ch 13 sec 2. qw what are your strategies for saving money?
TRANSCRIPT
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Ch 13 Sec 2
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QW
What are your strategies for saving money?
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QW
If the stock market collapsed today, how would your family be affected?
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What was the Great Depression? The worst economic crisis of the
century Over 13 million people unemployed “Dust bowl” as a result of drought Farmers lost crops Many lost their homes
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What caused the Great Depression?
Unequal distribution of wealth Stock market crash of 1929
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Unequal Distribution of Wealth
Limited middle class Supply not equal to demand Credit cards created false demand
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THE STOCK MARKET
By 1929, many Americans were invested in the Stock Market
The Stock Market had become the most visible symbol of a prosperous American economy
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THE 1929 CRASH
On October 29, now known as Black Tuesday, the bottom fell out
16.4 million shares were sold that day – prices plummeted
People who had bought on margin (credit) were stuck with huge debts
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FINANCIAL COLLAPSE
After the crash, many Americans panicked and withdrew their money from banks
Banks had invested in the Stock Market and lost money
Bank run 1929, Los Angeles
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1928 1929 1930 1931 1932 1933
Bank Failures
In thousands
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Unemployment
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Unemployment (in millions)
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Business failures (In thousands)
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Loss of homes “Hoovervilles”
Here were all these people living in old rusted-out car bodies. ... One family ... [was] living in a piano box. This wasn't just a little section, this was maybe 10 miles wide and 10 miles long. People living in whatever theycould junk together. ..."
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Dustbowls
A traveler noticed a nice new hat by the side of the road, and he stopped to pick it up. Under the hat was a man, buried up to his neck in the dust! As he dug the poor fellow out, the traveler asked if he wanted a ride into town. "No, I'll get there myself," the man replied, "I'm on a horse." (Excerpt from THE DUST BOWL by Tricia Andryszewski, p. 33.)
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Depression
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Did everyone suffer during the depression?
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“The only thing we have to fear is fear itself”
“Our greatest primary task is to put people to work”
Franklin D. Roosevelt
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FDR’s New Deal Relief for the needy Jobs provided Business and government reformed
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People’s faith in democracy…