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THE 1920S
BOOM AND BUST – A TIME OF GREAT CHANGE IN GEORGIA AND THE UNITED STATES
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WWI allowed farmers to make great profit off of cotton and other supplies
Atlanta Forward Commission brought new businesses to Georgia
Georgia’s first commercial radio station is started- WSB in Atlanta
THE BOOM
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THE ROARING 20S
Blues and Jazz music become big hit
Roaring 20s- modern conveniences- frozen food, pre- sliced bread, electricity
There was good time music and parties, radio stations, first motion picture- “The Jazz Singer”
The fast paced life makes time “roar” by
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THE BUST
Agriculture takes a beating-
› Cotton no longer needed for uniforms› Market created by war is gone price of
cotton drops from 35 cents to 10 cents a pound
› boll weevil hits and destroys cotton crop
› 1924 great drought hits and destroys what is left
› Farmers don’t experience prosperity of the Roaring 20s – can’t afford new inventions
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BUSINESSES AND BANKS FAIL Banks and stock markets are
booming- but bad business practices are looming
Government maintains a laissez-faire attitude toward business
Banks are making bad investments- taking money deposited by people and investing in skeptical stocks
THE BUST CONTINUES
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Banks made lending decisions - lending money to people who have no collateral or way to back it up
Stock market is exploding on the heels of unsafe speculating
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Tuesday, October 29, 1929 – “Black Tuesday”› The stock market crashed-
millions of Americans lost everything they had
› Country is thrown into the woes of the Great Depression
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Starts with an economic slow down… people begin spending less
Demand for products fall Profits fall People are laid off from work People have no jobs- they
spend less… And the cycle continues
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decrease in profits
Increase in layoffs
Decrease in spending
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At first… President Hoover decided less spending on the part of the government would be better, so programs were cut
As things got worse and worse… he tried a few things such as buying large amounts of cotton and other crops to help farmers
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He set up a program to lend money to ailing businesses and supported public work projects
But it was all “too little …too late”
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Soon Hoovervilles and soup kitchens were commonplace
Unemployment was at 25%
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THE GREAT DEPRESSION
In most cases something will happen to turn things around…but this was not the case in the 1930S
For an entire decade the people of America were in the grips of the worst economic conditions our country has ever faced…
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It would take a “New Deal” to pull America out of this Depression Or Would it?
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What was the Great Depression?
What caused the Great Depression?