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Chapter 26 Great Depression & New Deal Stock Market Crash • Many people were investing, hoping to make $ on the stock exchange • They would borrow money to buy stock • People began to worry and sold their stock, dropping prices, plummeting on “Black Thursday” Oct 24, 1929 Depression • 1,000s of banks closed • Raised tariffs on goods from other countries, hurt those countries • Unemployment was at 20% President Hoover • Homeless lived in “Hoovervilles” mocking him • Hoover did little to help, then created public works projects the public could use • WWI vets were promised a bonus in ‘45 but wanted it now, protested New Deal • Franklin Delano Roosevelt crushes Hoover in the 1932 election (472-59) • Didn’t let paralysis from polio keep him down • Told US to trust banks in one of many “Fireside Chats” • Civilian Conservation Corps(CCC)-parks • Agricultural Adjustment Act(AAA)-subsidies (payments to farmers) New Deal • TN Valley Authority(TVA) built dams along rivers to generate electricity • Public Works Administration (PWA)-hired people to rebuild US • Federal Deposit Insurance Corp (FDIC) protected $ in banks Hard Times • Bad drought in the southern plains known as the Dust Bowl ruined farmers • Many became migrant workers in CA • “Okies” from OK were not wanted • Grapes of Wrath by John Steinbeck : https://youtu.be/xqaTv8cCWeg Changes • Afr Am formed Nat’l Association for the Advancement of Colored People (NAACP) • Were appointed to FDRs “Black Cabinet” • Europe saw the rise of Fascism: state is more important than individual & favored dictatorships • Radio & movies become very popular Critics of New Deal • Businesses didn’t like New Deal • Detroit priest Fr Charles Coughlin wanted high taxes on wealthy • CA Dr Francis Townsend wanted monthly pension (payment) for retired people 2nd New Deal • 1/5 workers still unemployed in 1935 • Works Progress Administration (WPA) built airports, public buildings, bridges, roads • WPA gave jobs to writers, painters, musicians • Social Security Act in 1935 taxed workers to be repaid when retired, unemployment insurance Unions Grow • Gen Motors plant used sit-down strikes • American Federation of Labor (AFL) represented skilled workers of specific craft • John L Lewis started Congress of Industrial Organizations (CIO) to organize all workers • 1935 Nat’l Labor Relations Act gives workers right to form unions (Wagner Act)