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WARM-UP Roaring Twenties Acrostic

WARM-UP Roaring Twenties Acrostic. R- O- A- R- I- N- G-. The Great Depression 1929-1945. Economic Troubles. Prosperity is superficial Several industries barely making profits You can tell economy by housing situation Farmers hit hard Consumer spending down

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WARM-UP Roaring Twenties Acrostic

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  1. WARM-UPRoaring Twenties Acrostic • R- • O- • A- • R- • I- • N- • G-

  2. The Great Depression 1929-1945

  3. Economic Troubles • Prosperity is superficial • Several industries barely making profits • You can tell economy by housing situation • Farmers hit hard • Consumer spending down • Rising gap between rich & poor • Those who do spend are buying on credit

  4. Stock Market Crash • Economists warn of weaknesses in early 1929 • Too much speculation of stocks • Stock prices decline into October • 1st “dumping” happens on Oct. 24th • Collapse happens on Black Tuesday, Oct. 29th • Terrible panic w/ everybody selling stocks • Record 16 million shares dumped • Losses totaled over $30 Billion by early Nov. • Crash signaled beginning of Great Depression

  5. Banks Failed • After the crash, many begin withdrawing money from banks • Banks had invested other people’s moneys • Millions of people lost their life savings • Banks closed because withdrawals outnumbered deposits • Unemployment rises from 3% (1929) to over 25% (1933)

  6. Government Reacts • Government passes Hawley-Smoot Tariff • Highest protective tariff in history (protect farmers and industry from foreign competition) • Tariff backfires, closing foreign markets to our goods • World economy suffers also

  7. President Hoover • Continues laissez-faire economics • Does not offer assistance to Americans • Believed in ‘rugged individualism” • Americans should help themselves • Individuals and charities may give to needy • Many Americans blamed Hoover for Depression • Those who lost their homes lived in Hoovervilles • Hoover finally reacts • Started some public works projects (ex - Boulder Dam) • Too late to make a difference OR to win him re-election

  8. Hooverville

  9. Bonus Army • 1932, World War I veterans marched on Washington DC • Demanded early payment of bonus • Not due until 1945 • Congress denied payment • Some refused to leave • Hoover ordered US Army to drive veterans and families out • 2 soldiers and 1 baby killed • Actions cost Hoover the Election of 1932

  10. FDR and the NEW DEAL

  11. Election of 1932 • Franklin Roosevelt (D) won • Promised Americans a New Deal • Very vague, but he won • Was inaugurated on March 4, 1932 • Too much of a delay • Congress passed the 20th amendment • Changed inauguration to January • Begins period known as “Hundred Days” • Roosevelt starts trying to “fix” American economy

  12. Bank Holiday • #1 problem in US was bank failures • FDR ordered all banks to close for one week • US Treasury would inspect all banks • Only good banks would re-open • After one week, banks re-opened, deposits outweighed withdrawals for first time since Depression began • Gives fireside chats on radio to reassure Americans • FDR increased American confidence in banks

  13. New Deal Programs • Roosevelt begins other programs to give jobs to Americans or regulate economy • Programs use deficit spending (spending more money then the gov’t makes) • Glass-Steagall Act • Creates Federal Deposit Insurance Corporation (FDIC) • Federal Securities Act • Creates Securities and Exchange Commission (SEC) • Agriculture Adjustment Act (AAA) • Civilian Conservation Corps (CCC) • Tennessee Valley Authority (TVA) • Public Works Administration (PWA) • National Industrial Recovery Act (NIRA)

  14. 2nd New Deal • Roosevelt wants to add more programs in 1935 to build on earlier programs • Works Progress Administration (WPA) • National Youth Administration (NYA) • Wagner Act • Sets up National Labor Relations Board • Social Security Act

  15. New Deal limits & Criticism • Supreme Court declares some New Deal acts unconstitutional • NIRA in 1935 • AAA in 1936 • American Liberty League forms to oppose Roosevelt & New Deal policies • Most outspoken were Huey Long (Share-Our-Wealth) & Father Charles Coughlin • Roosevelt criticized for Court packing incident • Tried to reorganize court system in 1937 • Would be more “friendly” towards New Deal policies

  16. Other Information • Francis Perkins – 1st female cabinet member; Sec. of Labor • Radio & film flourish • Gone with the Wind • The Wizard of Oz • Mr. Smith goes to Washington • Literature reflects hardships of Depression • John Steinbeck’s Grapes of Wrath • The US will gradually begin to leave the Depression in the mid-late 30s • US doesn’t officially end depression until WWII

  17. ClosureHoover v Roosevelt Hoover Roosevelt Incoming Idea: Adjective to describe him: Actions taken: America’s Reaction:

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