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The Great Depression. Causes of the Depression. Problems Plague the Agricultural Sector High debts and low revenue = problems for farmers. Wealth was Distributed Unevenly Easy Credit Hides Problems. Buying on Credit. Polaroid trying to sell cameras on installment plans.
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Causes of the Depression • Problems Plague the Agricultural Sector • High debts and low revenue = problems for farmers. • Wealth was Distributed Unevenly • Easy Credit Hides Problems
Buying on Credit Polaroid trying to sell cameras on installment plans
The Stock Market Crashes • Too much money was being poured into stock speculation. • “Black Thursday” occurred on Oct. 24, 1929. Many stocks lost ½ their value in one day. • On Tues. Oct. 29 the bottom fell out in what is known as “Black Tuesday.” • The market lost $14 billion in value that day, bringing the loss for the week to $30 billion, ten times more than the annual budget of the federal government, far more than the U.S. had spent in all of World War I.
Hoover’s Policies • Hoover at first did not get involved in the depression. He sought for companies and individuals to make wise decisions. • Responding to a Worldwide Depression • Hawley-Smoot Tariff: Rasied taxes on imports to 49%.
Hoover’s Policies • Domestic Programs: Too Little, Too Late. • Federal Farm Board • Reconstruction Finance Corporation (RFC) • Emergency loans to prop up faltering companies in the railroad, banking, and financial industries. • Despair and Protest • Bonus March, PR problem for Hoover
Life During the Great Depression • Women • Faced hostility in the work place and hardships at home. • People waited in long lines for unemployment help • Also waited in bread and soup lines for hours
Dustbowl Farmers • Severe drought in the 1930s • Over farming of the land • Severe dust storms • Almost million people leave area • “Okies”, migration to farms • John Steinbeck, The Grapes of Wrath
The Storms • In 1934 to 1936, three record drought years were marked for the nation. In 1936, a more severe storm spread out of the plains and across most of the nation. The drought years were accompanied with record breaking heavy rains, blizzards, tornadoes and floods.
Videos http://www.youtube.com/watch?v=MYOmjQO_UMw http://www.youtube.com/watch?v=x2CiDaUYr90
The Election of 1932 • Republican: Hoover was nominated again. • Democratic: NY Governor Franklin D. Roosevelt, New Deal, repeal of prohibition, aid for the unemployed, and cuts in government spending. • Results: Roosevelt wins handily. 60% of the vote, carries all but four states. • Hoover as a “lame duck.”
The New Deal • FDR, The Man: Cousin of Teddy, NY legislator, U.S. assistant secretary of the navy. • Disability: polio in 1921 • Eleanor Roosevelt, active First Lady, and influenced FDR • Philosophy • The Three R’s: Relief, Recovery, Reform
Life During the Great Depression • African Americans • Hard times increased racial tensions. • Job relief, WPA & CCC • Fair Employment Practices Committee • Native Americans • Repeal of Dawes Act • Mexican Americans • discrimination
Hoovervilles were homes/areas where poor people lived during The Great Depression
Making baskets was one way to make money during The Great Depression.
Homeless family walking down a road during The Great Depression
Making baskets was one way to make money during The Great Depression.
Homeless family walking down a road during The Great Depression