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Chapter 15 THE GREAT DEPRESSION

Chapter 15 THE GREAT DEPRESSION. Section 1: Prosperity Shattered Section 2: Hard Times Section 3: Hoover’s Policies. Section 1: Prosperity Shattered. Objectives:. Why did financial experts issue warnings about business practices during the 1920s? Why did the stock market crash in 1929?

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Chapter 15 THE GREAT DEPRESSION

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  1. Chapter 15 THE GREAT DEPRESSION Section 1: Prosperity Shattered Section 2: Hard Times Section 3: Hoover’s Policies

  2. Section 1: Prosperity Shattered Objectives: • Why did financial experts issue warnings about business practices during the 1920s? • Why did the stock market crash in 1929? • How did the banking crisis and subsequent business failures signal the beginning of the Great Depression? • What were the main causes of the Great Depression?

  3. Section 1: Prosperity Shattered Warnings about business practices • farm crisis • “sick” industries • consumers’ reliance on credit • stock speculation

  4. Section 1: Prosperity Shattered Reasons for the stock market crash of 1929 • Economic factors such as rising interest rates began to worry investors. • Investors sold stocks. • Stock prices dropped sharply, fueling panic. • Heavy selling continued.

  5. Section 1: Prosperity Shattered Events signaling the Great Depression • Banks failed due to heavy defaults, margin calls, and heavy withdrawals. • Bank failures deprived businesses of necessary resources and customers. • Businesses closed and workers lost their jobs.

  6. Section 1: Prosperity Shattered Causes of the Great Depression • The global economic crisis decreased exports. • Unequal distribution of income reduced the total purchasing power available in the economy. • Consumer debt undermined individuals and increased economic chaos.

  7. Section 2: Hard Times Objectives: • How did unemployment during the Great Depression affect the lives of American workers? • What hardships did urban and rural residents face during the depression? • How did the Great Depression affect family life and the attitudes of Americans? • How did popular culture offer an escape from the Great Depression?

  8. Section 2: Hard Times Unemployment during the Great Depression • rose sharply • created severe financial problems • created severe emotional problems

  9. Section 2: Hard Times Hardships during the depression • poverty • diminished expectations • low prices or lack of market for farm products • farm foreclosures • hunger • homelessness • deportation for aliens

  10. Section 2: Hard Times Great Depression’s effects on family life and attitudes of Americans • fractured some families, forced others to band together for survival • divorce rates up • birth rates down • many psychological problems

  11. Section 2: Hard Times Popular culture during the depression • movies • radio • comic books and popular novels

  12. Section 3: Hoover’s Policies Objectives: • Why did President Hoover oppose government-sponsored direct relief for individuals during the Great Depression? • How did the Hoover administration attempt to solve the depression’s economic problems, and how successful were these efforts? • How did radicals and veterans respond to Hoover’s policies? • Why was Franklin D. Roosevelt such a popular candidate in the 1932 election?

  13. Section 3: Hoover’s Policies Hoover’s opposition to government relief during the Great Depression President Hoover believed that individuals and businesses should be self-reliant and that government help would create a bureaucracy.

  14. Section 3: Hoover’s Policies Hoover’s attempts to solve economic problems • Public-works programs such as building Boulder Dam failed to relieve entrenched depression. • The Federal Farm Board, which made loans, established cooperatives, and bought surplus goods, avoided some foreclosures, but failed to end the farm crisis. • The Reconstruction Finance Corporation, which loaned taxpayer money to stabilize industries, helped some companies avoid bankruptcy, but used money for businesses, not people.

  15. Section 3: Hoover’s Policies Radical response to Hoover’s policies • staged protests • became involved legally Veterans’ response • gathered in Washington D.C. to demand payment of their pension bonuses

  16. Section 3: Hoover’s Policies Reasons for Roosevelt’s popularity • Roosevelt’s optimism and enthusiasm contrasted with Hoover’s gloom. • As governor of New York, Roosevelt had designed new relief programs.

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