap electric power, flood control, and recreational opportunities to the entire Tennessee River valley.
New Deal Programs Outcomes
Works Progress Admin. (WPA) – decreased unemployment
Social Security Act (SSA) - it did help millions of Americans feel more secure.
National Recovery Admin. (NRA) – organized the relief effort, centralized government efforts
Rural Electrification Admin. (REA) – gave several small farmers electricity
Wagner Act
Also known as the National Labor Relations Act (1935)
Guaranteed labor unions the right to form unions and to practice collective bargaining
Progressive Legislation??????
So What?
Father Coughlin
Francis Townsend
Upton Sinclair
“Production for Use” – state ownership of land and factories
Government Pension Plan for Elderly – no SSA
Central Bank, Silver backing of money, increase circulation
Table of Contents#1 Outline/Concepts #16 Hoover vs. FDR #2 Twenties Talk #17 Share our Wealth#3 Sports Stars #18 FDR’s New Deal #4 Who’s Who #19 You and the New Deal#5 Roaring 20s Culture #20 Be a New Deal Worker #6 The Automobile #21 No New Deal #7 The New Woman #22 The S.C. and New Deal#8 Roaring 20s Packet#23 FDR and the S.C. #9 Great Migration #10 Immigration #11 Urban-Rural Change #12 Roaring 20s Politics #13 What caused the Great Depression?#14 Hooverisms#15 Images of the Great Depression
The New Deal and the Supreme Court
NRA – Schechter Poultry Corp v. United States (1935)– NRA codes were too much like laws– Executive was legislating – Declared unconstitutional
AAA – declared unconstitutional– Congress passed another similar law to
circumvent the Supreme Court.
The New Deal and the Supreme Court
Court-Packing – Conservative Court did not follow FDR’s
plan– Democratic President and a Republican
Court – Proposed a plan to increase the number of
justices
Third Term Controversy Elected:
– 1932 – 1936 – 1940 – 1944
Republicans accused him of breaking the unwritten constitution
After death, 22nd Amendment was proposed to limit to two terms
1951 – 22nd Amendment ratified
The Results Bank Failure
Unemployment
Loss of homes “Hoovervilles”
Here were all these people living in old rusted-out car bodies. ... One family ... [was] living in a piano box. This wasn't just a little section, this was maybe 10 miles wide and 10 miles long. People living in whatever theycould junk together. ..."
Depression
Did everyone suffer during the depression?
“The only thing we have to fear is fear itself”
“Our greatest primary task is to put people to work”
Franklin D. Roosevelt
A Long Way From Chicago By Richard Peck