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Splash Screen. Chapter Introduction Section 1 Causes of the Depression Section 2 Life During the Depression Section 3 Hoover Responds Chapter Summary Chapter Assessment. Click on a hyperlink to view the corresponding slides. Contents.

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  1. Splash Screen

  2. Chapter Introduction Section 1Causes of the Depression Section 2Life During the Depression Section 3Hoover Responds Chapter Summary Chapter Assessment Click on a hyperlink to view the corresponding slides. Contents

  3. Click the Speaker button to listen to the audio again. Intro 1

  4. Why It Matters Prosperity in the United States seemed limitless before the Great Depression struck. Overproduction and agricultural problems contributed to the economic catastrophe. President Hoover looked to voluntary business action and limited government relief as solutions, but these efforts failed. Meanwhile, millions of Americans lost their jobs and life savings. Artists and writers depicted this suffering, and many people turned to lighthearted films to escape their difficult lives. Intro 5

  5. End of Intro

  6. Guide to Reading Main Idea Inflated stock prices, overproduction, high tariffs, and mistakes by the Federal Reserve led to the Great Depression.  Key Terms and Names • Alfred E. Smith  • speculation  • Black Tuesday  • installment  • Hawley-Smoot Tariff • stock market  • bull market  • margin  • margin call  Click the mouse button or press the Space Bar to display the information. Section 1-1

  7. Click the Speaker button to listen to the audio again. Section 1-4

  8. The Election of 1928 • The 1928 election placed former head of the Food Administration and secretary of commerce, Herbert Hoover, on the Republican ticket against Democratic candidate, Alfred E. Smith, a four-time governor of New York and the first Roman Catholic to be nominated for president.  • The issue of Prohibition played a major role in the campaign.  • Hoover favored a ban on liquor sales.  • Smith opposed the ban. (pages 656–657) Click the mouse button or press the Space Bar to display the information. Section 1-5

  9. The Election of 1928(cont.) • Religious differences between the candidates had a major effect on the campaign.  • The Catholic issue led to a smear campaign against Smith.  • The Republicans took full credit for the prosperity of the 1920s, and Herbert Hoover easily won the 1928 election by a landslide. (pages 656–657) Click the mouse button or press the Space Bar to display the information. Click the mouse button or press the Space Bar to display the information. Section 1-6

  10. The Election of 1928(cont.) What were the major campaign issues in the election of 1928? The issue of Prohibition played a major role in the campaign. Hoover favored a ban on liquor sales. Smith opposed the ban. Religious differences between the candidates had a major effect on the campaign. The Catholic issue led to a smear campaign against Smith. The Republicans took full credit for the prosperity of the 1920s. (pages 656–657) Click the mouse button or press the Space Bar to display the answer. Section 1-7

  11. The Long Bull Market • The stock market was established as a system for buying and selling shares of companies.  • A long period of rising stock prices is known as a bull market. • Prosperous times during the 1920s caused many Americans to invest heavily in the stock market. (pages 657–658) Click the mouse button or press the Space Bar to display the information. Section 1-8

  12. The Long Bull Market(cont.) • As the bull market continued to go up, many investors bought stocks on margin, making a small cash down payment.  • This was considered safe as long as stock prices continued to rise.  • If the stock began to fall, the broker could issue a margin call demanding that the investor repay the loan immediately. (pages 657–658) Click the mouse button or press the Space Bar to display the information. Section 1-9

  13. The Long Bull Market(cont.) • In the late 1920s, new investors bid prices up without looking at a company’s earnings and profits.  • Speculation occurred when investors bet on the market climbing and sold whatever stock they had in an effort to make a quick profit. (pages 657–658) Click the mouse button or press the Space Bar to display the information. Section 1-10

  14. The Long Bull Market(cont.) Why were stock market investors in the 1920s sensitive to any fall in stock prices? Investors were uneasy about any fall in the price of stocks because it meant they might be unable to make money quickly to repay their loans. (pages 657–658) Click the mouse button or press the Space Bar to display the answer. Section 1-11

