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The Great Depression in Georgia

The Great Depression in Georgia. The Crash. On Tuesday, October 29, 1929, a day known as “Black Tuesday” the stock market “crashed”. By the end of the day, millions of Americans had lost everything they had. By the end of 1929 (2 months later) the stock market had fallen $40 billion!

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The Great Depression in Georgia

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  1. The Great Depression in Georgia

  2. The Crash • On Tuesday, October 29, 1929, a day known as “Black Tuesday” the stock market “crashed”. • By the end of the day, millions of Americans had lost everything they had. • By the end of 1929 (2 months later) the stock market had fallen $40 billion! • A share of U.S. Steel that was $262 was now $22 (92% decrease) • A share of Montgomery Ward that was $138 was now $4 (97% decrease)

  3. Causes of the Great Depression • Over-borrowing: People borrowed more money than they could afford to repay. Banks were waiting for repayment, this hurt the banks. • Overproduction: factories produced more goods than they could sell, farmers were producing a surplus of crops. • Tariffs: (taxes levied by a government on imports) High tariffs made it difficult for other countries to sell their goods in the US

  4. Causes of the Great Depression 4. Stocks: Many banks bought a lot of stock, and when it crashed the banks lost the money that citizens had in their bank accounts 5. Laissez-faire: an environment in which transactions between private parties are free from state intervention. • The government and the American people believed that the economy itself, not the government, would work out any problems.

  5. Living through the Great Depression • 13 million unemployed (1/4) • 9,000 banks closed • 1931: 31 Georgia banks closed • “Hoovervilles” • Education suffered • Many schools closed or had a shortened day • Most rural children were not educated at all • From 1929-1932, the average GA farmer’s income went from $206/year to $83/year

  6. One bright side… • 1930: plane service from Atlanta to NYC • Highway was built from Atlanta to Brunswick • Paved roads!!

  7. Hoover’s Plans • Finally, Hoover decides that he must do something to help the economy and he is the first president EVER to do this. • To help farmers: the government bought large amounts of cotton, wheat, and other crops in hopes that this would cause prices to increase. • They did not buy enough crops so this was unsuccessful • Loaned federal money to failing businesses • Public works projects: post offices, parks, courthouses, roads (JOBS) • Although these programs helped, they did not end the depression or provide help for the poor.

  8. Critical Thinking • With your partner develop a plan that you believe would bring the country out of the Great Depression. Imagine your family has lost everything that they own, what would you do?

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