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Prosperity Shattered

Prosperity Shattered. Chapter 24 Section 1. A. Economic Troubles on the Horizon Hoover told the people that the USA is strong People started to purchase on credit $7 billion by 1929 Playing with the market Bull Bear Margin Buying Purchasing stocks with borrowed money.

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Prosperity Shattered

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  1. Prosperity Shattered Chapter 24 Section 1

  2. A. Economic Troubles on the Horizon • Hoover told the people that the USA is strong • People started to purchase on credit • $7 billion by 1929 • Playing with the market • Bull • Bear • Margin Buying • Purchasing stocks with borrowed money

  3. B. The Stock Market Crashes • Black Thursday—October 24, 1929 • Investors sold shares • Black Tuesday—October 29, 1929 • Dumped 16 million shares • People couldn’t cover loans by selling stocks

  4. C. The Depression Begins • The President said it was minor and we could recover quickly • Banks Stared to close • 1930-1932—5000 banks failed • Businesses failed also 28,285 in 1931 • 1926-1933, GNP halves to $56 Billion • Unemployment in 1932 = 23.6%

  5. D. What caused the Great Depression • Economic troubles in Europe • WWI • Large business surpluses • Smoot Hawley Tariff of 1930

  6. Hard Times Chapter 24 Section 2

  7. A. American workers face unemployment • 1929—1.5 million unemployed • 1939—15 million unemployed • Wages fell 1/3 • Some made only $0.10 an hour • Hours decreased • People sold apples on the streets

  8. B. Life in the City • The city was rough • People fighting for garbage • Breadlines were long • Shantytowns were set up • Hoovervilles

  9. C. Life on the Farm • Farms were foreclosed • Banks couldn’t get their money • D. Family Life • Marriage rate fell • Births declined • 20,000 Americans committed suicide • 1929-32—28% increase

  10. E. Popular Culture • Movie attendance rose • Number of radios increased • 12 28 million • Reading of comic books increased

  11. Hoover’s Policies Chapter 24 Section 3

  12. A. Hoover’s Philosophy • Individual Effort not government assistance • People should support gov’t—not vice versa • Would inflate federal budget • Rugged individualism • Volunteerism should help the people out of the depression

  13. B. Boosting the Economy • Secretary of Treasury—Andrew Mellon • Laissez Faire • Building of the Boulder Dam • 800 buildings • 37,000 miles of road • $800,000,000 for construction

  14. Created Federal Farm Board • Help farmers help themselves • Reconstruction Finance Corporation • Stabilized banks “Short depression would be good for the country”

  15. C. Rumblings of Discontent • Hoover was hated • Bonus Army—10,000 WWI vets wanted pension • Forced off capital • D. Election of 1932 • FDR won 42 states • Hoover won 6

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