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Depression / New Deal

Depression / New Deal. Objectives. Look at effects of the Depression Examine pictures to visual the impact of the depression. 1920’s in the U.S. Consumer Economy: an economy that depends on a large amount of spending by consumers People began to buy on credit

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Depression / New Deal

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  1. Depression / New Deal

  2. Objectives • Look at effects of the Depression • Examine pictures to visual the impact of the depression

  3. 1920’s in the U.S. • Consumer Economy: an economy that depends on a large amount of spending by consumers • People began to buy on credit • Industries boomed because people were buying so much.

  4. People began to invest in the Stock Market • People would borrow money to purchase stocks (buying on margin) • Speculation: purchasing high risk stocks

  5. HOWEVER… • Uneven prosperity: not everyone was enjoying the economy • Falling farm prices put farmers into trouble, they couldn’t pay debts. • People over purchased on credit, couldn’t pay bills

  6. Black Tuesday: The Great Crash • On October 29, 1929, the stock market crashed. • Prices fell, stocks were worthless • Businesses couldn’t pay their bank loans. • Factories shut down, people lost jobs • People couldn’t pay personal loans

  7. People couldn’t purchase products • More stores and factories closed • People tried to get their money from the banks • Banks closed

  8. RESULT… • The Great Depression

  9. President Herbert Hoover (Republican) • believed that the natural process of the cycle would lead to correction. • Asked businesses to voluntarily cooperate • Laizze Faire Economics

  10. Effects: • Bank runs • Savings were wiped out • Cuts in production • Rise in unemployment

  11. And then to make things worse… • It stopped raining in the mid-west. • Referred to as the “Dust Bowl” • Nothing would grow • Primarily affects: Kansas, Oklahoma, Nebraska

  12. People packed all their belongings in their trucks • Moved to California • Created cardboard towns called Hoovervilles • Named for Pres. Herbert Hoover

  13. Images From The Great Depression

  14. A man selling apples on a New York City street corner, just trying to make ends meet.

  15. “Hooverville”

  16. Unemployed Chicagoans during Great Depression.

  17. Famous photo taken by Dorthea Lange. This is a picture of an immigrant mother who just sold the tires from her car to buy food. Before this day, her family had been living on frozen vegetables and birds that the children had killed.

  18. Unemployed men vying for jobs at the American Legion in Los Angeles during the great depression.

  19. Iowa – A farm foreclosure sale

  20. Breadline.

  21. Breadline New York City. The corner of 6th Avenue and 42nd Street.

  22. Ladies in the food line – Kensington, Pennsylvania.

  23. Soup Line

  24. The Dust Bowl

  25. What do you think? • From the images you have just seen, how do you think the mood the country was at the time?

  26. Objectives • Examine FDR’s response to the Great Depression • Examine & assess the effectiveness of New Deal policies • We will assess the impact of the New Deal

  27. Happy Days are Here Again • 1932: Franklin D. Roosevelt (Dem.) is elected President

  28. New Deal • “Relief” • Help people now • “Recovery” • Jobs, econ… • “Reform • Change econ. policy, gov. role….

  29. The New Deal

  30. KEY GOALS OF THE NEW DEAL 1. 2. 3. 1. 2. 3.

  31. First Hundred Days • Restore the nation’s hope • Provide relief to the people • Create jobs • Stimulate economic recovery

  32. The Second Hundred Days • Social Welfare benefits • Stricter controls over business • stronger support for unions • higher taxes on the rich • Pass new labor laws

  33. First Half of New Deal 1933 • FDR • Keynesian Economics • Defecit spending • 1933 • FDIC • Federal Securities Act • Public info on stock market & regulation • NIRA • NRA • Codes for businesses • WPA • CCC

  34. FDIC established in 1933

  35. Second Half of N.D. 1935 • Wagner Act • Form unions & strike • SOCIAL SECURITY • Workers & employers pay • “old age” benefits (65) • Unemployment insurance

  36. New Deal Expanded the role & power of the Federal GOVERNMENT

  37. Reactions to the New Deal • Huey Long • Louisiana populist • “Share our wealth” • Anyone w/ $5 mil. In bank • gov should take it & distribute it • Charles Coughlin • National Union for Social Justice • Attacked bankers • “Radio Priest” of Detroit • Borderline fascist • F. Townsend • Over 60 yrs. Old  $200/mo and you must spend it • Circulates $

  38. Reading • After filling in the graphic organizers, read FDR: Opportunistic Architect of Big Gov. (Robert Higgs) • Create 3 questions of your own from the reading • How does his view of FDR & the New Deal differ from most? Why? • According to Higgs what impact did FDR have upon American History? • What is your opinion?

  39. Discuss • What impact did the New Deal have? • Positive, negative…? • Are there any comparisons one can make between Obama’s recovery plans and the New Deal?

  40. Social reactions: • People left their homes, westward movement • Increased discrimination against minorities, many lost their jobs • Men left families

  41. Women lost jobs • Increased union membership and riots (Wagner Act) • Many thought FDR was a Communist • Others said he wasn’t doing enough

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