great depression notes
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THEGREATDEPRESSION
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Recession—a widespread downturn in the economic success of a nation
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Depression—economic collapse in anational economic structure
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National Structures—Federal, state, orlocal system of control in economics
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=Growth in Growth in Stock MarketStock Market
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=Growth in Growth in Stock MarketStock Market
Faith inFaith inProsperityProsperity
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Investorsbought stockon MARGIN
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Investorsbought stockon MARGIN
& borrowed huge amountsof MONEY that they couldn’t repay
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1929
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Stock Prices Crashed
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Stock Prices CrashedInvestors sold for LOW prices
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Stock Prices CrashedInvestors sold for LOW pricesBanks tried to collect loans...
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When they couldn’t...FAILEDFAILED
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Agricultural Recession (1920-21)
What Caused the Crash?
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Agricultural Recession (1920-21)
What Caused the Crash?
World War I Ended
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DURING WARDURING WAR
IndustryIndustry BankingBanking CommerceCommerce
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AFTER WARAFTER WAR
IndustryIndustry BankingBanking CommerceCommerce
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Agricultural Recession (1920-21)
What Caused the Crash?
World War I Ended
Unbalanced Wealth Distribution
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Elected 1928Herbert Hoover
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Elected 1928Herbert Hoover
Formerly Secretary of Commerce
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Elected 1928Herbert Hoover
Formerly Secretary of CommerceAsk business to “step up”
(Didn’t want government interference)
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Elected 1928Herbert Hoover
Formerly Secretary of CommerceAsk business to “step up”
(Didn’t want government interference)
Government did increase spending
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The “Bonus Army”
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HOOVER VS. OBAMA
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HOOVERPublic Works
GOVERNMENT SPENDING
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OBAMAPublic Works
GOVERNMENT SPENDING
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HOOVERHome Loans
GOVERNMENT SPENDING
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OBAMAHome Loans
GOVERNMENT SPENDING
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HOOVERBanking (RFC)
GOVERNMENT SPENDING
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OBAMABanking
GOVERNMENT SPENDING
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HOOVERHoover
TAXES
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OBAMAObama
TAXES
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HOOVERHoover
DIRECT UNEMPLOYMENT
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OBAMAObama
DIRECT UNEMPLOYMENT
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CHANGE
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New York Governor
Roosevelt (FDR)
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New York Governor
Roosevelt (FDR)
Successfully fought poverty
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New York Governor
Roosevelt (FDR)
Successfully fought povertySuccessfully fought unemployment
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New York Governor
Roosevelt (FDR)
Successfully fought povertySuccessfully fought unemployment
REFORM!
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FDRHOOVER
16 Mil
23 Mil
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DEMOCRATSREPUBLICANS
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1. Relief for needy
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2. Economic Recovery
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3. Financial Reform
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100 DAYS100 DAYS
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First 100 of FDR’s Presidency
100 DAYS100 DAYS
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First 100 of FDR’s Presidency
100 DAYS100 DAYS“The New Deal”
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First 100 of FDR’s Presidency
100 DAYS100 DAYS“The New Deal”
Congress passed 15+ pieces
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Nation’s FinancesNation’s Finances
FEDERAL GOVERNMENT
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Declared “Bank Holiday”
FDR & New-found Power
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Declared “Bank Holiday”
FDR & New-found Power
Gave Treasury Department legalauthority to close/reopen banks
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Declared “Bank Holiday”
FDR & New-found Power
Gave Treasury Department legalauthority to close/reopen banks
Held execs accountable
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Declared “Bank Holiday”
FDR & New-found Power
Gave Treasury Department legalauthority to close/reopen banks
Held execs accountableEstablished FDIC
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Amendment2121
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Amendment2121
Raised revenue through taxes
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Amendment2121
Raised revenue through taxesHurting Society + Legal Booze=$
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FatherCharlesCoughlin
Distrustful of Banking
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Dr.FrancisTownsend
Massive Government Support for the Elderly
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SenatorHueyLONG
“Share our Wealth”
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THE WAGNER ACT
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WorkersWorkers could join Unions could join Unions
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WorkersWorkers could join Unions could join UnionsProhibited threatening Prohibited threatening workersworkers
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WorkersWorkers could join Unions could join UnionsProhibited threatening Prohibited threatening workersworkers
Prohibited firing Prohibited firing Union membersUnion members
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WorkersWorkers could join Unions could join UnionsProhibited threatening Prohibited threatening workersworkers
Prohibited firing Prohibited firing Union membersUnion membersSet up a board for testimonySet up a board for testimony
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WorkersWorkers could join Unions could join UnionsProhibited threatening Prohibited threatening workersworkers
Prohibited firing Prohibited firing Union membersUnion members
Prohibited interfering withProhibited interfering withUnion organizingUnion organizing
Set up a board for testimonySet up a board for testimony
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THE FAIR LABORSTANDARDS ACT
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40 Hour Week40 Hour Week Minimum WageMinimum Wage
SafetySafetyRulesRules
Union Union GrowthGrowth
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Union Membership1934-1937
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SIT-DOWN STRIKES