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THE ROARING TWENTIES to the GREAT DEPRESSION

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THE ROARING TWENTIES to the GREAT DEPRESSION HERBERT HOOVER ... later called Hoover Dam ... an important bridge between previous laissez-faire policies & the New ... – PowerPoint PPT presentation

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Title: THE ROARING TWENTIES to the GREAT DEPRESSION


1
THE ROARING TWENTIES to the GREAT DEPRESSION
  • HERBERT HOOVER

2
President Herbert Hoover, Henry Ford, Thomas
Edison, and Harvey Firestone at Edison's 82nd
birthday. Ft. Myers, Florida, February 11, 1929.
  • Coolidge chooses not to run again opens door for
    Sec. of Commerce Hoover
  • Decries socialism with cries of rugged
    individualism
  • Idea that individuals should help themselves out
    govt should not be involved in peoples
    economic lives nor in national economics in
    general.
  • An orphan self-made man who worked his way
    through Stanford
  • Great administrator, efficient, honest
    humanitarian.role during WWI?

3
ELECTION OF 1928
Herbert Hoover Alfred E. Smith Republican Demo
crat A Dry Country Quaker A Wet City
Catholic Rugged Individualism Rum, Romanism
Ruin
  • Represents urban, industrial interests
  • Favors Prohibition, but admits that he drinks
  • Radio hurts him (NY accent too much joking)
  • Hurt by Republican anti-Catholic smear tactics
  • Lost, even though he won in all nations largest
    cities
  • Represents rural agrarian interests
  • Favored Prohibition
  • Radio helped him (dignified, serious)
  • Slogan A chicken in every pot two cars in
    every garage!
  • Wins by landslide mainly due to his association
    with Republican prosperity of the 20s

4
ELECTION OF 1928
5
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6
HOOVER DOMESTIC POLICY
  • AGRICULTURAL MARKETING ACT
  • Federal Farm Board to lend to farm organizations
    seeking to buy, sell store surpluses
  • But, prices will just keep falling
  • HAWLEY-SMOOT TARIFF, 1930
  • Highest peacetime tariff in history! Raised
    Fordney-McCumber from 40 to almost 60
  • Backfired WHY?
  • Caused foreign trade with U.S. to plummet
  • Caused other nations to raise tariffs
  • Caused U.S. factories to move overseas

7
Securities (stocks bonds) tripled in value
during the last half of the 1920s.
  • STOCK MARKET CRASHED ON OCTOBER 29, 1929
  • KNOWN AS BLACK TUESDAY

Marks the beginning, but not the sole cause of
the Great Depression
8
CAUSES OF THE CRASH
  • EASY CREDIT!!
  • Speculation (buying unstable, risky stocks to
    get rich quick - hoping for a quick profit)
  • Buying on margin (buying stocks on CREDIT)

9
CAUSES OF THE CRASH
  • GREED
  • INFLATED SENSE OF PROSPERITY
  • GOVERNMENTS LAISSEZ-FAIRE POLICY TOWARDS BUSINESS

Crash Statistics Approx. 1.5 million Americans
in the stock market 16 million shares sold on
10/29/29 Loss of 30 billion
10
EFFECTS OF THE CRASH
  • MASSIVE UNDEREMPLOYMENT UNEMPLOYMENT
  • 1930 4 million jobless
  • 1932 12 million jobless (25)
  • FAILURE OF BANKS
  • Questioning of Laissez-Faire policies
  • Trend away from materialism toward social
    consciousness

11
Hoover on Government Business/Economy
  • Rugged Individualism
  • Government should help people to help themselves
  • Hand-ups not Hand-outs

12
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13
CAUSES OF THE GREAT DEPRESSION
  • Overproduction underconsumption
  • Income Disparity
  • Growing gap between rich poor since profits
    from production going back into production, not
    wages
  • 1 of population hold 34 of countrys savings
  • 1 at 100,000 71 at less than 2,500
  • Abuse of Easy Credit
  • Installment Plan
  • Buying stock on margin
  • High Tariffs WWI Debts
  • World Depression

14
OVERPRODUCTION UNDERCONSUMPTION
  • Factories were producing products, however wages
    for workers were not rising enough for them to
    buy them.
  • Too few workers could afford to buy the factory
    output.
  • The surplus products could not be sold overseas
    due to high tariffs and lack of money in Europe.

15
HOOVERS RESPONSE
  • Philosophy of rugged individualism
  • The belief that all individuals, or nearly all
    individuals, can succeed on their own and that
    government help for people should be minimal.
  • Makes him seem unsympathetic/cold
  • Hoovervilles, Hoover blankets, Hoover flags
  • Trickle down theory
  • Does believe in using power of govt to stimulate
    the economy from the top via aid to corporations,
    public works, etc.

16
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17
PUBLIC WORKS PROJECTS
  • Approves 2.25 billion public works program
  • Most famous project
  • Boulder Dam later called Hoover Dam on CO
    River, 1930-36

18
Reconstruction Finance Corp.
  • 1932
  • A U.S. government lending corporation gives
    to aid business and farm organizations
  • Loan to banks and businesses (railroads,
    insurance, etc.) help put people back to work
  • Effects would trickle down to those on the bottom
  • Not enough to overcome problems of Depression
  • BUT, an important bridge between previous
    laissez-faire policies the New Deal

19
BONUS ARMY - May 1932
  • 20,000 WWI Veterans seeking early payment of the
    bonus due them in 1945
  • Set up Hoovervilles, demonstrated daily outside
    Capitol
  • Senate rejects their demands Hoover asks army
    to disperse
  • Most go home Hoover even bought 6,000 train
    fares
  • But thousands remained

20
  • Hoover orders removal without the use of force
  • Gen. Douglas MacArthur tear gas, tanks, machine
    guns, bayonets, burns Hooverville
  • Hoover takes full responsibility but

21
Stimson Doctrine
  • Hoover is Quaker, Pacifist
  • Favors disarmament
  • Japan invades Manchuria, Sept. 1931
  • What did this violate?
  • China asks League for help / League asks U.S. for
    help Japanese condemned leave the League
  • League called for embargo of Japan but US refuses
    (doesnt want war with Japan) instead issues
    Stimson Doctrine
  • U.S. wont recognize any territorial acquisitions
    made by force
  • Basically, US will be neutral, Japan did nothing
    to threaten America U.S. will not police the
    world
  • What message did this send to the rest of the
    world and leaders such as .?

 U.S. Sec. of State Henry Stimson
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