GREAT GREAT Depress Depress ion ion 21.1
Dec 27, 2015
The The GREAT GREAT
DepressiDepressionon21.1
Presidents of the Roaring 20’s watch the country grow
increasingly prosperous! “A chicken in every pot!” (Herbert
Hoover 1928)So where/why did it all go wrong?
Sign of trouble:1.Problems in the agricultural sector2.Wealth distributed unequally & overproduction of goods3.Easy credit hides problems!
Then…..Then…..
The Stock Market The Stock Market Crashes!!!Crashes!!!•SpeculationSpeculation: high risk investments hoping to obtain large profits•Black Tuesday: October 29, 1929, stock market collapses•GreatGreat DepressionDepression: 1929-1941, unemployment 25%
Surviving the Surviving the DepressionDepression
•Americans pull together
•Prohibition is repealed
•Empire State Building is built
• Events leading to the Events leading to the election of 1932:election of 1932:– Hawley-Smoot TariffHawley-Smoot Tariff– Bonus Army: Bonus Army: Jobless Jobless
WW1 veterans, who WW1 veterans, who were promised were promised pensions, protested all pensions, protested all throughout throughout Washington Washington D.C.=Were attacked by D.C.=Were attacked by an army led by General an army led by General Douglas McArthurDouglas McArthur
Two Candidates:• Herbert Hoover Herbert Hoover
(Republican)(Republican)– Very limited strategyVery limited strategy– Wanted state/local Wanted state/local
governments to governments to handle relief programshandle relief programs
– ““rugged individualism:” rugged individualism:” only through personal effort can wealth and success be achieved.”
• Franklin Delano Franklin Delano Roosevelt Roosevelt (Democrat)(Democrat)– Large scale problems Large scale problems
require governments require governments helphelp
– OutcomeOutcome: FDR : FDR wins by a HUGE marginwins by a HUGE margin
– Most people voted Most people voted against Hoover, not against Hoover, not necessarily for FDRnecessarily for FDR