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US History

US History. Unit 5 Week 1. Homework for the Week. Monday, 12/2 Read and Cornell Notes on p.383-385 Tuesday, 12/3 Finish the Great Depression Recipe Read and Cornell Notes on p.393-395 Study vocab Block Day 12/4 & 12/5 Read and Cornell Notes on p.426-427 Friday 12/6

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US History

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  1. US History Unit 5 Week 1

  2. Homework for the Week • Monday, 12/2 • Read and Cornell Notes on p.383-385 • Tuesday, 12/3 • Finish the Great Depression Recipe • Read and Cornell Notes on p.393-395 • Study vocab • Block Day 12/4 & 12/5 • Read and Cornell Notes on p.426-427 • Friday 12/6 • Study vocab for card quiz on Tuesday. Glossaries are also due.

  3. Agenda, 12/2 • New Unit: Great Depression • HOT ROC • Yee Haw game • Interpreting the game • Read p.30.1 • HW: Read and Cornell Notes on p. 383-385

  4. HOT ROC • What are the pros and cons of speculation?

  5. Yee Haw! Experiential Exercise

  6. Procedure • Each pair begins with 5 pts • Before each round, you and your partner will decide among the following three options: • Hold Tight: Keep what you have • Play it Safe: Potential for modest gains • Go for the Gold!: Potential for amazing gains • The option you choose will determine how many points you earn in that round. • The two teams with the highest scores at the end of the game will earn 10 points of extra credit on the final exam.

  7. Procedure • For each round, check the box to indicate which option you are choosing. • This must be done before the dice is rolled and cannot be changed • After the dice is rolled, determine how many points you earned in that round. • After each round, compute and enter your point total in the “Running Total” column • We will keep a running total class score as well.

  8. Procedure • Round 1 0 +1 +2 +3 +4 +5 +6 +7 • Round 2 0 +1 +2 +3 +4 +5 +6 +7 • Round 3 0 +1 +3 +4 +5 +6 +7 +8 • Bonanza Chips Time!! • You may buy Bonanza chips at this point, which will give you the possibility of increasing your score. • 2 Chips mean you can multiply your points earned by 2 for each round. Cost= 5 points • 3 Chips mean you can multiply your points earned by 3 for each round. Cost = 10 points • Deduct the cost by adjusting the amount in the “Running Total” column.

  9. Procedure • Round 4 0 +1 +4 +5 +6 +7 +8 +9 • 2 Bonanza Chips +2 +8 +10 +12 +14 +16 +18 • 3 Bonanza Chips +3 +12 +15 +18 +21 +24 +27 • Round 5 0 +1 +2 +3 +4 +5 +6 +7 • 2 Bonanza Chips +2 +4+6 +8 +10+12+14 • 3 Bonanza Chips +3 +6 +9 +12+15+18+21 • Bonanza Chips Time!! • You may buy Bonanza chips at this point, which will give you the possibility of increasing your score. • 2 Chips mean you can multiply your points earned by 2 for each round. Cost= 10 points • 3 Chips mean you can multiply your points earned by 3 for each round. Cost = 20 points • *If you previously purchased two Bonanza chips and you would like to increase your total to 3, the cost is: 8 points. • Deduct the cost by adjusting the amount in the “Running Total” column.

  10. Procedure • Round 6 0 -10 -40 -40 -40 -40 -40 -40 • 2 Bonanza Chips -20-80 -80 -80 -80 -80 -80 • 3 Bonanza Chips -30-120 -120 -120 -120 -120 -120 • Round 7 0 +1 -4 -5 -6 -8 -10 -20 • 2 Bonanza Chips +2 -8-10-12-16-20-40 • 3 Bonanza Chips +3 -12-15-18-24-30-60 • Round 8 0 +1 +2 +2 +2 +4 +4 +4 • 2 Bonanza Chips +2 +4 +4+4+8 +8 +8 • 3 Bonanza Chips +3 +6 +6+6 +12 +12+12 • Round 9 0 +1 -4 -5 -6 -8 -10 -20 • 2 Bonanza Chips +2 -8 -10 -12 -16 -20 -40 • 3 Bonanza Chips +3 -12 -15 -18 -24 -30 -60 • Round 10 0 -10 -4 -5 -6 -8 -10 -20 • 2 Bonanza Chips -20 -8 -10 -12 -16 -20 -40 • 3 Bonanza Chips -30 -12 -15 -18 -24 -30 -60

