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#25. causes of Black Tuesday

#25. causes of Black Tuesday. Over-Production Buying “on margin” Heavy Speculation. “Buying on Margin” ( Follow-up to Question 25). Buying on Margin = purchasing stock with only a small down payment See chart – next slide. BUYING ON MARGIN.

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#25. causes of Black Tuesday

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  1. #25. causes of Black Tuesday Over-Production Buying “on margin” Heavy Speculation

  2. “Buying on Margin”(Follow-up to Question 25) • Buying on Margin = purchasing stock with only a small down payment • See chart – next slide

  3. BUYING ON MARGIN

  4. #26. GreatDepression -Unemployment • 25% Unemployment rate = high mark • 1 out of every 4 males w/o jobs

  5. #27 1932Presidential Campaign • FDR CALLS for LARGE-SCALE FEDERAL SPENDING • To reduce unemployment & restore prosperity I pledge a NEW DEAL to the American People

  6. “Prime the Pump”(Follow up to #27) • New Deal Economics • Just as a dry pump needs water poured IN [in order to pump fresh water OUT] the U.S. economy needs money poured IN – so that it circulates and produces more

  7. FRANKLIND. ROOSEVELTNEW DEAL #28 • Program to deal with the GREATDEPRESSION • Relief for Needy • Recovery of Economy • Reform - financial

  8. #29 FDR 1932 Landslide election • Shift of African-American voters into Democratic Party • Traditionally, black voters had voted for the “Party of Lincoln” – Republican A. Philip Randolph – Union organizer and Civil Rights leader

  9. American response toMussolini & Hitler #30 • Americans remained even more committed to ISOLATIONISM • Let Europeans handle European problems

  10. Neutrality Acts1935, 1936, 1937 #28a • Prevented US from participating in foreign wars • Prohibited American arms sales or loans to belligerents (nations at war)

  11. 29a. Abraham Lincoln Brigade • A larger world conflict, such as WWII, might have been prevented if Western nations (like UK, France, US) would have confronted Fascism in the 1936 Spanish Civil War -- where Germany & Italy were aiding the Nationalists (fascist side led by Franco)

  12. U.S. unwilling to accept only 60,000 Jewish Refugees #30 a • Because… 1. Immigration Quotas 2. Depression – Job Competition 3. German spies posing as refugees 4. American anti-semitism (anti-Jewish bigotry)

  13. #31 TRIPARTITE PACT • Japan joined German-Italian alliance to form the Axis powers. • Pact was aimed at keeping USA out of war • Axis powers anticipated that Americans would not want a “two-ocean war.”

  14. #32 Start of 1940, U.S. Army…. • Ranked # 18 worldwide [smaller than Portugal!] • *U.S. Navy, however, was the world’s largest • FDR dramatically increased defense spending • FDR & Congress introduced peacetime draft

  15. #33 1940 - FDR runs for 3rd term • Breaks with Presidential tradition of 2 terms • FDR’s reason: International crisis & his experience

  16. # 34. Scorched-Earth Policy • 1941 Soviets retreat from German invasion of USSR • BUT, destroy anything of use to advancing Germans [livestock, crops, fuel lines, rail lines, etc.] • Stretch out German supply lines

  17. #35Atlantic Charter • August 14, 1941 • Outlined the principles for fighting a war with Axis powers • Provided “blue print” for post-war international law FDR and Winston Churchill

  18. 36. Japanese Attack Pearl HarborDecember 7, 1941 • Immediate Reason: U.S. trade embargo (especially oil) imposed on Japan for seizing European military bases in Pacific

  19. PEARL HARBOR DEC. 7, 1941 #37

  20. #38 • “December 7, 1941 -- a day that will live in infamy…. FDR calls for a declaration of war

  21. Pearl Harbor AttackJapanese failed to destroy #39 • American Aircraft Carriers – out at sea • American submarines – Pacific fleet • Most damaged American ships repaired USS Enterprise Aircraft Carrier World War II Pacific Theater

  22. 40. General Douglas A. MacArthur “I shall return!” Promise made in 1942 as Philippines fell to Japanese Returned in 1944

  23. #41. Battle of Coral Sea • Combined American – Australian force thwart Japanese invasion of Australia • First Allied victory in Pacific • First defeat of Japan Coral Sea – NE coast of Australia

