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Happy break! Last minute submissions for quarter 3? The “crash”- 5 minute video What were the causes of the Great Depression? (part 1) “cycle of disaster” (back of sheet) Document activity/ graphic organizer in pairs or alone…. To turn in- 10 points for full credit, be specific Finished? Do back (if not done, will have to be done when return….) UNIT 12- The Great Depression and the New Deal April 25 GO OVER: DOCUMENT ACTIVITY (FRIDAY): VIDEO: What were the causes of the Great Depression? (part 1) “cycle of disaster” (back of sheet) Go over first side HOOVER…. ELECTION OF 1932 BTW Documents are “lumped” together (A/B; C/D; E/F…..) Full credit- be specific Unequal Distribution of Wealth: Why is this a problem? 1920s- rich got richer ; poor got poorer 70% of nation below $2,500 207 Overproduction- Factories and Farms 1- Overproduction Farm goods- surplus, prices drop, can’t get out of debt Manufactured goods- Americans buying less Orders slow; factories lay off workers Consumer debt Consumer goods bought on credit throughout 1920s (living beyond means) growing debt- people cut back on spending Stock Market speculation speculation- trying for quick profit; ignoring risks Buying on margin- pay a small percentage of a stock’s price & borrow the rest from a bank Stock Market Crash- Onset of Great Depression “Black Tuesday”- October 29, 1929 $30 Billion in “wealth” disappears businsess faliures Bank failures A cycle of disaster unemploym ent Cycle of disaster consumer income and spending How are these connected? Banks fail--- Businesses fail- Unemployment up— Consumer spending/ income down-- New York Stock Exchange, Black Tuesday (October 1929): Bank Failures “Bank runs”- people panic- run to get $$ out of banks Banks had lost $$ in stock market 11,000 banks close- people lose all their savings https://www.youtube.com/watch?v=EOzMdEwYmDU Bonus Army… Business failures/ production PLUMMETS 90,000 businesses went bankrupt “GDP” (national production) cut in half from 1929- 1933 MASSIVE unemployment 13,000,000 unemployed by 1933 (25%) Those with jobs- pay cuts, fewer hours… “Hardship and Suffering” Cities: 1000s evicted from homes- live in shantytowns (“Hoovervilles”) “Hardship and Suffering” Cities…- soup kitchens/ breadlines “Hardship and Suffering” Rural areas: At least they could eat 1000s of farmers lose land through foreclosure “Hardship and Suffering” Dust Bowl- Drought hits in early 1934destroys overfarmed land “Okies”- 1000s of farmers pack up and head to CA Life in Depression Hunger Homelessness “hobos” on freight trains… According to his belief in the “rugged individualism” of Americans described above, why did Hoover believe that the federal government should not directly help the needy during the Depression? “Economic depression cannot be cured by legislative action or executive pronouncement. Economic wounds must be healed by the action of the cells of the economic body - the producers and consumers themselves.” “It is just as important that business keep out of government as that government keep out of business.” “Every time we find solutions outside of government, we have not only strengthened our character, but we have preserved our sense of real government.” “Prosperity cannot be restored by raids upon the public Treasury.” According to Hoover’s philosophy and quotes……. Should the government play an important role in the economy? How will the economy recover if the government does nothing? 1-10; Why? Election of 1932 "I pledge you, I pledge myself, to a new deal for the American people." -FDR, accepting the Democratic nomination for the 1932 election