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The Great Depression

1929-1941. The Great Depression. Economics…. Intro Review. Recession unemployment depression law of supply and demand securities over-speculation foreclosures NYSE Wall Street bond on the margin overproduction brokers stock insider trading interest Business Cycle

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The Great Depression

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  1. 1929-1941 The Great Depression

  2. Economics…

  3. Intro Review • Recession • unemployment • depression • law of supply and demand • securities • over-speculation • foreclosures • NYSE • Wall Street • bond • on the margin • overproduction • brokers • stock • insider trading • interest • Business Cycle • bank runs A bull market is up—it’s a seller’s market A bear market is down—it’s a buyer’s market

  4. From Twenties to Thirties 1920s 1930s Economic depression Pessimism Traditional values Repeal of prohibition Public enemies/theft Political demagogues More movies/escapism FDR’s fireside chats New Deal regulation 25% unemployment Bear Market Dust Bowl Migration to California Rugged individualism Democrats in power • Economic prosperity • Optimism • Fads and slang • Prohibition • Organized crime/bootleg • Heroes • Movies • Silent Cal • Laissez-faire • New jobs • Bull market • Ideals of rural America • Migration to cities • Fundamentalism • Republicans in power

  5. Vocabulary—Topic 5—see p. 298 1. Business Cycle 2. Great Crash—major dip in the stock market in October 1929 3. Black Tuesday 4. Rugged Individualism--idea of a person standing on his own without help from others 5. Breadlines/Soup Kitchens 6. Depression 7. Bonus Army 8. Hoovervilles 9. Dust Bowl 10. Dorothea Lange 11. Hobo Signs—marks by the homeless outside a home indicating help or no help 12. “Riding the Rails” 13. The New Deal • —Hoover Blanket • —Hoover Flag • —Shanty

  6. The Great Recession of 2008 • http://www.youtube.com/watch?v=Q0zEXdDO5JU (Video: “The Crisis of Credit”)

  7. Economic Factors 2012-13

  8. I. Panic of 1929 • A. Overproduction (led to lay-offs) • B. Under-consumption (led to more lay-offs) • C. Unsound financial practices led to “bank runs” (bad loans, buying on the margin) • D. Stock Market Crash—Oct. 29, 1929

  9. Who is to blame? • Secretary of Treasury, Andrew Mellon? • The Federal Reserve? • High tariffs?

  10. II. Hoover Tries to Fight the Depression • A. Ideas of rugged individualism • B. Agricultural Marketing Act • C. Reconstruction Finance Corporation • D. Limited program of federal works • E. Encouraged local projects • F. Extended WWI European Loans • G. Hawley-Smoot Tariff—failure—depression got worse!

  11. “Brother, Can You Spare a Dime?” (song) • http://www.youtube.com/watch?v=eih67rlGNhU • Recorded by Bing Crosby in 1931

  12. “We’re in the Money” • http://www.youtube.com/watch?v=_r3KdTL6mjk • Film: Gold Diggers of 1933 • Song still used to indicate a bull market over a bear market

  13. III. Election of 1932 • A. 13 million unemployed • B. Foreclosures on homes and farms • C. Breadlines and soup kitchens • D. Banks failing • E. Hoover ran for re-election—people blamed him for the depression • F. Gov. Franklin D. Roosevelt of NY won in a landslide • G. Both houses of Congress became Democratic majorities

  14. Breadline

  15. Bonus Army • http://www.youtube.com/watch_popup?feature=player_embedded&v=sNOsIB5VMSQ

  16. Bonus Army

  17. Hooverville

  18. Election of 1932

  19. IV. Life of FDR • A. Early years of wealth and privilege—related to TR—married to Eleanor—lawyer • B. NY politician • C. Assistant sec. of navy • D. VP candidate in 1920 • E. 1921—polio led to paralysis of his legs—used exercise, steel braces, cane • F. 1928-33—governor of NY

  20. Franklin and Eleanor

  21. ”Happy Days are Here Again” campaign song

  22. V. “Happy Days are Here Again!” • A. Greatest peacetime crisis in history • B. Inauguration—March 1933—later the 20thamendment changed inauguration to January (shorter “Lame Duck”) • C. “The only thing we have to fear is fear itself” • D. Promised “relief, recovery and reform” • E. Promised a “New Deal” for people • F. Fireside chats (on radio) reassured people

  23. First Hundred Days… • President Roosevelt presented an “alphabet soup” of programs • All presidents are now judged by their first 100 days in office • “Brain Trust”—FDR’s advisors were university professors and experts

  24. The New Deal • Based on ideas of John Maynard Keynes (KeynesianEconomics) • ‘‘pump priming’’ or ‘‘priming the pump’’ (governmentspending to stimulate the economy)

  25. VI. New Deal Programs—Financial • A. National Banking Holiday—halted bank runs and provided safe banks—he closed the banks • B. Gold standard ended • C. FDIC—Federal Deposit Insurance Corporation—protected bank deposits! • D. Federal Securities Act • E. SEC—Securities and Exchange Commission (headed by Joe Kennedy!)

  26. FDR’s “ Bank Holiday”

  27. VII. New Deal Programs—Aid for Unemployed • A. FERA—Federal Emergency Relief Administration (gave “relief” $) • B. PWA—Public Works Administration (roads, buildings etc.) • C. WPA—Works Progress Administration (added art projects) • D. CCC—Civilian Conservation Corps (built campsites) • E. NYA—National Youth Administration

  28. New Deal in Texas • http://livingnewdeal.org/us/tx/denton-tx/

  29. Mary MacLeod Bethune—head of NYA

  30. CCC

  31. PWA in Denton

  32. VIII. New Deal Programs—Industry and Agriculture • A. NRA—National Recovery Administration • B. Sec. of State Cordell Hull lowered tariffs for better international trade • C. AAA—Agricultural Adjustment Act

  33. IX. New Deal Programs--Labor • A. NLRA (Wagner Act)—National Labor Relations Act—made unions legal • B. Social Security Act—retirement funds • C. Fair Labor Standards Act—protected women in the workplace—established minimum wage and maximum hours

  34. Frances Perkins • Secretary of Labor • First Woman Cabinet Member (Note: Dept. of Labor startedby Wilson-1913)

  35. Social Security Card

  36. X. New Deal--Housing • A. HOLC--Home Owners Loan Corporation • B. FHA—Federal Housing Administration • C. USHA—U.S. Housing Authority

  37. FHA

  38. XI. New Deal—Conservation and Development • A. TVA—Tennessee Valley Authority • B. Hoover Dam (Boulder Dam), Grand Coulee Dam, and others • C. Rural Electrification Act (all provided electricity in rural areas)

  39. Hoover Dam—Las Vegas, Nevada

  40. XII. Other Programs • A. 21st Amendment Passed—repealed 18th (ended prohibition)—1933 • B. FCC—Federal Communications Commission • C. Motor Carrier Act • D. Civil Aeronautics Act • E. U.S. Maritime Commission

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