ELECTION OF 1928CANDIDATESRepublican-Democratic-H. HooverAl SmithISSUESThe Republicans took full credit for the prosperity of the 1920sThe _________ issue led to a smear campaign against Smith.Catholic
STOCK MARKET CRASHPLAYING THE MARKETThe __________________was established as a system for buying and selling shares of companies. A long period of rising stock prices is known as a_____________________. Prosperous times during the 1920s caused many Americans to invest heavily in the stock market.STOCK MARKETBULL MARKETAs the bull market continued to go up, many investors bought stocks on ____________, making a small cash down payment. MARGIN
This was considered safe as long as stock prices continued to ______________. If the stock began to fall, the broker could issue a margin call demanding that the investor repay the loan immediately.RISESpeculation occurred when investors bet on the market climbing and sold whatever stock they had in an effort to make a quick profit.
stock prices dropped and the bull market ended.
Stock prices fell drastically on October 29, 1929, Black__________________,TUESDAY
STOCK MARKET CRASH: EFFECTSdid not cause the Great DepressionThe stock market crash weakened the nations banks. Banks lost money on their investments. Because the government did not insure bank deposits, customers lost their money if a bank closed.Bank runs resulted as many bank customers withdrew their money at the same time, causing the bank to collapse
How did the stock market crash weaken the nations banks?The stock market crash caused the banks to lose money on their investments, and speculators defaulted on bank loans. Because the government did not insure bank deposits, customers lost their money if a bank closed. Bank runs resulted as many bank customers withdrew their money at the same time, causing the bank to collapse.The Great Crash (pages 658659)
CAUSES OF DEPRESSIONuneven distribution of wealth- top 5 percent of American households earned 30 percent of the countrys income. Low consumption
To much credit- not enough money going back to the businessFarm surplusNo banking regulationsHawley-Smoot Tariff raised tariffs on imports causing other countries to raise tariffs on US goods, making it difficult to sell US good over seas.
Workers wages did not increase fast enough to keepAs sales decreased, workers were laid off, resulting in a chain reaction that further hurt the economy.
HARD TIME HIT HOMECITIES
Unemployed workers often stood at ______________ to receive free food or at ________________ where private charities gave a free meal to the poor.BREADLINESSOUP KITCHENS
People lost their homes and had to live in shantytowns called-HOOVERVILLES
RURAL AREASA terrible drought in the Great Plains, beginning in 1932, caused the region to become a _______________DUST BOWL
People were left homeless.Some left the farms and went to Calif. to become migrate workers. These people were called Okies
HOOVERS RESOLVEBelieved in rugged individualism- the ________ should not take care of individual $ problems.GOVT.No direct relief to the people: this should be done by the state and local govt.Hoover increased public worksgovernment-financed building projects.- Bolder DamHe asked Congress to set up the Reconstruction Finance Corporation (RFC) to make loans to banks, railroads, and agricultural institutions.
______________________ marched to Washington, D.C., to ask Congress to approve the legislation to get their bonus money early.BONUS ARMY
Hoover wouldnt meet w/ them and sent the Army to burn the Hooverville. They didnt get the money.
ELECTION OF 1932 REP.DEM.Had ______________polioBlamed for the __________________DEPRESSIONPledged a ________________NEW DEAL
THE NEW DEALPRIMEING THE PUMPPut ______ into circulation by creating __________$JOBSGOALSRELIEFREFORMRECOVERY
THE ONLY THING WE HAVE TO FEAR, IS FEAR ITSELF________________- radio speeches by FDR to explain what his plans were and to peoples anxiety. FIRESIDE CHATS
A CALL TO ACTIONFDRS ADVISORSWife- ___________________________________- experts making up his unofficial advisors made up all kinds of peopleFirst female cabinet member; Sec. of Labor- _______________________ELEANOR ROOSEVELTBRAIN TRUSTFRANCE PERKINS
FIRST NEW DEALClosed banks until they were strong enough to reopen-Insurance to protect personal bank deposits- Govt. agency that regulates the stock market to keep the market more secure-
CREATION OF CONSTRUCTION JOBSPWAHospitals & SchoolsSubways
CWA- hired workers directly and put them on the governments payroll. RoadsBall parks
Build dams to improve the south-
CCCEmployed ______________Ages ____________work with the national forestry service planting trees, fighting forest fires, and building reservoirs.
AAAplan that paid farmers not to ___________________ to lower crop ______________________. the plan reduced production, increased __________Raise certain cropproductionprices
NRAallowed business, labor, and government to cooperate in setting up voluntary rules, known as codes of fair competition, for each industry.
it urged consumers to buy only from companies who signed agreements with the NRA.
declared unconstitutional by the Supreme Court in 1935.
NYAProvide jobs for high school and college students.
The most important aspect of Roosevelts New Deal was the change in the spirit of the American people. There was enough relief to keep people from starvingPeople became hopeful and optimistic, and their faith in America was restored.
Roosevelt used deficit spending to pay for his programs.
He abandoned a balanced budget and borrowed money to pay for his programs.
NOT ENOUGH HELPBy 1935 the economy has still not recovered
NEW DEAL CRITICSFather CoughlinHuey Long-Level income, ___________________ for allproposed taking property from the ________ and dividing it up amongst the _________. Francis TownsendProposed income for _____________proposed that the federal government pay citizens over the age of 60 a pension of $200 a month.
HOME AND COLLEGERICHPOORELDERLY
MORE PROGRAMSSECOND NEW DEAL_____creating jobs for workersIts most controversial aspect was offering work to: 1) writers.Travel guides for each stateInterviewed former slaves and mountain peopleWPA
2) Artists painted murals for govt. buildings such as post offices, city halls, etc.
3) musicians, and theater people
___________________-old age pensions, unemployment, aid to families with childrenSOCIAL SECURITYLABOR RELATIONS IMPROVENLRB (Wagner Act)FAIR LABOR STANDARDS
COURT PACKINGSeveral New Deal programs ruled unconstitutionalAAA, NRAFDR proposed adding new justicesRoosevelt feared that the Court would strike down the New Deal. court-packing- FDR sent Congress a bill to increase the number of justices on the____________________.Seen as a threat to checks and balances by giving the ____________ too much power.END OF THE NEW DEAL
AFRICAN AMERICANSMary Bethune- established ____________________Marian Anderson- concert at the Lincoln Memorial
MOTION PICTURESS. Temple & Mr. Bowjangles SNOW WHITE WALT DISNEYWIZZARD OF OZAmericans escaped the hardships of the Depression by going to the movies and listening to radio broadcasts.
GONE WITH THE WINDJAMES CAGNEYGRETA GARBOMARLENE DIETRICHStories tended to be about overcoming hardships and achieving success
MARX BROTHERS_________________- starred in Its a Wonderful Life and Mr. Smith Goes To WashingtonJ. STEWART
RADIO ENTERTAINS THE MASSESBOB HOPE_________________- produced a radio program, War of the WorldsORSON WELLESFamilies gathered around the radio daily to hear news or listen to comedians like George Burns or a dramatic series like the Lone Ranger.
ART AND LITERATURERichard Wright____________ ____________NATIVE SONGrant Wood ______________________AMERICAN GOTHIC
Culture and Traditions In what ways did people seek to forget about the Depression?Americans looked to radio and motion pictures as an escape.
EFFECT ON AMERICA _______________ FailureUnemployment ________________Farmers lost ________________People migrated to the cityBUSINESSINCREASELANDFDR PLANNEW _____________GOALS:___________________________________________________DEALRELEIFREFORMRECOVERYHOOVER_________________________Theory No direct relief to the _______TRICKLEDOWNPEOPLE