  15. The Great Crash • By late 1929, a lack of new investors in the stock market caused stock prices to drop and the bull market to end.  • As stockbrokers advised their customers of margin calls, customers responded by placing their stocks up for sale, causing the stock market to plummet further.  • Stock prices fell drastically on October 29, 1929, Black Tuesday, resulting in a $10 to $15 billion loss in value. (pages 658–659) Click the mouse button or press the Space Bar to display the information. Section 1-12

  16. The Great Crash(cont.) • While this did not cause the Great Depression, it did undermine the economy’s ability to hold out against its other weaknesses.  • The stock market crash weakened the nation’s banks.  • Banks lost money on their investments, and speculators defaulted on loans.  • Because the government did not insure bank deposits, customers lost their money if a bank closed. (pages 658–659) Click the mouse button or press the Space Bar to display the information. Section 1-13

  17. The Great Crash(cont.) • Bank runs resulted as many bank customers withdrew their money at the same time, causing the bank to collapse. (pages 658–659) Section 1-14

  18. The Great Crash(cont.) How did the stock market crash weaken the nation’s banks? The stock market crash caused the banks to lose money on their investments, and speculators defaulted on bank loans. Because the government did not insure bank deposits, customers lost their money if a bank closed. Bank runs resulted as many bank customers withdrew their money at the same time, causing the bank to collapse. (pages 658–659) Click the mouse button or press the Space Bar to display the answer. Section 1-15

  19. The Roots of the Great Depression • Efficient machinery led to overproduction, and Americans could not afford to buy all the goods produced.  • The uneven distribution of wealth in the United States added to the country’s economic problems.  • In 1929 the top 5 percent of American households earned 30 percent of the country’s income.  • More than two-thirds of the nation’s families earned less than $2,500 a year. (pages 659–660) Click the mouse button or press the Space Bar to display the information. Section 1-16

  20. The Roots of the Great Depression(cont.) • Low consumption added to the economic problems.  • Worker’s wages did not increase fast enough to keep up with the quick production of goods.  • As sales decreased, workers were laid off, resulting in a chain reaction that further hurt the economy. (pages 659–660) Click the mouse button or press the Space Bar to display the information. Section 1-17

  21. The Roots of the Great Depression(cont.) • Many Americans bought on the installment plan, making a down payment and paying the rest in monthly installments.  • Paying off installment debts left little money to purchase other goods.  • The Hawley-Smoot Tariff intensified the Depression by raising the tax on imports.  • Americans purchased less from abroad because of the high cost. (pages 659–660) Click the mouse button or press the Space Bar to display the information. Section 1-18

  22. The Roots of the Great Depression(cont.) • In return, foreign countries raised their tariffs on American products, causing fewer to be sold overseas.  • Instead of raising interest rates to stop speculation, the Federal Reserve Board made the mistake of lowering the rates.  • This encouraged banks to make risky loans and misled business owners into thinking the economy was still expanding. (pages 659–660) Click the mouse button or press the Space Bar to display the information. Section 1-19

  23. The Roots of the Great Depression(cont.) How did the Federal Reserve Board help cause the Depression? Lowering the interest rate instead of raising it helped cause the Depression in two ways. First, it encouraged banks to make risky loans. Second, it made it appear as if the economy was still thriving, which caused businesses to borrow money to further expand their production. (pages 659–660) Click the mouse button or press the Space Bar to display the answer. Section 1-20

  24. End of Section 1

  25. Guide to Reading Main Idea Many people were impoverished during the Great Depression, but some found ways to cope with the hard times.  Key Terms and Names • bailiff  • Walt Disney  • soap opera  • Grant Wood  • John Steinbeck  • William Faulkner • shantytown  • Hooverville  • hobo  • Dust Bowl  Click the mouse button or press the Space Bar to display the information. Section 2-1

