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THE GREAT DEPRESSION


The Election of 1928

01/21/13


MARCH MARCH 4, 4, 1929 1929 … … HOOVER HOOVER INAUGRATED INAUGRATED

MOST POPULAR PRESIDENT IN HISTORY 8 MONTHS LATER … HOOVERVILLES & HOOVER BLANKETS.

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PROSPERITY NOT SHARED Downtown Medford

AGRICULTURE, COAL , AND TEXTILES DEPRESSED

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01/21/13


WALL STREET 1 SHARE of RCA WENT FROM $85.00 TO $420.00 PER SHARE IN 1 YR. PAID NO DIVIDENDS RADIO UP 530%

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SPECULATORS MARKET BUYING ON MARGIN CALL $$$ … STANDARD OIL ( $69 MILLION A DAY)

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OCT.24 , 1929 … BLACK THURSDAY PANIC SELLING HOUSE OF MORGAN PROPS UP MARKET

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WHY ? WHICH WAY THE ECONOMY ??? CONSUMER SPENDING FELL RAPIDLY BUSINESS INVENTORIES UP 100% IN 1 YEAR BANK FAILURES … 5700 CLOSE RESULTS IN A BLEAK ECONOMIC FORECAST … NO INVESTMENT NAT`L INCOME DROPS FROM $88 BILLION IN 1929 TO $40 BILLION IN 1933 GNP DROPS FROM $104 BILLION TO $56 BILLION IN 1933 1933 --- 25% OF POP. WITHOUT JOBS


FARM PROBLEMS DUST BOWL OAKIES OVERPRODUCTION AND INFLATION

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01/21/13


01/21/13


Okies and Arkies moved west

01/21/13


The Dust Bowl

01/21/13


What happened to farmers? The Dust Bowl

01/21/13


•CAUSES OF THE DEPRESSION 1) PRODUCTIVITY INCREASED 2) WAGES DID NOT 3) DECLINE IN INVESTMENT 4) POOR DISTRIBUTION OF INCOME 5) BANK FAILURES 6) HOLDING CO. --- PYRAMID STYLE 01/21/13 7) ECONOMIC THOUGHT LACKING


STOP 01/21/13


•DIFFERENCES FROM PAST DEPRESSIONS THE MOST SEVERE 1) NO MORE FRONTIER WITH OPPORTUNITIES 2) TOTAL INDUSTRIAL ECONOMY 3) WORLDWIDE

01/21/13


Hoovervilles

01/21/13


Labor and the Depression


Curing the Depression?


President Herbert Hoover Rugged Individualism


What did Hoover do to end the Depression? Little action to help people - Rugged individualism helped business - RFC

01/21/13


Failed Hoover policies Agricultural Agricultural Marketing Act Act Marketing Gov. buys buys farm farm Gov. surplus surplus Farmers refuse refuse to to Farmers limit production production limit Soaks up up gov. gov. Soaks revenue revenue


Hawley-Smoot Tariff Raise tariffs on imported goods Fails as overseas trade decreases


Reconstruction Finance Corporation Gov. lends $ to banks to avoid collapse Again, soaks up gov. revenue Too little, too late as banks continued to close


BACKLASH THE BONUS ARMY World War I vets demand bonuses Marched in D.C. to receive early payment Congress refuses


Driving Out Protestors

Many vets remain, living in open areas army moves in Military burns their dwellings 3 protestors were killed


Change had to Come !!!


“PROSPERITY IS JUST AROUND THE CORNER” CORNER

The Great depression  

Causes of the great depression

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