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Chapter 25

Chapter 25. The Great Depression Section 1. stock exchange : an organized system for buying and selling shares. Who bought stocks ? grocers motormen plumbers seamstresses waiters. On margin … This meant to pay only a fraction of the stock price and borrow the rest from their brokers.

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Chapter 25

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  1. Chapter 25 The Great Depression Section 1

  2. stock exchange :an organized system for buying and selling shares.

  3. Who bought stocks?grocersmotormenplumbersseamstresseswaiters

  4. On margin…This meant to pay only a fraction of the stock price and borrow the rest from their brokers.

  5. Black ThursdayOctober 24, 1929Panicked traders sold millions of shares which caused the market to plunge

  6. Stock Market Crash

  7. The New York Stock Exchange closed for a few days to prevent more panic selling.

  8. The next two years the U.S. slid into a severe economic crisis calledThe Great Depression

  9. Other causes of the Great Depression? • unbalanced economy • credit crisis • international • depression • joblessness & • poverty

  10. Many small banks suffered when farmers defaulted, or failed to meet loan payments

  11. Unemployed people tried to earn a few cents byshining shoesorselling apples on street corners

  12. People who lost their homes built shelters out of old boxes and other debris and they were referred to as shantytowns

  13. As President Hoover failed to act these shantytowns were referred to as Hoovervilles

  14. Charities, churches, and volunteers worked heroically to provide relief aid for the needy

  15. Public Works projects include:highwaysparkslibraries to createnew jobs

  16. The march on Washington by the Bonus Army turned many Americans blaming Herbert Hoover for the Depression

  17. The Bonus Army were veterans of World War I that were promised$1,000 bonus in 1945.

  18. Veterans – 20,000 marchedCongress/President turned them down from collecting their bonus….all but 2,000 veterans left

  19. President Herbert Hoover called in the army with tanks, machine guns, and cavalry, troops were led by General Douglas MacArthur

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