  11. Debrief • How did you feel when points were rising? • How did you feel when the points dropped dramatically? • Which of the three game options produced the worst results in the end? • How many groups decided to “Go for the Gold” sometime during the game? Why did some groups make other choices? • Historical application: • Between rounds 4 & 5: widespread speculation in the stock market in the late 1920s • Round 6: stock market crash • Round 7: People often still bought stocks in the hopes of a quick recovery • Round 8: There was a slight increase in the market

  12. Speculation leads to a stock market crash • Read 30.1 (p.383) and summarize what it says.

  13. Tuesday, 12/3 • HOT ROC • Causes of the Great Depression • Recipe for a Great Depression • HW: Finish Great Depression Recipe

  14. HOT ROC • Song Analysis: • http://www.youtube.com/watch?v=eih67rlGNhU • Listen to the lyrics • What evidence do you hear of life in the 1920s? • What evidence do you hear of life in the 1930s?

  15. Causes of the Great Depression Read p.384-389 and summarize each of the following causes of the Great Depression: • A Speculative Boom in the stock market, p.384 • A Banking Crisis that wiped out people’s savings, p.385 • Overproduction of goods, p.386 • A widening gap between rich and poor, p.386-387 • Underconsumption, p.387 • Government decides to keep a tight money supply, p.388 • Tariffs, p.389

  16. Causes of the Great Depression • Review key ideas from Ch. 30 • New Vocab: Tariff

  17. Hidden Economic Problems in the 1920s • Americans buy goods on credit • Debt (1921-1929: personal debt doubles from 3.1 billion to 6.9 billion) • Americans buy stock! • Buying on Margin (speculation) • Overproduction of goods • Underconsumption • Widening gap between rich & poor • Why was this a problem

  18. Timeline 1929 • October - The stock market crash "Any lack of confidence in the economic future or the basic strength of business in the United States is foolish."--President Herbert Hoover 1930 • March - More than 3.2 million people are unemployed • President Hoover remained optimistic stating that: "all the evidences indicate that the worst effects of the crash upon unemployment will have passed during the next sixty days.“ 1931 • February - "Food riots" begin to break out in parts of the country. People smashed the windows grocery markets and made off with the food. • Resentment of "foreign" workers increases along with unemployment rolls.

  19. Federal Reserve System (p.388) • Federal Reserve is a government agency started by Woodrow Wilson (p.237) to support and regulate banks. • It can set interest rates that banks use with their customers. • Interest is the additional money you owe the bank when you borrow. • Low interest rates = lots of people borrowing • High interest rates = not many people borrowing • Interest rates were low in the 1920s, but then raised in 1931. Why was this a bad idea?

  20. Government Actions Make Situation Worse • President Herbert Hoover’s good intentions backfire • Laissez-faire business policies by Republicans • were supposed to let business increase • Instead it allows speculation like buying on margin to get out of control • The Federal Reserve System • tightened the money supply to prevent inflation • Instead there is not enough money in the economy so it shuts down • High tariffs (Hawley-Smoot Tariff Act, 1930) • Supposed to protect American businesses • Instead it starts a trade war that makes it harder for American businesses to sell goods overseas

  21. Big Government vs. Big Business • Did President Hoover respond to the economic crisis using a Big Government or Big Business solution? • What were specific steps that he did to help banks and businesses? • What might have been a Big Government solution to the economic crisis?

  22. PREP TIME: 30 Min COOK TIME: 8 Min SERVES/MAKES: 3 dozen INGREDIENTS 1/2 cup butter 1 cup vegetable oil 2 cup white sugar 2 eggs Dash of vanilla extract 4 cups all-purpose flour 1 teaspoon baking soda 1 teaspoon cream of tartar Sprinkle of salt DIRECTIONS In a large bowl, mix together the butter, oil, and white sugar. Beat in the eggs, one at a time then stir in the vanilla. Combine the flour, baking soda, cream of tartar and salt; stir into the sugar mixture until just blended. Cover and chill dough for at least 3 hours or overnight. Preheat oven to 350 degrees F. Grease cookie sheets. Roll the chilled dough into walnut sized balls. Place them 2 inches apart onto the cookie sheets. Bake for 8 to 10 minutes in the preheated oven. Enjoy! Sugar Cookies

  23. Recipe for a Depression: You will create a “recipe” that contributed to the Great Depression. • Ex… • PREP TIME: ___ Years • COOK TIME: ___ Months/Years • SERVES/MAKES: _____ INGREDIENTS: DIRECTIONS • In a large country, mix together ___________. • Combine the ___________ • Preheat stock market by buying on margin to an overinflated value _______ • Bake for ____________. • Enjoy!

