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THE 1928 ELECTION

THE 1928 ELECTION. REPUBLICAN HOOVER “RAGS TO RICHES” INDUSTRY, THRIFT & SELF RELIANCE—RUGGED INDIVIDUALISM DEMOCRATIC AL SMITH—NY “WET, IRISH CATHOLIC, CITY GUY” RESULT: HOOVER WINS WHY? “HOOVERCRATS”. HOOVER’S PRESIDENCY. WHO IS NOT GETTING THE MONEY??? HOOVER’S “FIXES”

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THE 1928 ELECTION

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  1. THE 1928 ELECTION • REPUBLICAN • HOOVER • “RAGS TO RICHES” • INDUSTRY, THRIFT & SELF RELIANCE—RUGGED INDIVIDUALISM • DEMOCRATIC • AL SMITH—NY • “WET, IRISH CATHOLIC, CITY GUY” • RESULT: HOOVER WINS • WHY? • “HOOVERCRATS”

  2. HOOVER’S PRESIDENCY • WHO IS NOT GETTING THE MONEY??? • HOOVER’S “FIXES” • 1-AGRICULTURAL MARKETING ACT, JUNE 1929 • FEDERAL FARM BOARD • FARM COOPS • 2-GRAIN STABILIZATION CORPS. 1930 • COTTON STABLIZATION CORPS • 3-TARIFF • CAMPAIGN PROMISE • 1930 HAWLEY SMOOT • 38% TO 60% • IMPACT

  3. Coming of the Great Depression • Stock market speculation • “Black Thursday” Oct. 24, 1929 • Prices drop rapidly-----sell off------prices drop even more • JP Morgan & others--$30 mil in market • Hoover—”Fundamental business of the country is on a sound and prosperous base”

  4. GREAT DEPRESSION • Oct. 24, 1929—Black Thursday • Decreased prices----sell off----further decline in prices • OCT. 29, 1929 BLACK TUESDAY • IMPACT?? • BY END OF 1929 STOCKHOLDERS LOST 40 BIL IN “PAPER” VALUE • CAUSES OF THE GREAT DEPRESSION OVERPRODUCTION OVEREXPANSION OF CREDIT DECREASE OF WORLD TRADE-tariffs & war debt *DROUGHT IN MISSISSIPPI VALLEY 1930 TECHNOLOGICAL UNEMPLOYMENT TOO MUCH MONEY IN TOO FEW HANDS—Unequal distribution of wealth Bad Banking structure Limited Economic “Intelligence”

  5. Affects on different groups • Wealthy—”cushion” of cash • Middle class—wages drop • Can’t pick up the slack of investment • Business—less investment—close factories • Holding Corps/Trusts/Banks—no payback of debt; lost $ in market • Poor—lower wages or layoffs • DOWNWARD SPIRAL OR SNOWBALL AFFECT

  6. HOOVER’S POLICIES • 1 RECONSTRUCTION FINANCE CORP. • “TRICKLE DOWN ECONOMICS” • 2-NORRIS-LAGUARDIA ANTI INJUNCTION ACT 1932 • 3-USE CHARITIES—NOT GOV’T ASSISTANCE *1930 MIDTERM CONGRESSIONAL ELECTIONS BONUS ARMY

  7. 1932 ELECTION • DEMOCRAT FDR • REPUBLICAN HOOVER • NEW DEAL VS. “PROSPERITY IS JUST AROUND THE CORNER” • RESULTS: • DEMS TAKE PRES AND CONGRESS • AFRICAN AM VOTERS SHIFT TO DEM PARTY • FIRST 100 DAYS OF FDR’S PRESIDENCY • 3 R’S—RECOVERY, RELIEF AND REFORM

  8. FDR AS PRESIDENT“1ST HUNDRED DAYS” • 3 R’S—RELIEF, RECOVERY, REFORM • “NOTHING TO FEAR, BUT FEAR ITSELF” • 2 key facts • 1-unemployment is key—bring relief to the unemployed • 2-inability to sell goods & services • No job---no $---no purchases

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