Survey
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
Herbert Hoover was admired for the way he impacted the food relief during and after World War I He was also effective in the Secretary of Commerce for both president Harding and Coolidge In 1928 when Herbert Hoover was elected president, people expected that “the good times would get better with Hoover in office.” In 1928, the stock market value rose from 27 billion to 38.4 billion and by October 1929, the stock value was nearly 87 billion. Though some people lost jobs due to machinery in the assembly line, the unemployment rate was only below 4% By this time, wages increased 40% since 1914 Unemployment Rate from 1890 to 1940 “the rich got richer and the poor got poorer.” New technologies came about and even though people could not afford them, citizens would buy new radios, vacuums, etc which got them into more debt Speculation “The higher the risk, the higher the gain” To attract less wealthy investors, stockbrokers encouraged… “buying on margin” which means that they only have to pay between 10% to 50% of each stock and borrow the rest. When you have to pay back your debt, you were charged high interest and the only way you really made money is when your stock is worth more than the value During WWI, the demand for cotton and wheat was at high which made farmers rich but as the war ended, the prices and demand increased. Farmers could not repay the debt from purchasing new land and supplies so they had to sell their land Workers were still working long hours for low wages and in addition, the factories were not in healthy conditions Dow Jones Industrial Average is the average of stock prices of major industries. On Wednesday Oct 23rd, investors who were worried for the market prices falling, sold their stock for almost twice as less as they bought it. Ex: a $400 share sold for $283 a share The fallowing Tuesday, over 16 million shares were sold for less then the price that was bought Great Crash the collapse of the stock market where over $30 billion was lost Great Depression was a severe economic decline that not only affected America but had affects on parts of the world as well Restaurants and local businesses closed and the cost of food produced in America price decreased from $103 billion to $56 billion Banks lived off the interest paid by homes and farms and when citizens canceled accounts, banks closed and over 9 million accounts were canceled The United States insisted on the allies from WWI to repay debt and import taxes were high, making the European trades harder to sell to the Unites States Overspeculation People bought stocks on borrowed money and if a stock was sold for less than what you bought, you lost money which made is harder to pay interest The Federal Reserve system regulates the flow of money so when they limited the money supply, their wasn’t enough money to increase the economy Those who had the most money where people who would rather spend on goods then save and invest. Banks were not trusted so people wouldn’t put the money in banks. Hoovervilles meaning shelters of the homeless, were also called “shantytowns”…mockin g president Hoover for the blame of this depression Shantytowns were made of cardboard, trash, trash bags, paper, etc. Dust Bowl Droughts and Dust storms took over the mid west causing farmers to loose their crops and homes The “Dust storms” were caused by top soil and when the wind picked up the soil, it carried it to the east, picking up speed and traveling for hundreds of miles, causing the “Black Blizzard” These storms reached all the way to New York City, blackening the skies, stained the snow in the New England states, and even reached ships along the Atlantic Sure line Hoover tried to win America by saying that he will create new jobs by building new business, dams, etc. Newspapers made him look bad, showing pictures of him feeding his family or playing with his dog while others were starving and praying for change The lowest point for Hoover was in 1932 20,000 WWI vets wanted the pension payment that has been promised latter on but the senate said no. Hoover called in the army, causing many injuries When Franklin Roosevelt took office, he promised a New Deal this program will help with relief, recovery and reform to fix the causes of the depression In the first one hundred days, things were already changing. Eleanor Roosevelt greeted the WWI marchers, and within an hour, they were on her side Franklin first closed banks, causing the Emergency Banking Act where government checked banks to make sure they were financially stable and most banks re-opened, gaining the faith to start saving again. FERA (federal emergency relief administration) gave money to public works programs to help create jobs Programs such as the CCC and the CWA helped the homeless who had no jobs. New schools, hospitals, dams, etc were to be built CCC civilian conservation corps were for un married young men and soon one was created for women to help fix local roads and businesses. Free food and shelter were provided for the workers CWA Civil works administration gave over 4 million jobs to the homeless, improving parks, roads and airports. NRA (National Recovery Administration) set codes and created minimum wages which aloud workers bargaining rights HOLC (Home Owners Loan Corporation) refinanced the mortgages, making payments more affordable TVA (Tennessee Valley Authority helped farmers and created jobs on the farm After the land slide victory over Alfred Landon, FDR created a better “New Deal” This new round included: stricter controls over business, and higher taxes on the rich Banned child labor Social Security System a form of payment to people who couldn’t support themselves Min. wage was at .25 cents and women would get horrible treatment Most jobs went to the “head of the family” African Americans were only aloud to work at low waged jobs, they were against FDR in 1932 but in 1936, they joined his ideas, hoping the second new deal changed rights, however, they had no help from the federal government so they boycotted businesses The Wagner Act was suppose to keep industrial peace but they had a disagreement with the union so workers would strike Sit Down Strikes workers would stop working but refused to leave the work campus Scabs would be called in to work but could not enter due to the strikes in progress Most of these were set at GM but executives would fight back by turning off the heat and blocking them from getting food but women would latter take food to their husbands Because of the criticism, the new deal had to soon come to an end Due to the governments massive spending, the economy did improve, and a big thanks goes to the S.S. Tax National Debt The amount of the money the government borrowed and didn’t pay back. By the end of the 1940’s, the debt was over 21 billion Debt clock Grapes of wrath Based on the Dust Bowl victims Soap Operas 15 min. shows were meant to appeal women Wizard of Oz Humor for children to help them think happy and forget about the hard times Comedy's For men to get away from all the hard work Federal Art Gave 10,000 artist work to paint over 2000 murals, 100,000 paintings and over 17,000 sculptures Public Works Many hospitals, dams, bridges are still standing today Social Security though the wages are low, the S.S. are for the elderly to help pay bills Both Roosevelt and his wife received letters everyday with improvements on how the economy is doing, but several years would pass before full recovery would form, thanks, in part, to the second world war