THE GREAT DEPRESSION -...

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THE GREAT DEPRESSION 1929 - 1941

Transcript of THE GREAT DEPRESSION -...

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THE GREAT DEPRESSION1929 - 1941

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Republican Presidents of the 1920s

1920 – Warren G. Harding

1924 – Calvin Coolidge

1928 – Herbert Hoover

Under Harding & Coolidge

country grew prosperous

• bull market – rising stock prices

• Republican policies help

prosperity

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Causes of the Depression

OverproductionUnder

ConsumptionStock Market

Speculation

The Great Depression

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Causes of the Depression

Overproduction

❑ Agricultural depression began in 1920s

❑ Farmers produced more food than consumers needed

❑ New technologies increased productivity

❑ Prices fell & many farmers went bankrupt

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Causes of the Depression

Under Consumption

farmers, minorities & factory workers did not share in ‘20s prosperity

Uneven distribution of income

caused under consumption of goods

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Causes of the Depression

Stock Market Speculation

buying stock “on margin” (loan system) inflated the market

speculation – high-risk investments in the hopes of obtaining large profits; stock prices driven by speculation instead of corporate performance & profits

stock market not regulated by gov’t & companies lied about profits

stock prices rose too high & a correction was inevitable:

Black Tuesday October 29,1929

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Buying on Credit

Polaroid trying to

sell cameras on

installment plans

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Stock Market Crash

Black Tuesday Oct

29, 1929

known as the Great

Crash

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Results of the Stock Market Crash

Stock Market Crash of 1929

Bank runs – people withdrew all their money at once;

many banks had to close

https://www.youtube.com/watch?v=iPkJH6BT7dM

Businesses closed because consumers didn’t have the money to buy their products

Workers lost jobs & unemployment skyrocketed

https://www.youtube.com/watch?v=iPkJH6BT7dM

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Impact on Americans

Unemployment soared – 25% of work force

Bank failures – ¼ of nation’s banks

Business failures

Farm foreclosures

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Searching for a Job

and a Meal

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Looking for a Place to Live

Hoovervilles

Homelessness and

hunger widespread

fed in breadlines, help

from charities

evicted from homes &

formed Hoovervilles –

makeshift shantytowns

of tents & shacks built

on public land or

vacant lots

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The Depression Attacks Family Life

Evicted family with belongings on

street, December 14, 1929.

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Minorities Suffer Hardships

African American family leaving Florida

Mexican migrant farm

worker in 1937.

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Hoover’s Response

Hoover took a Laissez- Faire approach to the depression

A few programs help homeowners and create jobs (build the Golden Gate Bridge and Hoover Dam)

Most Americans view it as too little, too late

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Hoover Loses Re-election

1932: Hoover vs F. D. Roosevelt

blamed Hoover for depression

FDR wins election easily,

getting 57.4% of the popular

vote

He promised the American

people he would put them back

to work (his “New Deal”)

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The Dust Bowl

Dust Bowl – central & southern Great Plains during 1930s when region suffered dust storms

Causes:

1. Severe drought

2. Over farming - farmers plowed the plains & eliminated protective grasslands

3. High winds - layers of top soil blown away, leaving sand

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Dust Bowl results

Drought and dust storms lasted

about 10 years

This caused many people to leave

their homes and move west to

California

Eventually rain returns and new

plowing techniques are used to

help end the Dust Bowl

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The Dust Bowl

Storms killed cattle birds, blanketed rivers, and suffocated fish.

Some dust clouds blew east as far as the Atlantic Ocean.

Dust storms displaced twice as much dirt as Americans had scooped out to build the Panama Canal.

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A Dust Storm in Kansas

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A father & two sons seek shelter from

a dust storm

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An abandoned farm in Kansas