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The Great DepressionThe Great
Depression
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Black Tuesday & the Great Crash
• bull market – rising stock prices (way too fast) plummeted to bear market – falling stock prices– business community with
big profits• investors tried to sell their
stocks before prices fell any lower too many selling
• stock market collapsed!• Dropped $30 billion in 1st
week
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The Bank
• loans busted because of stock investments banks closing
• people panicked & rushed to withdraw their money banks don’t keep a lot on hand, they ran out of money banks closed
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Business Failures
• when banks closed, many businesses lost their corporate savings & operating accounts businesses closed or cutback on production & workforce
• Unemployment increases (rate = 25%)
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Causes of the Great Depression
• overproduction – production exceeded consumption & surpluses piled up
• global trade problems – world trade declined (Europe recovering from WWI) not a lot of aid
• the Dust Bowl
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President Hoover• thought that relief and recovery
should come largely through voluntary cooperation rather than federal efforts
• created the RFC (Reconstruction Finance Corporation) – direct relief to unemployed; loaned money to railroads and banks
• lowered taxes to stimulate the economy
• did not realize how severe the depression was
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Election of 1932
• FDR (NY governor/D) vs. Hoover (U.S. President/R) FDR won
• Roosevelt promised relief, recovery, and reform
• A new deal for the American people with federal help
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The New Deal
• federal govt. approved and financed programs that battled the depression
• How did they afford this? – Raise taxes– Inflation
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Farmers• as prices bottomed out, many farmers
could not sell their crops• without income, they could not repay
their house and land loans• banks foreclosed on their homes & land• If things weren’t bad enough, drought
struck!• Dust Bowl – dust storms on the Great
Plains• families migrated west for a new life (to
California)
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Family Life
• divorce rates increase, marriage & birth rates decreased
• men left their families (some in search of jobs)
• children dropped out of school to help make money (hoboes)
• food lines (aka soup kitchens, bread lines) – fed the poor
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QUIZ TIME
https://www.youtube.com/watch?v=QPKKQnijnsM
QUIZ TIME
https://www.youtube.com/watch?v=QPKKQnijnsM
SUMMARYSUMMARY
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• 1. T/F Consumerism of the 1920s was a contributing factor of the Great Depression.
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• 2. T/F Unemployment reached 50% during the Great Depression.
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• 3. Which of the following was NOT a cause of the Great Depression? – a. overproduction– b. global trade problems– c. America’s involvement in WWI– d. the Dust Bowl
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• 4. Which president was blamed for the Great Depression?– a. Woodrow Wilson– b. Herbert Hoover– c. FDR– d. Teddy Roosevelt
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• 5. Which president was credited with saving the country from the Great Depression?– a. Woodrow Wilson– b. Herbert Hoover– c. FDR– d. Teddy Roosevelt