1 / 16

Prosperity Shattered

Prosperity Shattered. Chapter 24 Section 1. A. Economic Troubles on the Horizon Hoover told the people that the USA is strong People started to purchase on credit $7 billion by 1929 Playing with the market Bull Bear Margin Buying Purchasing stocks with borrowed money.

luna
Download Presentation

Prosperity Shattered

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Prosperity Shattered Chapter 24 Section 1

  2. A. Economic Troubles on the Horizon • Hoover told the people that the USA is strong • People started to purchase on credit • $7 billion by 1929 • Playing with the market • Bull • Bear • Margin Buying • Purchasing stocks with borrowed money

  3. B. The Stock Market Crashes • Black Thursday—October 24, 1929 • Investors sold shares • Black Tuesday—October 29, 1929 • Dumped 16 million shares • People couldn’t cover loans by selling stocks

  4. C. The Depression Begins • The President said it was minor and we could recover quickly • Banks Stared to close • 1930-1932—5000 banks failed • Businesses failed also 28,285 in 1931 • 1926-1933, GNP halves to $56 Billion • Unemployment in 1932 = 23.6%

  5. D. What caused the Great Depression • Economic troubles in Europe • WWI • Large business surpluses • Smoot Hawley Tariff of 1930

  6. Hard Times Chapter 24 Section 2

  7. A. American workers face unemployment • 1929—1.5 million unemployed • 1939—15 million unemployed • Wages fell 1/3 • Some made only $0.10 an hour • Hours decreased • People sold apples on the streets

  8. B. Life in the City • The city was rough • People fighting for garbage • Breadlines were long • Shantytowns were set up • Hoovervilles

  9. C. Life on the Farm • Farms were foreclosed • Banks couldn’t get their money • D. Family Life • Marriage rate fell • Births declined • 20,000 Americans committed suicide • 1929-32—28% increase

  10. E. Popular Culture • Movie attendance rose • Number of radios increased • 12 28 million • Reading of comic books increased

  11. Hoover’s Policies Chapter 24 Section 3

  12. A. Hoover’s Philosophy • Individual Effort not government assistance • People should support gov’t—not vice versa • Would inflate federal budget • Rugged individualism • Volunteerism should help the people out of the depression

  13. B. Boosting the Economy • Secretary of Treasury—Andrew Mellon • Laissez Faire • Building of the Boulder Dam • 800 buildings • 37,000 miles of road • $800,000,000 for construction

  14. Created Federal Farm Board • Help farmers help themselves • Reconstruction Finance Corporation • Stabilized banks “Short depression would be good for the country”

  15. C. Rumblings of Discontent • Hoover was hated • Bonus Army—10,000 WWI vets wanted pension • Forced off capital • D. Election of 1932 • FDR won 42 states • Hoover won 6

More Related