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Higher Highs and Lower Lows: The 1920s through the 1930s!

Higher Highs and Lower Lows: The 1920s through the 1930s!. The Great War was over!!!!. The troops come home…but they need jobs! The ladies have been working…and they were proud of their accomplishments! The Great Migration brought many blacks into northern cities.

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Higher Highs and Lower Lows: The 1920s through the 1930s!

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  1. Higher Highs and Lower Lows:The 1920s through the 1930s!

  2. The Great War was over!!!! • The troops come home…but they need jobs! • The ladies have been working…and they were proud of their accomplishments! • The Great Migration brought many blacks into northern cities.

  3. Technological Advances of The Gilded Age led to Cultural Change • Radio broadcasting developed and expanded it even included new music genres like jazz! • Music and art expanded, even into less affluent areas…The Harlem Renaissance! • Newspapers and magazines shaped cultural norms and sparked fads with sensational writing. • Photography and filmcaptured the spirit of the era for posterity…and kept people’s minds off the difficulties that some were experiencing!

  4. Traditional roles of women were changing: “Flappers” wore short skirts, bobbed their hair and did unlady-like things like….play sports and vote !

  5. New products were everywhere …and everyone wanted them!

  6. Traditional opinions were threatened:demographic changes due to the great migration and immigration gave rise to the new Ku Klux Klan (KKK)

  7. Traditional values were questioned:Darwin’s Theory of Evolution was up against Christian creationism in the Scopes Trial

  8. Traditional activities were even becoming unacceptable: Prohibition prevented the manufacture, sale or transportation of alcohol….but this encouraged the smuggling of alcohol and development of speakeasies The 20s were “Roaring”!

  9. The 20s were “Roaring” but at what cost… • Consumers were using credit to buy new items and participate in the changes that were occurring…but they often overused credit and made risky investments in the fast growing stock market.

  10. Gambling on the Stock Market • To purchase stocks with little money, they were bought “on the margin”….speculating that they would increase in value quickly to cover the cost! • Banks were also “gambling” on US stocks with the deposits that people made into their institutions!

  11. The US Federal Reserve Board • It was designed to control banking and the money supply through interest rates….but it did not dothe job! • And there was no governmentagency tocontrol thestock market!

  12. The “Roaring” 20’s all came crashing down…October 29, 1929(Black Tuesday) • Stock prices lost ¼ of their value in 2 days **panicked sellers **no buyers

  13. The Bank Panic • People raced to get their money out of banks **1/4 of USA banks close in 4 years (1929-1933)

  14. Businesses Closed • With no customers, businesses could not afford to stay open!

  15. Unemployment • 1933 **25% of the working population was unemployed **and there were forced pay cuts for the employed

  16. Farms and Farming • No stores…no need for produce! • 400K farms close in 3 years • Most farmers were force into subsistence farming (farming to live, not profit)

  17. President Herbert Hoover(1929-1933) • The “Do-Nothing” Prez. **gave little Federal help to US people **”leave it alone”…remember laissez faire capitalism?

  18. Hawley-Smoot Tariff Act(1930) • Raised US protective tariff to encourage the purchase of US goods. **killed world trade + economies

  19. Life in the Depression • Hoovervilles (homeless shacks) • Bonus Army • Bread lines and Soup Kitchens • Schools close • More Bankruptcies • Home and Farm Foreclosures

  20. Political Unrest • Growth of communism in USA in labor unions

  21. The Dust Bowl When it rains (or doesn’t)…it pours! • Huge drought + high winds in the Great Plains • Soil goes bad as it is blown away! • Huge migration to CA (California) • More and More Farm related Foreclosures

  22. The Election of 1932Franklin D. Roosevelt • Optimistic outlook “We have nothing to fear, but fear itself!” - First Inaugural Speech

  23. How are we going • to get out of… • The Great Depression

  24. Roosevelt’s Administration • His “solution” for the Great Depression became known as the New Deal • He created a “Brain Trust”of advisors with experience in businesses, law, agriculture, etc. • He addressed the nation through “Fireside Chats” on the radio to outline his plans for ….. Relief – Recovery - Reform I pledge you, I pledge myself, to a NEW DEAL for the American people.

  25. Relief, Recovery, and Reform Programs • Relief- actions to halt the economy’s decline & alleviate suffering – a bank holiday and direct payments to the people for immediate help. • Recovery-temporary programs to stimulate the economy and increase industrial demand – to bring the nation out of depression over time • Reform-permanent programs to protect against future economic disasters – to correct the unsound banking and investment practices so this never happens again….RIGHT!

  26. The ABCs of the New Dealaka: Alphabet Soup • RELIEF • RFC – Reconstruction Finance Corporation provides financial support to the banking industry, starting with a bank holiday to reorganize financial institutions • WPA – Works Progress Administration provided relief programs such as free children’s lunches, health services and jobs that ranged from building schools, playgrounds, and libraries to repaving roads and fixing dams. • CCC – Civilian Conservation Corps provided jobs, room, and board to young men in forestry and environmental improvement areas. • RECOVERY • AAA –Agricultural Adjustment Act allowed the federal government to regulate the price of farm products by decreasing the supply. • NRA – National Recovery Administration regulates industrial output to keep prices low and established guidelines for relationships between workers and employers. • REFORM • FDIC – Federal Deposit Insurance Corporation insures bank accounts up to a determined amount to and regulates the banking industry • SSA – Social Security Administration established relief and retirement benefits (direct payments) for workers, those disable from work and the elderly. • SEC – Securities Exchange Commission regulates the stock market to prevent another crash.

  27. Did everyone agree to “The Deal”? • …NOPE! • Liberty League • Francis Townshend • Huey Long • Charles Coughlin

  28. Lasting Effects… • Entitlement Programs • National Debt • Deficit Spending • “Welfare State” / “Nanny State” What is the role of the Federal Government Today?

  29. End of the Great Depression • Even with great effort the New Deal did not end the Great Depression! • The rise of dictators in several countries during this economic crisis pushed the world into another Great War! • More often than not…war can jump-start an economy as it expands and creates work opportunities!

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