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This was the worst and longest economic collapse in the United States. It lasted from the end of 1929 until the early 1940’s. It started with the crash of the stock market and ended with the entering of World War II. Causes “Black Thursday”, was the day the stock market crashed on October 29, 1929. 16 million shares of stock were quickly sold by panicking investors who had lost faith in the economy. Causes Unfortunately, many people borrowed money to purchase these stocks. When they were unable to pay the loans back, the banks were forced to take their belongings or lose their money. Causes Banks also made investments in the stock market. When the market crashed, many people worried that the banks would go bankrupt and rushed to withdraw their cash. This caused 9,000 banks to go out of business and 9 million savings accounts were wiped out. Causes Farmers grew more food than they could sell. This caused prices to fall. Many farmers could not make enough money to pay for their farms. Families were forced to leave their homes and start all over again. Causes At this time, factories were making more products than people could buy. Factory owners were forced to lower their prices. They could not stay in business and were forced to close. This caused many people to become unemployed. Unemployed In 1933, at the Great Depression’s lowest point, more than 15 million Americans were out of work. That is approximately 25% of the nation’s workforce. Charity The government did not have welfare or unemployment insurance to help those in need. Numerous Americans depended on charity to survive. Soup Kitchens Church groups, the gangster Al Capone, and other volunteer organizations provided free food to the unemployed. Sometimes this was the only meal a family had. Feeding the Family During this time, people started growing a variety of vegetables and fruit. One dish suppers and church potlucks were important ways to have fun and share food. Magazines and radio shows taught women how to stretch their food budget with casseroles and meals like cream chipped beef on toast or waffles. Chili, macaroni and cheese, soup, and creamed chicken on biscuits were popular meals. New Foods Even during the Depression, new foods were invented or introduced including: Spam, Toll House chocolate chip cookies, Good Humor ice cream bars, Bisquick, Krispy Kreme doughnuts, Ritz crackers, Kool-Aid, Kentucky Fried Chicken, and Birdseye frozen vegetables. Working Without the government to rely on, Americans did what they could to survive. Some sold items like jelly and apples on the city sidewalks. Hoovervilles Shanty towns named after President Hoover, as an insult constructed of packing crates, abandoned cars and other cast off scraps sprung up across the nation. Hoboes At the height of the Great Depression, more than 250,000 teenagers were living on the road in America. Groups of youths, whose families could no longer support them, illegally rode the rails in box cars trying to find a job. Dust Bowls During the 1930’s, a series of destructive wind and dust storms hit the central United States. It started because the soil started to be dry and loose. Farmers took over the grassland and covered it with wheat. In addition there wasn’t any rainfall. “Okies” Victims of drought and dust storms in the Great Plains who left their farms and headed for California to work on farms. They believed that all they had to do was reach out and pluck food from the trees. Schools During the Depression, some school districts could not pay their teachers and had to close. With budgets shrinking, some school had to shorten both the school day and the year. Some children had to stay home and help with the family business instead of going to school. Herbert Hoover He was the 31st President of the United States, from 1929 until 1933. The Great Depression began just months after he took office. Hoover thought that state and local governments should help their people and not the federal government. He also underestimated how long the Depression would last. This led to the election of a new President with a promise to try to end the depression. Franklin D. Roosevelt FDR became the 32nd President of the United States with his promise of a “New Deal” He was President from 1933 until 1945. Under this plan, the government created new jobs for Americans, gave low interest loans to farmers, and straightened out the banks. He was so popular that he was elected four times. Fireside Chat President Franklin D. Roosevelt began making informal addresses over the radio as President on March 12, 1933. Sometimes he began his chats with “Good evening, friends”. Roosevelt urged his listeners to have faith in the banks and to support his “New Deal”. New Deal Programs President Roosevelt established many new programs to help the American people out of the Great Depression. His programs were known by their initials and were given the nickname “alphabet soup”. Many of these programs are still around today. Minimum wage was established as well as the discontinuing of child labor. Federal Deposit Insurance Company (FDIC), which insures peoples money when they deposit it in a bank. The Social Security Act which provides aid to the blind, deaf, disabled, and elderly. New Deal Programs Works Progress Administration (WPA) employed 8.5 million workers in construction and other manual labor jobs. Countless bridges, highways and parks were constructed or repaired. New Deal Programs The Works Progress Administration also hired unemployed artist, writers, musicians, actors, and directors. At its peak, the project employed about 6,500 men and women around the country, paying them about $20 a week. New Deal Programs The Civil Works Administration (CPA) provided public works jobs at $15 dollars a week to about four million workers. Mainly they improved or constructed buildings, bridges, and tunnels. New Deal Programs The Civilian Conservation Corporation (CCC) put men between the ages of 18-25 to work building roads, developing parks, planting trees, soil erosion, and flood-control projects. They were paid $30 dollars a month and $25 dollars was sent home to the worker’s family. The men were supplied with free food, and uniforms New Deal Programs The Rural Electrification Administration (REA) encouraged farmers to join cooperatives to bring electricity to farms. Despite its efforts, by 1940 only 40% of American farms had electricity. By 1950, most were connected. This made work easier for farmers to produce fresher, higher quality food for consumers. New Deal Programs The Tennessee Valley Authority (TVA) renovated 5 existing dams, constructed 20 new ones in the Tennessee Valley, created thousands of jobs, and provided flood control and hydroelectric power. It is still in effect today. The End The Great Depression tested the fabric of American life. It caused them to doubt their abilities and values. It caused them despair. As a nation, we emerged stronger than ever, and we are all better today for the strength and their courage.