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The Great Depression

The Great Depression. Background. 1930-1940 1929- Pres. Herbert Hoover inaugurated High stock prices. Causes. Overproduction in 1920s Less consumer purchasing Bank failures People deposit $  didn’t get back. Causes (cont.). Taxes on imports High U.S. tariffs on Euro goods

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The Great Depression

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  1. The Great Depression

  2. Background • 1930-1940 • 1929- Pres. Herbert Hoover inaugurated • High stock prices

  3. Causes • Overproduction in 1920s • Less consumer purchasing • Bank failures • People deposit $  didn’t get back

  4. Causes (cont.) • Taxes on imports • High U.S. tariffs on Euro goods • Euros raised their tariffs  no exports • Tight grip on trade

  5. The Great Crash • Oct. 29, 1929 • “Black Tuesday” • Less demand for luxury items • Lack of capital • Huge individual debts

  6. Life during the GD • 1933- 12 mil unemployed (25%) • Bread lines, soup kitchens • John Steinbeck, The Grapes of Wrath • The Dust Bowl • Major drought in Great Plains • Water management • Families fled to Cali  relief crisis

  7. Franklin D. Roosevelt (FDR) • 1932- elected Pres. • “Fireside chats” – restore confidence • Increased role of gov’t • Ease U.S. out of GD • Eventually led U.S. in WWII

  8. The New Deal • Implement new gov’t programs • Aid farms, businesses • FDIC- protect consumers if bank fails • Civilian Conservation Corps • Natural resources • Provided jobs

  9. The New Deal (cont.) • Works Progress Admin. • Roads, buildings • Provided jobs to artists • Social Security (1935) • Provide income to retired • Tennessee Valley Authority • Dams, plants  huge employment • Cheap elec. power, flood control

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