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1936 Migrant Mother Photo by Dorothea Lange Depression – A very severe recession; a period of severely declining economic activity spread across the economy (not limited to particular sectors or regions) normally visible in a decline in real GDP, real income, employment, industrial production, wholesale-retail credit and the loss of overall confidence in the economy. Shanty towns “Hoovervilles Breadlines Central Park NYC, 1931 “In Hoover we trusted, now we’re busted” “Too little, too late” Bonus Expeditionary Force ; WWI Veterans July 1932, Washington DC 1932 election, FDR “this will elect me!” Cavalry led by MacArthur & Eisenhower Tear gas Camps set ablaze Tanks Positive Plans begun by Hoover. “TOO LITTLE TOO LATE!!” 1932 Reconstruction Finance CorporationLoaned money to major banks, RR companies, and factories to get their feet back on the ground. Attempt to refuel business expansion. $2 Billion worth of financing. This favored the “trickle down” effect. Critized! Federal Home Loan Bank ActAgency designed to prevent foreclosures on homes/farms. Lower mortgage rates & allow refinancing. *He asked employers not to cut wages/layoffs. Asked unions to not make demands. He also helped Af.Americans by app. some to Federal positions. Positive Plans begun by Hoover. “TOO LITTLE TOO LATE!!” 1930-1936 Created the public work projects to provide jobs. Ex.Boulder Dam. $800 million allotted. Federal Farm Board Tried to decrease supply to raise prices by using farm cooperatives. National Credit CorporationLarge banks loaning $$ to smaller banks. “Brother Can You Spare a Dime?” 1932 Yip Harburg They used to tell me I was building a dream, and so I followed the mob, When there was earth to plow, or guns to bear, I was always there right on the job. They used to tell me I was building a dream, with peace and glory ahead, Why should I be standing in line, just waiting for bread? Once I built a railroad, I made it run, made it race against time. Once I built a railroad; now it’s done. Brother, can you spare a dime? Once I built a tower, up to the sun, brick, and mortar, and lime; Once I built a tower, now it’s done. Brother, can you spare a dime? Once in khaki suits, gee we looked swell, Full of that Yankee Doodle Dum, Half a million boots went marching through Hell, And I was the kid with the drum! Say, don’t you remember, they called me Al; it was Al all the time. Why don’t you remember, I’m your pal? Brother, can you spare a dime? Once in khaki suits, gee we looked swelling, Full of that Yankee Doodle Dum, Half a million boots went marching through Hell, And I was the kid with the drum! Say, don’t you remember, they called me Al; it was Al all the time. Say, don’t you remember, I’m your pal? Brother, can you spare a dime?