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Who’s Afraid of the Big Bad Wolf? The Great Crash Chapter 11, Sec. 1 Americans Face Hard Times Chapter 11, Section 2 The Three Little Pigs Copyright: Walt Disney Productions 1933 Used for educational purposes Hoover as President Chapter 11, Section 3 The 20s--a time of sustained growth 1922-1928, the GNP rose 30% Triggered a feeling of optimism By 1929, 1 in 5 Americans owned a car Auto & related industries employed nearly 4 million workers Unemployment in U.S. at 3% Feeling of prosperity encouraged workers to buy new products 1917 Model T Ford cost 2 years wages. 1924 Model T Ford cost 3-months wages H. Hoover, Sec. of Commerce in the Harding & Coolidge admin. elected president,1928. Voters associated prosperity of the ‘20s with Republicans Hoover believed gov. should stay out of business He believed gov. should help people help themselves Hoover (like Coolidge) opposed the gov. buying surplus farm products In the 1920s, Americans invested in stocks The stock market climbed steadily As prices rose, people began speculating Some bought stocks on margin, (borrowing $, hoping to repay it from profits) Sept. 1929, the market started to waver Speculators began to sell stock Oct. 1929, stock prices plunged Investors panicked and rushed to sell stock The stock market collapsed & many Americans lost all their money In the 20’s economy, Americans relied on credit People couldn’t repay loans. Depositors panicked and demanded their money (bank run) Many banks forced to close. Economic decline crippled the U.S. for 12 years This was called the “Great Depression” One cause was overproduction Another cause was under-consumption Buying power couldn’t support mass-production industries The Depression took on a momentum of its own A major factor was a long slump in ag. prices Banks had loaned $ to farmers Loss in farmer’s purchasing power People stopped buying goods Production slowed & led to job cuts Jobless couldn’t make payments & lost homes Banks that had loaned money failed, wiping out depositors’ savings In 1932, over 30,000 companies closed 1930: 4 million jobless; by ‘33, number tripled By 1933, hourly wages had decreased by 60% Which of the following factors was most significant in contributing to the onset of the Great Depression in the United States? a. Declining agricultural prosperity b. Increasing reliance on foreign imports c. An inadequately skilled workforce d. Vast military expenditure during World War I Which of the following factors was most significant in contributing to the onset of the Great Depression in the United States? a. Declining agricultural prosperity b. Increasing reliance on foreign imports c. An inadequately skilled workforce d. Vast military expenditure during World War I In the 1920s, a combination of overproduction, falling prices, and rising unemployment combined to cause a decline in which industry? a. agriculture b. fishing c. mining d. technology In the 1920s, a combination of overproduction, falling prices, and rising unemployment combined to cause a decline in which industry? a. agriculture b. fishing c. mining d. technology Unemployment: 1928-1933 Income & Spending: 1929-1933 Foreign trade policies also played a role Fordney-McCumber Tariff was high Insistence on collecting war debt hurt trade Foreign markets were destroyed for US products In cities, many faced starvation Families unable to pay rent or mortgages were evicted Many lived in shacks called “Hoovervilles” Those with jobs had continuous wage cuts In ‘30, Hoover signed the Hawley-Smoot Tariff raising import taxes Many nations stopped buying US goods In an April 1932 article in Foreign Affairs, a contributor commented: The year 1931 will stand out in economic history as the great year of protectionism…The crowning event of the year was the announcement in November that Great Britain had abandoned its traditional free trade policy Which of the following actions taken during the Hoover administration was a precursor to the situation described above? a. Passing the Smoot-Hawley Act b. Creating the Security & Exchange Commission c. Implementing the Revenue Act d. Creating the Reconstruction Finance Comm. In an April 1932 article in Foreign Affairs, a contributor commented: The year 1931 will stand out in economic history as the great year of protectionism…The crowning event of the year was the announcement in November that Great Britain had abandoned its traditional free trade policy Which of the following actions taken during the Hoover administration was a precursor to the situation described above? a. Passing the Smoot-Hawley Act b. Creating the Security & Exchange Commission c. Implementing the Revenue Act d. Creating the Reconstruction Finance Comm. A significant effect of the Smoot-Hawley tariff was that: a. U.S. consumers benefited from lower prices on goods and services b. Trade between the United States and Europe was greatly reduced c. Labor unions gained legal protection for collective bargaining d. U.S. manufacturers faced more competition from foreign nations A significant effect of the Smoot-Hawley tariff was that: a. U.S. consumers benefited from lower prices on goods and services b. Trade between the United States and Europe was greatly reduced c. Labor unions gained legal protection for collective bargaining d. U.S. manufacturers faced more competition from foreign nations The Three Little Pigs was released in 1933, in the midst of the Great Depression. People of all ages loved the cartoon & its underlying themes. Who or what do you think the Big Bad Wolf represents? How do the characters of Fifer pig and Fiddler Pig relate to American life during the Jazz Age of the 1920s? What do those characters say about America’s preparedness for the monetary crisis? Who or what do you think Practical Pig represents? What would you say is the theme of the cartoon? Hoboes hopped trains to go from town to town to find work, taking their lives in their hands. Boarding a moving train was dangerous and illegal. Railroads hired “bulls” or guards to chase hoboes off the trains. Farmers struggled with a surplus of goods Excess milk dumped Animals slaughtered to push prices up ‘31 Great Plains entered a long, severe drought By the ‘30s careless ag. practices left region vulnerable Windstorms stripped away topsoil & blew it hundreds of miles Hardest hit: Oklahoma, Kansas, Colorado, New Mexico, and Texas Great Plains became known as “Dust Bowl” Many fled area for California to work on farms Migrants called “Okies” By ‘33 farm prices were down more than 50% from 1929 As income dropped, farmers unable to make payments on loans In 1933 about 364,000 farms went bankrupt or suffered foreclosure Hoover vetoed a bill to give aid to the jobless Also a bill to put the gov. in the business of buying & selling electricity In ‘32, 20,000 jobless army veterans marched on Washington They wanted early payment of bonus Congress promised to pay in 1945 Congress rejected demand, most veterans left 2000 remained & clashed with police Hoover called in the army People believed move was excessive Hoover became even less popular