  26. Click the Speaker button to listen to the audio again. Section 2-4

  27. The Depression Worsens • By 1933 thousands of banks had closed and millions of American workers were unemployed.  • Unemployed workers often stood at bread lines to receive free food or at soup kitchens where private charities gave a free meal to the poor.  • Americans unable to pay their mortgage or rent lost their homes. (pages 661–663) Click the mouse button or press the Space Bar to display the information. Click the mouse button or press the Space Bar to display the information. Section 2-5

  28. The Depression Worsens(cont.) • Those unable or unwilling to move had a court-ordered eviction notice delivered by a court officer or bailiff who forced nonpaying tenants out onto the street.  • Many of the homeless built shacks in shantytowns, which they referred to as “Hoovervilles” because they blamed the president for their financial trouble.  • Hobos, or homeless Americans who wandered around hitching rides on railroad cars, searched for work and a better life. (pages 661–663) Click the mouse button or press the Space Bar to display the information. Section 2-6

  29. The Depression Worsens(cont.) • As crop prices dropped in the 1920s, many American farmers left their fields uncultivated.  • A terrible drought in the Great Plains, beginning in 1932, caused the region to become a “Dust Bowl.” • Many Midwestern farmers and Great Plains farmers lost their farms.  • Many families moved west to California hoping to find a better life, but most still faced poverty and homelessness. (pages 661–663) Click the mouse button or press the Space Bar to display the information. Section 2-7

  30. The Depression Worsens(cont.) What happened to unemployed workers and Midwestern and Great Plains farmers during the Depression? (pages 661–663) Click the mouse button or press the Space Bar to display the answer. Section 2-8

  31. The Depression Worsens(cont.) Unemployed workers often went to bread lines or soup kitchens to receive free food. Americans unable to pay their mortgage or rent lost their homes. Many of the homeless built shacks in shantytowns. Hobos wandered around hitching rides on railroad cars, searching for work and a better life. As crop prices dropped in the 1920s, many American farmers left their fields uncultivated. A terrible drought in the Great Plains, beginning in 1932, caused the region to become a “Dust Bowl.” Many Midwestern farmers and Great Plains farmers lost their farms. Many families moved west to California hoping to find a better life, but most of them still faced poverty and homelessness. (pages 661–663) Section 2-9

  32. Escaping the Depression • Americans escaped the hardships of the Depression by going to the movies and listening to radio broadcasts.  • Stories tended to be about overcoming hardships and achieving success.  • Walt Disney produced the first feature-length animated film, Snow White and the Seven Dwarfs, in 1937.  • Other films, like The Wizard of Oz, Mr. Smith Goes to Washington, and Gone with the Wind, contained stories of triumph over adversity and visions of a better life. (pages 663–664) Click the mouse button or press the Space Bar to display the information. Section 2-10

  33. Escaping the Depression(cont.) • Families gathered around the radio daily to hear news or listen to comedians like George Burns or a dramatic series like the Lone Ranger.  • Melodramas, called soap operas, became very popular with housewives.  • Soap operas received their name because makers of laundry soaps often sponsored them. (pages 663–664) Click the mouse button or press the Space Bar to display the information. Section 2-11

  34. Escaping the Depression(cont.) Why were movies and radio programs important during the Depression? Movies and radio programs allowed Americans to escape their own lives and use their imagination. (pages 663–664) Click the mouse button or press the Space Bar to display the answer. Section 2-12

  35. The Depression in Art • Homeless and unemployed Americans were the subjects of art and literature during the 1930s.  • Artists and writers tried to capture the real life drama of the Depression.  • Thomas Hart Benton and Grant Wood emphasized traditional American values in their art. (pages 664–665) Click the mouse button or press the Space Bar to display the information. Section 2-13

  36. The Depression in Art(cont.) • JohnSteinbeck’s 1939 novel The Grapes of Wrath told the story of an Oklahoma family fleeing the Dust Bowl to find a new life in California.  • Steinbeck, like many writers of this time, wrote of poverty, misfortune, and social injustice. (pages 664–665) Click the mouse button or press the Space Bar to display the information. Section 2-14

