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Election of 1928

Election of 1928. Incumbent – Calvin Coolidge “I do not choose to run for President in 1928” – August 1927 Republican – Herbert Hoover “We in America today are nearer to the final triumph over poverty that ever before in the history of any land.”

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Election of 1928

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  1. Election of 1928 • Incumbent – Calvin Coolidge • “I do not choose to run for President in 1928” – August 1927 • Republican – Herbert Hoover • “We in America today are nearer to the final triumph over poverty that ever before in the history of any land.” • If elected he would “go forward with the policies of the the last eight years.” • Republicans took full credit for the nations prosperity • Democrat – Alfred Smith • Governor of New York • And the winner is… • Herbert Hoover

  2. Economic Recession • Bear Market • A continuous drop in stock prices

  3. Economic Prosperity • Bull Market • A continuous rise in stock prices

  4. Bear or Bull?

  5. The Roaring Twenties • As stock prices demand for stocks went • Investors were buying on margin • Buying stocks on credit with a loan from a broker • Brokers borrowed $$$ from banks • Speculation – placing money in high risk investments with hopes of making money

  6. The Stocks Crash • September 3, 1929 • Stocks hit all-time high but begin to slide shortly after • October 24, 1929 • Big time investor sold huge amounts of stock causing prices to drop more • The market recovered by the closing bell • October 29, 1929 • Black Tuesday • The stock market collapses

  7. Black Tuesday • By the end of the day… • 16 million shares traded • $15 billion in stock value gone • As stock prices continued to fall panic took over • Now known as the Panic of 1929

  8. Panic of 1929 • By November 13, losses totaled over $30 Billion • Speculators who bought on margin lost everything. • Paid brokers with savings or valuable • Bank closures increased causing more people to withdraw their money • As customers tried to withdraw money from banks they found out the banks did not have their money

  9. Great Depression • Andrew Mellon – Secretary of the Treasury • Didn’t believe panic was a bad thing  reset economy • More banks closed • More businesses lost their operating accounts • Forced cutbacks • Locked our country into a downward spiral  Great Depression

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