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US History Chapter 22: The Great Depression Begins __________________________________________________________________ President Herbert Hoover’s conservative response to the nation’s problems costs him many supporters Essential Questions: 1. Explain the causes and factors leading to the _____________________________ in America. 2. Describe the effects of the Great Depression. Include its impact on the ___________________________, political, and _________________ lives of Americans during this period. Section One- The Nation’s Sick Economy As the prosperity of the 1920s ends, severe economic problems grip the nation. Industries in Trouble • _________________________________________________________________ • Mining, lumbering expanded during war; no longer in high demand • Coal especially hard-hit due to availability of new energy sources (hydroelectric, natural gas) • Boom industries of WWI- ___________________________________________now weak • ______________________________________________________s Farmers Need a Lift • International demand for U.S. grain declines after war; __________________________ • Farmers boost production to sell more; prices drop further- why? Overproduction • ______________________________________________________________________ • Price-supports—gov’t buys surplus crops at guaranteed prices then sells them on world market; Coolidge vetoes price-support bill Living on Credit • _________________________________________________________________ • Businesses give easy credit; consumers pile up large debts • Consumers have trouble paying debts, prices continue to rise= _______________ Uneven Distribution of Income • In 1920s, rich get richer, poor get poorer • __________________________________________________________________ • Most cannot afford flood of products factories produce: cars, refrigerators etc… The Election of 1928 • __________________________________________________________________ Dreams of Riches in the Stock Market • In increasing numbers, Americans began investing in the stock market • Dow Jones Industrial Average- ____________________________________ based on 30 large firms trading on the NY exchange- ____________________________________ • 1920s, stock prices rise steadily; ppl rush to buy stocks, bonds • Many engage in speculation buy on chance of a quick profit • Buying on margin—_____________________________________________________ Black Tuesday • September 1929 stock prices peak, then fall; investors scared and begin selling • _________________ or Black Tuesday, nation’s confidence in market plummets • Shareholders sell frantically; millions of shares have no buyers • ______________________________________________________________ • ______________________________________________________________ Bank and Business Failures • Stock market crash signals the beginning of the Great Depression—_______________ _______________________________________________________________________ • After crash, ppl panic, w/draw $$ from banks • __________________________________________________________________ • 1929–1932, gross national product cut nearly in half - 90,000 businesses go bankrupt • 1933, _____________________________________________________________ Worldwide Shock Waves • ______________________________________________________________________ • Hawley-Smoot Tariff Act sets highest protective tariff ever in U.S. • Other countries cannot earn American currency to buy U.S. goods • ______________________________________________________________________ Causes of the Great Depression • Factors leading to Great Depression: - ________________________________________________________________ • Federal gov’t keeps interest rates low, encourages borrowing • ____________________________________________________________________ Section Two: Hardships and suffering during the Great Depression During the Great Depression Americans do what they have to do to survive. The Depression in the Cities • People lose jobs, are evicted from homes • Shantytowns- __________________________________________________________ • People dig through garbage, beg • Soup kitchens offer free or low-cost food • Bread lines- ___________________________________________________________ • African Americans, Latinos have higher unemployment, lower pay The Depression in Rural Areas • Most farmers can grow food for their families • __________________________________________________________________ - many become tenant farmers The Dust Bowl • Farmers in Great Plains exhaust land through overproduction • 1930s- _______________________________________________________________ • Dust Bowl- ___________________________________________________________ • Many farm families migrate to Pacific Coast states Hardship and the Family - Men in the Streets • Many men used to working, supporting families have difficulty coping; cannot find jobs • ________________________________________________________________ • No federal system of direct relief- _____________________________________ Women Struggle to Survive Children Suffer Hardships Social and Psychological Effects • Depression has tremendous social and psychological impact on Americanseffects still seen today! The Great Depression- A Summary “The Great Depression was the worst and longest economic collapse in the history of the modern industrial world, lasting from the end of 1929 until the early 1940s. It began in the US w/ the crash of the stock market in October, 1929, but quickly spread throughout the countries of the industrialized world, which in the 20th century had become economically interdependent. As the production and sale of goods declined rapidly, unemployment rose sharply. Businesses and banks closed; many ppl lost their homes and savings; and in the absence of gov’t welfare programs to help those in need, numerous Americans depended on charity to survive. In 1933, at the Great Depression’s lowest point, more than 15 million Americans-approximately 25% of the nation's workforce--were out of work.” www.autolife.umd.umich.edu/Design/Gartman/D_C... Section Three: Herbert Hoover struggles with the Depression President Hoover’s conservative response to the Great Depression draws criticism from many Americans. Hoover’s Philosophy • President Herbert Hoover tells Americans economy is sound • __________________________________________________________________ • Hoover: gov’t should foster cooperation b/w competing groups • __________________________________________________________________ Hoover Takes Cautious Steps • Calls meeting of business, banking, labor leaders to solve problems • Creates organization to help private charities raise money for poor Democrats Win in 1930 Congressional Elections Hoover Backs Cooperatives • Hoover negotiates agreements among private entities • Backs Federal Farm Board (organization of farm cooperatives); buys crops, keep them off the market until prices rise • Gets large banks to estb National Credit Corporation Direct Intervention • Federal Home Loan Bank Act – • Reconstruction Finance Corporation• Hoover’s measures don’t improve economy before presidential election The Patman Bill Denied • Bonus Army• Hoover opposes bill; Senate votes down bill • Most veterans leave Washington; about 2,000 stay to speak to Hoover Hoover Disbands the Bonus Army
