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The Great Depression

The Great Depression

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The Great Depression

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Presentation Transcript

  1. The Great Depression

  2. Causes • Drop in farm income. • Low factory wages. • Worldwide depression. • Underconsumption. • Margin buying of stocks.

  3. Business Cycle 1890-1940

  4. Initial “wait and see” attitude. Government works programs. Reconstruction Finance Corporation Bonus March Hoover’s Response

  5. Hoover - Rep. Roosevelt - Dem. “Prosperity is just…” “New Deal for …” Movement of Black voters to the Democrats. Election of 1932

  6. Walked a tightrope between the extreme positions of the left and right. Pragmatic. Piecemeal. Try anything approach. The New Deal

  7. Three Goals of the New Deal

  8. “The only thing we have to fear is fear itself.” Short range goal to help the immediate concerns of the nation. Relief

  9. Stable money. Regulating banks. Getting off the Gold Standard Recovery

  10. Banking. TVA. Labor Reform

  11. Effects of the Great Depression • “value” of stocks drops from $87 to $19 billion. • Steel production drops 80% • All industrial output drops 50%. • 500,000 homes and farms foreclosed. • 1931 alone 2500 banks failed. • Unemployment 33-40%

  12. Despair/ “Failure” Mistrust Hunger Inadequate medical care. Living conditions. Divorce rate goes down. Psychological aspects, etc.

  13. Emergency Banking Act of 1933. Glass-Steagall Act Agricultural Adjustment Act of 1933 National Industrial Recovery Act (NRA) Works Progress Administration (WPA) Frazier-Lemke Act. Civilian Conservation Corp (CCC) Federal Emergency Relief Act (FERA) Home Owners’ Loan Corporation (HOLC) Tennessee Valley Authority (TVA) Wagner Act (NLRA) Key legislation & creations