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Issues leading to the Great Depression Dawes Plan: 192

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Issues leading to the Great Depression Dawes Plan: 1924 Hawley Smoot Tariff 1930 Farming Probs Overproduction and drought leads to Dustbowl Other Issues Mal ... – PowerPoint PPT presentation

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Title: Issues leading to the Great Depression Dawes Plan: 192


1
Issues leading to the Great Depression
2
Dawes Plan 1924
3
Hawley Smoot Tariff 1930
  • Highest tariff in U.S. History
  • Almost blocked all foreign imports
  • VERY anti-Wilsonian
  • 23 foreign govts raise tariffs on U.S.
  • By 1932, US exports fall to lowest point in 30
    years
  • Counters idea that opening trade fuels U.S.
    prosperity

4
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6
Farming Probs
  • Farmers caught in boom and bust cycle of post war
  • Peace brought end to govt guarantee of high
    prices
  • New gas plows increase production
  • Farmers simply produce more to keep up
  • Coolidge vetoed McNary-Haugen Bill (govt purchase
    of wheat to sell overseas)
  • Would keep agricultural prices high

7
Overproduction and drought leads to Dustbowl
8
Other Issues
  • Mal-distribution of wealth Top 1/5 controlled
    60 of wealth
  • Overproduction of goods Overstocked shelves
    cut-down of supply cut-down of labor
  • Overseas depression overseas markets unable to
    pick up surplus
  • Roaring 20s trends live beyond our means

9
October 29,1929
10
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11
Black Tuesday
  • Stocks fell avg 469-221 in one day
  • A series of falls over the week
  • By late 1929, DOW (stock market indicator) was at
    52
  • Banks begin to seize assets
  • Financial panic sets in

12
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13
Hoover Reaction to Stock Market Crash of 1929
  • We are in a recession, not a depression
  • Sec of Treasury Andrew Mellon Believed fall was
    a good thing because it would strengthen the
    market and cleanse economy of inflated values
  • Asked employers to not layoff asked unions to
    not demand higher wages

14
Hoover did attempt reform
  • Financed Boulder Dam (aka Hoover Dam)
  • Reconstruction Finance Corp 1932 Provided
    emergency financing for banks, life insurance
    companies and mortgage assoc
  • Savings and Loans Association Gave to
    mortgage groups and financial institutions

15
Bonus Army final straw for Hoover
  • Beleaguered and haggard WWI vets march onto
    Washington to demand Bonus Pay
  • The problem was that the certificates (like
    bonds), matured twenty years from the date of
    original issuance, thus, under extant law, the
    Service Certificates could not be redeemed until
    1945.

16
Hoovervilles
17
Happy days are here again?
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