  37. The Depression in Art(cont.) • Novelist William Faulkner’s literary technique, stream of consciousness, revealed characters’ thoughts and feelings before they spoke–thoughts they dared not reveal.  • In his novels, he exposed hidden attitudes of Southern whites and African Americans in a fictional Mississippi county. (pages 664–665) Click the mouse button or press the Space Bar to display the information. Section 2-15

  38. The Depression in Art(cont.) What was emphasized in the work of Thomas Hart Benton and Grant Wood? The two artists were a part of the regionalist school, which focused on traditional American values, particularly those of the rural Midwest and South. (pages 664–665) Click the mouse button or press the Space Bar to display the answer. Section 2-16

  39. End of Section 2

  40. Guide to Reading Main Idea President Hoover’s philosophy of government guided his response to the Depression.  Key Terms and Names • public works  • relief  • foreclose  • Bonus Army • Reconstruction Finance Corporation  Click the mouse button or press the Space Bar to display the information. Section 3-1

  41. Click the Speaker button to listen to the audio again. Section 3-4

  42. Promoting Recovery • In an effort to promote economic recovery, President Herbert Hoover held a series of conferences bringing together the heads of banks, railroads, big business, labor, and government.  • Hoover received a pledge from industry to keep factories open and stop cutting wages.  • After the pledge failed, Hoover increased public works–government-financed building projects. (pages 668–670) Click the mouse button or press the Space Bar to display the information. Section 3-5

  43. Promoting Recovery(cont.) • Hoover asked the nation’s governors and mayors to increase public works spending.  • At the same time, however, Hoover refused to increase government spending or taxes. He feared that deficit spending would actually delay an economic recovery.  • Americans blamed the Republican Party for the Depression. (pages 668–670) Click the mouse button or press the Space Bar to display the information. Section 3-6

  44. Promoting Recovery(cont.) • As a result, in the midterm congressional elections of 1930, the Republicans lost 49 seats and their majority in the House of Representatives. (pages 668–670) Section 3-7

  45. Promoting Recovery(cont.) How did Hoover promote economic recovery? (pages 668–670) Click the mouse button or press the Space Bar to display the answer. Section 3-8

  46. Promoting Recovery(cont.) President Herbert Hoover held a series of conferences bringing together the heads of banks, railroads, big business, labor, and government. Hoover received a pledge from industry to keep factories open and stop cutting wages. After the pledge failed, Hoover increased public works to replace some construction jobs. Hoover asked the nation’s governors and mayors to increase public works spending. At the same time, however, Hoover refused to increase government spending or taxes. He feared that deficit spending would actually delay an economic recovery. (pages 668–670) Section 3-9

  47. Pumping Money Into the Economy • President Hoover tried to persuade the Federal Reserve Board to put more currency into circulation, but the Board refused.  • Hoover set up the National Credit Corporation (NCC), which created a pool of money to rescue banks, but it was not enough to help. (page 670) Click the mouse button or press the Space Bar to display the information. Section 3-10

  48. Pumping Money Into the Economy (cont.) • By 1932 Hoover felt the government had to provide funding for borrowers.  • He asked Congress to set up the Reconstruction Finance Corporation (RFC) to make loans to banks, railroads, and agricultural institutions.  • The economy continued to decline when the RFC was too cautious in its loan amounts. (page 670) Click the mouse button or press the Space Bar to display the information. Section 3-11

  49. Pumping Money Into the Economy (cont.) • Hoover opposed the federal government’s participation in relief–money that went directly to very poor families.  • He felt relief was the responsibility of state and local governments.  • In July 1932, Congress passed the Emergency Relief and Construction Act to get money for public works and for loans to the states for direct relief. (page 670) Click the mouse button or press the Space Bar to display the information. Section 3-12

  50. Pumping Money Into the Economy (cont.) What actions did President Hoover take to try to pump money back into the American economy? (page 670) Click the mouse button or press the Space Bar to display the answer. Section 3-13

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