the great depression. 20’s keep roaring americans make more than ever –1922 national income= $61...
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The Great Depression
20’s Keep Roaring
• Americans make more than ever– 1922 National Income=
$61 Bill.
– 1929 National Income= $87
• Over 23 million cars were owned– (3/4 of worlds supply)
• 1929 Stocks at all-time highs!
Trouble on the Horizon
• Unemployment on the rise
• Farmers were losing land– Farming and rural areas suffered as crop
prices fell by 40 to 60 percent.
• Stock prices begin to drop
1929- The Great Crash
• Investors all over the country rush to get their money out of the stock market
• October 29 (Black Tuesday), the stock market collapsed, losing billions $$$ in value in one day
• By December 1929, $40 billion in stock value had been lost
The Economy Takes A Dive
• Between 1929 and 1933, 100,000 businesses failed
• Corporate profits fell from $10 billion to %1 billion
• Between 1929-1933, over 6,000 banks failed with over 9 million saving accounts lost ($2.5 billion)
• By 1933, 13 million workers were unemployed (25% of work force) and many were underemployed
• Malnutrition increased, as did tuberculosis, typhoid, and dysentery
Hoovervilles
• Small towns within a city that were built with scrap materials
• Almost 1 out of 4 Americans unemployed
Seattle
Portland (Where I-84 is today)
Social Health
• Decreased living condition– More people into less
space
• Divorce rate decreased– Could not afford it
• Many men felt shame
Increased Discrimination
• Many married women are fired– Get more men jobs
• Minorities (African-Americans, Hispanics, and Asian Americans) pushed out of jobs– 56% of African-Americans were unemployed in 1932– Increased lynching
• Scottsboro Boys– 9 African American youths accused of raping a white
women– 8 of 9 convicted to die (no defense)– Communist Party supplies lawyers for an appeal and
the convictions were overturned
Dust Bowl
• 440,000 left Oaklahoma
• 300,000 left Kansas• Many moved to
California for farm work
Americans Look for Help
• In 1932, 95 people died in NYC from starvation
• Many American turned to soup kitchens and breadlines
• Large numbers of homeless workers roamed the U.S., particularly the Southwest, seeking work
Hoover’s Response
• Believes that direct relief (welfare) would undermine America
• Urged Americans to look toward churches and private charity for help
• Met with business and labor leaders to reduce layoffs and strikes
• Financed federal works projects, such as massive dams in the west (Bolder, Hoover, and Grand Coulee)
Hostility to Hoover
• Bonus Army (Bonus March)
Election of 1932
• President Hoover– Slogans: “The
Worst is Past” and “Prosperity is Just Around the Corner”
– Accused FDR of seeking the destruction of capitalism
• Franklin D. Roosevelt– Campaigned for cautious
liberalism – Rejecting Hoover’s
conservatism and radical approach of socialists and communists
– Offered a New Deal for the “forgotten man” and promised a balanced budget along with economic reforms
FDR WINS!
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