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From Boom to Depression: The Stock Market Crash and the Economic Crisis

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The Great Depression: Varied Explanations. The result of bad policies? ... International Factors: Was the Great Depression 'Made in the USA' ... – PowerPoint PPT presentation

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Title: From Boom to Depression: The Stock Market Crash and the Economic Crisis


1
From Boom to Depression The Stock Market Crash
and the Economic Crisis
  • History 203
  • April 9, 2007

2
Websites on 1920s and the Crash
  • The Famous Trials website contains interesting
    accounts of several famous trials of the 1920s
  • The Chicago Blacksox trial of baseball players
    accused of fixing the 1919 World Series
  • The trial of Sacco and Vanzetti, anarchist
    radicals accused of robbery and murder
  • The Scopes Monkey Trial on the teaching of
    evolution
  • Link to New York Times articles on the stock
    market crash
  • Franklin D. Roosevelts 1937 Second Inaugural
    Address (audio version available)

3
Assignment on Scopes Trial Paper
  • Instructions for the Scopes Trial paper are at
    http//www.uoregon.edu/dapope/203scopes.htm.
  • The paper is due at class time on Monday, April
    30.

4
Culture Wars of the 1920s
  • Issues and Attitudes
  • Prohibition
  • Womens SuffrageWomens Emancipation?
  • Fundamentalism and the Scopes Trial
  • Nativism and Immigration Restriction National
    Origins Act of 1924
  • Quotas based on 1890 US immigrant population
  • East Asians excluded

5
(No Transcript)
6
Prohibition Ratified Bootlegger Tip in Eugene
1919
7
Suffrage Sheet Music
  • Note the returning soldier finding his wife is in
    favor of Womens Suffrage.

8
Rebirth of the Ku Klux Klan
  • Reviving the Confederate Lost Cause
  • Birth of a Nation (1914)
  • Stone Mountain, GA Klan re-birth, 1915
  • The Rise and Fall of the 1920s Klan

9
(No Transcript)
10
Explaining Cultural Conflict
  • Urban vs. Rural America?
  • Moderns and Anti-Moderns?
  • Social Control in a Diverse Society
  • H.L. Mencken No one ever went broke
    underestimating the taste of the American public.

11
The Crash and the Depression
  • We are nearer today to the ideal of the
    abolition of poverty and fear from the lives of
    men and women than ever before in any land.-- 
    President Herbert Hoover, 1928
  • ----------
  • "The amazing lesson from this depression is that
    no one knows much about the real causes and
    effects of ANYTHING."                            
      W.W. Kiplinger, financial expert

12
New York Times Headline about Oct. 29, 1929Black
Tuesday
13
(No Transcript)
14
How to Have a Stock Market Crash
  • Make stock prices soar
  • Why? Good economy or market manipulation?
  • Provide easy credit for market speculation
  • How many Americans were playing the market?
  • Leave the market unregulated
  • Let the economy weaken
  • Welcome to Black TuesdayOct. 29, 1929 when
    the crash began

15
The Stock Market, 1910-1950
16
The Stock Market Crash and the Great Depression
  • In October 1987, shares of companies on the New
    York Stock Exchange lost over 20 of their value
    in one day. Just this winter, the market had a
    mini-crisis, declining by over 400 points on the
    Dow Jones index. Remember that? Probably not.
    What difference does the stock market make to the
    real economy?
  • What would a stock market crash in 2007 do to the
    economy?

17
The Great Depression Varied Explanations
  • The result of bad policies?
  • Money and the economy
  • Misguided Federal Reserve Board decisions
  • International Factors Was the Great Depression
    Made in the USA?
  • The result of fundamental structural flaws?
  • Consumption and investment spending
  • Saturation and Stagnation
  • Birth pangs of a new economy

18
The Wars Economic Aftermath Depression?
  • Following the 1919 Paris Peace Treaties, American
    and European economic stability was based on a
    three-sided flow of payments
  • Defeated Germany had to pay reparations to the
    victorious British and French
  • France and Britain had to repay loans they had
    borrowed from the United States
  • The U.S. in turn invested money in Germany
  • Why did this system break down at the end of the
    1920s? What happened when it did collapse?

19
Hoovers Depression
  • "What this country needs is a good big laugh...If
    someone could get off a good joke every ten days,
    I think our troubles would be over." President
    Hoover 1931

20
Herbert Hoover A Presidency Destroyed
  • Hoover and the American Dream
  • HoovervilleSeattle Shantytown in early 1930s

21
The Bonus Army
  • 1932 Veterans of the Great War want their
    service bonuses paid now, not in 1945.
  • 15-20,000 head for Washington to press for
    immediate payment
  • July 1932 Gen. Douglas MacArthur leads troops
    who confront protesters and, against orders from
    Pres. Hoover, attack and burn down protesters
    tent city.

22
The Bonus Army
  • Bonus Marchers Encampment, July 1932
  • After attack by MacArthurs Troops

23
How Bad Was the Depression?
  • By 1932 or 1933, unemployment in the US was about
    25. (What is todays unemployment rate?)
  • Total output had declined by about 1/3.
  • Some industries had almost entirely collapsed.
    Steel production was only 12 of capacity.
  • About 1.5 or 2 million Americans were homeless.
  • In 1937, over seven years after the crash,
    President Roosevelt described a third of the
    nation as ill housed, ill clad, ill nourished.
    (Listen on line to an audio clip.)
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