  24. 42. Chester Nimitz • Commander of US Naval forces in Pacific

  25. # 43 COMMANDER: ALLU.S. FORCES IN PACIFIC • Douglas MacArthur

  26. #44 Navajo language – used as code • Japanese never break the code

  27. #45 Battle of Midway Island • Fought entirely in the air • TURNING POINT in the PACIFIC WAR • Allies (Americans) go on offensive afterwards

  28. American StrategyPACIFIC THEATER #46 • “ISLAND HOPPING” This means… • Bypass Japanese strongholds • Attack vulnerable islands • Build airstrips – to launch attack on mainland Japan RAISING THE FLAG on IWO JIMA Mt. Suribachi

  29. #47. Question Removed • WWII Memorial – Washington, DC

  30. #48 Senator Joe McCarthy1950s • Claimed to have a list of known communists that are secretly part of the US govt. • Ruined people’s lives

  31. 49. Edward R. Murrow

  32. #50 James Dean

  33. #51. Alan Freed • Cleveland DJ • Credited with coining the words “Rock and Roll” • Introduced black R&B records to white audiences in 1950s • ** Reason Rock and Roll Hall of Fame is in Cleveland

  34. #52. Communism • An economic, social, and governmental system that favors onepoliticalparty AND the idea that property is owned by the state (govt.)

  35. 53. Capitalism • Economic system in which private businesses and individuals control the MEANS of PRODUCTION • > Based on competition • > Profit driven

  36. 54. YALTA - Significance • February 1945 • WWII war-time Conference • “Big Three” – FDR, Churchill, and Stalin • Decide the future of the post-war world, esp. Europe • “Seeds” for Cold War • Stalin gets control of Eastern Europe as “Buffer Zone”

  37. 55. Satellite – nation dependent upon and dominated by USSR • During the Cold War Poland GDR (E. Germany) Czechoslovakia Bulgaria Romania (to a degree) Were all ‘Satellites’ DOMINATED by USSR

  38. 56. Containment Policy • American policy to block the Soviet spread of communism throughout the world

  39. 57. Truman Doctrine • US foreign policy • Containment • Originally for Greece & Turkey • Provided aid to “free peoples” resisting communist takeovers by “armed minorities”

  40. 58. Marshall Plan • $12-17 Billion provided to W.Europe by USA after WWII • Help to rebuild Europe • Logic: Desperate Europe might face communist takeover • “Cold War” move made to prevent Soviet communism from spreading to Western Europe George C. Marshall Secretary of State

  41. #59GeorgeC.Marshall • General WWII • Truman’s Secretary of State

  42. 60. NATO • North Atlantic Treaty Organization • Military alliance btw. US and W. Europe *Formed to prevent Soviet communist invasion • An attack on one = attack on all NATO = BLUE NATIONS

  43. 61. WARSAW PACT • Soviet response to NATO • Claimed to be a ‘voluntary’ alliance WARSAW PACT = RED

  44. #62. The Rosenbergs • Ethel & Julius Rosenberg • Executed for giving atomic secrets to Soviets • Family maintained their innocence until 2008 – with release of former KGB files revealing Julius to be a paid Soviet agent

  45. Soviet Secret Police • & Foreign intelligence • Cheka or KGB

  46. 64. CIA • American foreign intelligence operation

  47. #65 Post WWII Germany:Occupation Zones • American (USA) • British (UK) • French • Soviet (USSR)

  48. #65 continued • American, British, and French sectors were joined together to form W. Germany • Soviet sector becomes East Germany AKA “German Democratic Republic” – even though it was neither a democracy nor a republic

  49. #65 – Berlin Blockade (1948) • How? Soviets blocked roads, rails, canals leading to Berlin (Berlin: located in Soviet Sector) • Why? Western Allies (US, UK, France) wanted to reunite Germany – viewed it vital for Europe recovery BUT Soviets wanted Germany weak and divided.

  50. #65. Berlin Airlift 1948-1949 • W. Berlin (in middle of Soviet sector) cut off from West • Soviets block highways, rails and canals • Americans & British planes supply stranded W. Berliners • Chocolate bars for kids – little parachutes w/candy bars

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