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Chapter 25

Chapter 25. The Great Depression. Stock Market 1 in 20 families bought stock Dow Jones up 350% in 5years # of investors drive up prices. Many people speculate on prices of stock “Buy on the margin”. Black Tuesday October 29, 1929. Causes of the Great Depression Lack of Diversity

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Chapter 25

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  1. Chapter 25 The Great Depression

  2. Stock Market 1 in 20 families bought stock Dow Jones up 350% in 5years # of investors drive up prices

  3. Many people speculate on prices of stock “Buy on the margin”

  4. Black Tuesday October 29, 1929

  5. Causes of the Great Depression • Lack of Diversity • Poor distribution of Purchasing Power • Credit Structure • International Debt

  6. During the Depression: *9000 banks fail *Depositors lose $2.5 billion *GNP drops 25% *2 million take to the roads

  7. 1929 3% unemployment 1932 24% By 1933 13 million or 1/3 of Americans out of work NO

  8. Wages drop from 1929 $25 per week to $17 in 1932

  9. Farm income drops 60% 1/3 of farmers lose their land Farm prices too low to make money

  10. Farmers dump milk

  11. Kansas 1935

  12. African-American and the Depression Drop in farm prices force many off the land Go to towns

  13. 50% unemployment for Southern Blacks Some whites in the South demanded that all Blacks be dismissed so white could have the jobs

  14. Black Shirts – Atlanta “No jobs for Blacks until every white man has a job”

  15. Scottsboro Boys 9 teens arrested in Alabama for rape Convicted despite evidence

  16. Powell v. Alabama Supreme Court overturns conviction Denied 14th Amendment rights Not given competent legal counsel

  17. Busby Berkeley Musical

  18. Radio

  19. Ed Wynn on the Radio

  20. Abbott & Costello

  21. Hindenburg

  22. John Steinbeck

  23. Erskine Caldwell

  24. Hoover and advisors think country just in a recession Asks business not to lay off workers and labor not to ask for raises No one listens

  25. Hoover wants to avoid government helping – wants private charities to do the job Will later try to help with government spending, but too conservative to spend enough

  26. Reconstruction Finance Company Federal loans to banks Only large banks that are not in too much trouble

  27. Hawley-Smoot Tariff Hawley-Smoot Tariff Hawley-Smoot Tariff Hawley-Smoot Tariff

  28. HAWLEY SMOOT TARIFF

  29. Reed Smoot Willis Hawley

  30. Bread line NYC

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