  24. “Ingredients” to include • A Speculative Boom in the stock market, p.384 • A Banking Crisis that wiped out people’s savings, p.385 • Overproduction of goods, p.386 • A widening gap between rich and poor, p.386-387 • Underconsumption, p.387 • Tight money supply, p.388 • Tariffs, p.389

  25. Block Day, 12/4-12/5 • HOT ROC • Government Responses to the Great Depression • T-Chart • Bonus Army activity • FDR’s New Deal • 1929 vs. 2008 • HW: Read and Cornell Notes on p.426-427

  26. HOT ROC • What should the government do when the economy is struggling? • Deficit Spending? • Laissez-Faire? • Which of the ideological beliefs in 31.2 is closest to your answer? • King Corn • Start Time: 1:11:00- 1:14:12 • http://www.youtube.com/watch?v=nvMxIEgbsIo&feature=watch-now-button&wide=1&oref=http%3A%2F%2Fwww.youtube.com%2Fmovie%3Fv%3DnvMxIEgbsIo%26feature%3Dmv_sr&has_verified=1 • Fact Sheet: http://www.nffc.net/Learn/Fact%20Sheets/King%20Corn%20Fact%20Sheet.pdf

  27. How bad was the Depression? • Between 1929 and 1933, 100,000 businesses failed • Corporate profits fell from $10 billion to $1 billon • Between 1929 and 1933, over 6000 banks failed—2.5 billion lost in savings • By 1933, 13 million workers were unemployed (25% of the work force) and many were underemployed • Malnutrition increased, as did tuberculosis, typhoid and dysentery • Add unemployment to your glossary

  28. Election of 1928 • Hoover, a Republican, won with a landslide victory. • Booming economy

  29. Herbert Hoover: Background info • Son of a blacksmith • Grew up in Iowa. • Parents died when Hoover was young • Did not attend high school but attended night school • Entered Stanford in the University’s first class • Became a millionaire "My boyhood ambition was to be able to earn my own living, without the help of anybody, anywhere.” - Herbert Hoover • How could Hoover’s background have possibly influenced his response to the Great Depression?

  30. Herbert Hoover’s Beliefs • Believed in self-reliance, rugged individualism, and hard work • Any government help would encourage people’s dependence on handouts • Private charities should help

  31. Government responses to the Depression:Hoover’s Big Business vs. FDR’s Big Government

  32. Vocabulary terms • Add Conservative, Deficit and Liberal to your glossary

  33. Read over page 398 What 2 programs do you think could most help the US in 1933? What 2 programs do you think could help the least? Why? FDR Launches the New Deal’s First Hundred Days

  34. New Vocab: Which approach do you think is best for the economy? • Supply Side Economics • The theory that economic growth depends on increasing the supply of goods and services through tax cuts; also known as trickle down economics • Demand Side Economics • The theory that economic growth comes from government spending and regulation of the economy; also known as Keynesian economics

  35. Bonus Army activity • Read and discuss Hoover’s response to the Bonus Army

  36. Responses to the Economic Collapse: 1929 and 2008

  37. What are the similarities between the economic decline of 1929 and 2008? 1929 2008 Heavy Borrowing Corruption Un-backed credit default swaps Plummeting real-estate prices Vastly overvalued stocks Bailout: $700 billion government, Buffett Emergency spending programs: American Reinvestment and Recovery Act • Heavy borrowing • Corruption • Unrealistic margins • Falling real-estate prices • Vastly overvalued stocks • Bailout: GM’s Durant, Rockefeller, Lamont • Emergency spending programs: New Deal

  38. HOT ROC: What are the differences between the economic decline of 1929 and 2008? 1929 2008 Government’s involvement in the economy: 20% Governments all over the world rushed to prevent a total meltdown Few bank failures: 0.6% Unemployment: 9% • Government’s involvement in the economy: 3% • Governments did little to directly intervene • Massive bank failures: 40-50% • Unemployment: 25%

  39. Friday, 12/6 • HOT ROC: Vocab Card quiz • The Century

  40. http://www.youtube.com/watch?v=Wil1ePlT1xs&feature=related Review: The Century Stormy Weather

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