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U.S. History: Great Depression & The New Deal 1929-1941. Knight. Presidents during the Great Depression. Herbert Hoover 1929-1933. Franklin D. Roosevelt 1933-1945. Causes of the Great Depression. 1. Stock Speculation
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U.S. History: Great Depression & The New Deal1929-1941 Knight
Presidents during the Great Depression Herbert Hoover 1929-1933 Franklin D. Roosevelt 1933-1945
Causes of the Great Depression 1. Stock Speculation Buying stock when the price is low and selling it when the price rises in hopes of making a quick profit When stock market crashed many Americans were left with worthless stock Review Roaring Twenties Video
Causes of the Great Depression 2. Buying on the margin People were able to purchase stocks by paying as little as 10% of the stock’s value They then borrowed the rest of the money from the bank or the stock broker in hopes of repaying when the stocks increased
Causes of the Great Depression Overproduction -various industries kept up production even though there was not a demand from the market -Examples: Automobiles, crops, construction *Supply exceeded demand which made prices fall
Causes of Great Depression 4. Uneven distribution of wealth “The rich got richer and the poor got poorer.”
Causes of the Great Depression 5. Consumer Debt Americans were in debt due to installment buying in the 1920’s for household and farming goods
Causes of the Great Depression 6. International Debt U.S. lent millions of dollars to the Allies in WWI and those countries were not able to repay loans
Causes of the Great Depression 7. Lack of government regulation of businesses and the stock market
Causes of the Great Depression 8. Stock Market Crash-October 29, 1929-Black Tuesday The spark that began the depression 16 million shares of stock were traded By the end of 1929, stock price losses exceeded that of the cost of WWI Crowd outside of Wall Street on Black Tuesday
Effects of the Great Depression Effects on society 25% of the workforce were unemployed at its peak Wages were as low as $.10 per hour Blacks often first fired Women who worked for less than men were often retained Many sold produce on the street View Great Depression Begins Video
Effects of the Great Depression Effects on Cities Cities tried to provide relief with Red Cross and Salvation Army Breadlines were common Shantytowns developed outside of cities-came to be called Hoovervilles Poverty and crime spread throughout US Job Bureau Salvation Army Welcome to Hooverville Hooverville with Christmas Tree
Effects of Great Depression Effects upon farming Farmers had more than they could sell-prices dropped Farmers could not afford mortgages and many “lost the farm”
Effects of Great Depression Effects of families Families moved in together Divorce rates rose Young people waited to get married and start families Women made their own bread, soap, clothes out of flour sacks, etc. Families rented out rooms of their houses Christmas dinner in Iowa, 1935 View 1930’s Summary Video
Effects of the Great Depression Effects on the Economy Gross National Product fell from $103 billion in 1929 to $56 billion in 1933 GNP is all of the goods and services produced in a year
Effects on the Economy-Cont. 20% of banks closed Once bank closed all money in it is lost Investors and businesses lost millions of dollars Production was drastically cut, costing jobs and plants to close down Police guarding the banks as they are closed.
Hoover’s Policies during Depression Herbert Hoover was elected in 1928 promising “a chicken in every pot, a car in every garage.” Was blamed for much of the depression even though it was not his fault Hoover was in the wrong place at the wrong time Herbert Hoover View Hoover Video Hard Times are still “Hoovering” over us
Hoover’s Policies Hoover did not feel it was governments responsibility to provide direct relief to the people Hoover felt local governments should help and charities Hoover listening to radio Hoover Dam
Hoover’s Policies Reconstruction Finance Corporation Helped faltering railroads, banks, life insurance companies. *Hoover tried to stabilize key businesses.
Hawley-Smoot Tariff Passed in 1930 to help protect American businesses One of worst economic decisions Hoover made Causes depression to spread worldwide and brings world trade to a near stop Representative W.C. Hawley and Senator Reed Smoot
Bonus Army and Bonus March 1932 thousands of WWI veterans marched to Washington asking for payment of bonus to be given in 1945. Veterans camped out in shantytown outside of the Capitol and White House Congress did not give them “bonus”
“Brother can you spare a dime” Lyrics to a famous song of the depression Song tells of hardships faced by Americans during the depression • Lyrics • They used to tell me I was building a dream • And so I followed the mob. • When there was earth to plow or guns to bear, • I was always there, right on the job. • They used to tell me I was building a dream • With peace and glory ahead -- • Why should I be standing in line, just waiting for bread? • Once I built a railroad, I made it run, • Made it race against time. • Once I built a railroad, now it's done -- • Brother, can you spare a dime? • Once I built a tower, up to the sun, • brick and rivet and lime. • Once I built a tower, now it's done -- • Brother, can you spare a dime? • Once in khaki suits, gee, we looked swell • Full of that Yankee Doodle-de-dum. • Half a million boots went slogging through hell, • And I was the kid with the drum. • Say, don't you remember they called me Al, • It was Al all the time. • Why don't you remember, I'm your pal -- • Say, buddy, can you spare a dime? • Once in khaki suits, ah, gee, we looked swell • Full of that Yankee Doodle-de-dum. • Half a million boots went slogging through hell, • And I was the kid with the drum. • Say, don't you remember they called me Al, • It was Al all the time. • Why don't you remember, I'm your pal -- • Buddy, can you spare a dime?
