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The Nation’s Sick Economy

The Nation’s Sick Economy. Section 22-1 pp. 670-677. Preview Questions. Why was the nation’s economy sick in the late 1920’s? What was Black Tuesday? How did the stock market crash affect businesses?. Trouble on the Horizon. Farming Overproduction  Lower prices

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The Nation’s Sick Economy

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  1. The Nation’s Sick Economy Section 22-1 pp. 670-677

  2. Preview Questions • Why was the nation’s economy sick in the late 1920’s? • What was Black Tuesday? • How did the stock market crash affect businesses?

  3. Trouble on the Horizon • Farming • Overproduction  Lower prices • Default on mortgages and lose land • Price supports vetoed • Overproduction of Goods

  4. Trouble on the Horizon • Credit • Accumulated debt and couldn’t pay it off • Uneven Distribution of Income • People lack money to buy consumer goods

  5. Hoover Takes the Nation • Hoover (R) elected in 1928 • Problems in Stock Market • Speculation • Buying on Margin • Inflated Stock Prices

  6. Stock Market Crashes • Black Tuesday • October 29, 1929 • Sharp decline in prices: “Crash” • $30 billion lost by November

  7. Financial Collapse • Great Depression • Period of bad economic times 1929-1940 • Banks and businesses close • Spread worldwide

  8. Financial Collapse • Hawley-Smoot Tariff • Attempt to stimulate U.S. economy • Leads to decrease in foreign trade

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