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The causes of the Great Depression

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THE CAUSES OF THE GREAT DEPRESSION How the booming 20s became a huge bust! Harding in Office Republican elected in 1920 return to normalcy time in office far ... – PowerPoint PPT presentation

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Title: The causes of the Great Depression


1
The causes of the Great Depression
  • How the booming 20s became a huge bust!

2
Harding in Office
  • Republican elected in 1920
  • return to normalcy
  • time in office far from normal
  • promoted laissez-faire
  • surrounded himself with the Ohio Gang
  • poker buddies greedy and drunk (spoils system)
  • looking to get rich off the government

3
Teapot Dome Scandal
  • Secretary of the Interior, Albert B. Fall.
  • federal oil reserves at Elk Hills, CA and Teapot
    Dome, WY
  • leased private companies in return for bribes
  • oil was for naval use
  • Fall went to jail1st Cabinet member to go to
    jail
  • Harding died in office before scandal could touch
    him

4
Silent Cal (Calvin Coolidge) in Office
The business of America is business!
The man who builds a factory, builds a temple
  • Republican takes over following Hardings death
    in 1923, elected 1924
  • trust in business
  • laissez-faire approach
  • had honest people working for him
  • economy was boomingbut not for long

5
A Bull Market (rising stock prices)
A chicken in every pot and a car in every
garage.
  • Republican rule (Harding Coolidge)
  • America was prospering
  • no one could see what was about to happen
  • there were signs
  • Another Republican, Herbert Hoover, gets elected
    in 1928
  • another laissez-faire guy
  • ..things are looking good but are they???

6
Early Signs of the Great Depression
  • OVERPRODUCTION
  • DISTRIBUTION OF WEALTH
  • new technologies
  • increased output
  • wages remain low to buy goods
  • too many goods
  • not enough consumers
  • farmers amounting large debt
  • huge gap between rich and poor
  • middle class basically non-existent
  • fewer consumers when products overflowing

7
More Causes
  • INSTALLMENT PLAN
  • BUYING ON MARGIN
  • buying things with small down payments
  • then pay the rest in monthly payments
  • used to buy consumer goods like cars, washing
    machines, and refrigerators
  • buying stock on credit
  • small down payment
  • pay the rest in monthly payments
  • PROBLEM value of stocks go up and down

8
And More Causes
  • SPECULATION
  • EASY CREDIT
  • buying stock using credit
  • hope stock prices would rise
  • PROBLEM if they didnt people could loose
    everything
  • before 20s
  • no money no buy
  • debt fear
  • buying on credit was a new idea
  • now everybody was doing it

9
The Boom is a Bust
  • For a month
  • stock prices had fallen
  • too many people selling stocks
  • only makes the problem worse
  • Black Tuesday October 29, 1929
  • sparked the Great Depression
  • people rush to sell their stocks
  • called the Great Crash
  • people lost their fortunes in hours

10
The Great Depression
  • 1929-1941
  • Economy was ruined
  • Businesses close
  • Extremely high unemployment
  • fewer goods bought
  • People run to the banks
  • withdraw their money
  • banks dont have all the money on hand
  • led to bank failures/closings
  • People lose EVERYTHING

11
Hawley-Smoot Tariff
  • Hoover tried to help
  • Tariff raised taxes on foreign imports
  • American products cheaper
  • Foreign companies raise taxes on American goods
  • Now cant sell in America or other countries
  • BACKFIRE (failure)

12
Life During the Great Depression
  • People lost EVERYTHING
  • Jobs
  • Homes
  • life savings due to bank closings
  • confidence in Government
  • hope of achieving the American Dream
  • their pride

13
Charity
  • Soup Kitchens
  • Bread lines
  • provided free food to families but was limited

14
Hoovervilles
  • places where many homeless people grouped
    together in shantytowns (makeshift tents or
    lean-tos)
  • named after President Hoover
  • felt he was doing nothing to take care of the
    problem (homelessness) or them
  • covered up with newspapers (Hooverblankets)
  • turned their pockets inside out known as Hoover
    flags

15
Hoovervilles
16
The Dust Bowl (Great Plains Region)
  • environment a struggle from beginning
  • not enough rain, over-farming
  • 1932 drought
  • caused soil to turn to dust
  • wind storms created dust storms Dust Bowl
  • refugees, Okies, (regardless of what state they
    came from) left their farms for California for a
    new start

17
When he leaves the Dust Bowl, he will be called
an Okie!
18
Plight of the Farmer
  • John Steinbecks Grapes of Wrath
  • family facing hard times in CA
  • Photojournalists, Walker Evans and Dorthea Lange
  • hardship and determination
  • leads to demands for better housing sanitation
    of migrant workers

19
Hoovers Band-Aid
  • promoted rugged individualism not direct relief
  • people take care of themselves rather than the
    government
  • BIG problem, little Band-Aidtried to fix it
  • tried to get businesses to keep employees, wages
    and prices at stable levels
  • reduced taxes on people to encourage spending
  • asked the wealthy to be more charitable
  • none of this worked (too laissez-faire)

20
Hoover Disappoints
  • started to give money to companies to restart
    productiondidnt work
  • built the Hoover Dam to create construction jobs

21
Bonus Army (The Nail in Hoovers Coffin)
  • WWI veterans promised a bonus check to be paid in
    1945
  • depression hit (1932), need money NOW
  • Hoover vetoed a bill to give them their money
    early
  • they march to Washington and set up a
    Hooverville
  • Hoover had General MacArthur remove veterans
  • given one hour to pack up and get out
  • tear gas was used on stragglers
  • not Hoovers intentions but ruined his reputation

22
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