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The Great Depression

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Title: Roaring Twenties Author: M-DCPS Last modified by: Desktop Created Date: 2/15/2011 2:16:11 PM Document presentation format: On-screen Show (4:3) – PowerPoint PPT presentation

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Title: The Great Depression


1
The Great Depression
  • AP U.S. History

2
Fundamental Question
  • To what extent did the Great Depression maintain
    continuity and fostered change in Americas
    political and economical structures?

3
Causes of the Great Depression
  • Political Policies
  • The business of America is business.
  • Mellons Tax Bills
  • Fordney-McCumber Tariff
  • Dawes Plan and Post-WWI lending
  • Financial Practices
  • Installment plans
  • Buying on Margin
  • Crash of 1929
  • Economic Situations
  • Agricultural overproduction and low prices
  • Welfare capitalism and consumer confidence
  • Socioeconomic Conditions
  • Top 1 owned 35 of nations wealth
  • Bottom 20 owned 4 of nations wealth

4
The Stock Market and the Crash of 1929
  • Background
  • Speculation
  • Buying on Margin
  • The Crash of 1929
  • 381.17 (9/3/29)
  • Concern over high stock prices led to massive
    sell-off
  • Thursday, October 24
  • 299.50
  • Monday, October 28
  • 260.64
  • Tuesday, October 29
  • 230.07
  • 41.22 (7/8/32)

5
Herbert Hoover (R) (1829-1933)
  • Given the chance to go forward with the policies
    of the last eight years, we shall soon with the
    help of God, be in sight of the day when poverty
    will be banished from this nation. -
    Inauguration, March 4, 1929
  • There is no cause to worry. The high tide of
    prosperity will continue. Sec. Of Treasury
    Andrew Mellon, Sept. 1929
  • While the crash only took place six months ago,
    I am convinced we have now passed the worst and
    with continued unity of effort we shall rapidly
    recover. Pres. Hoover, May 1, 1930
  • The worst is over without a doubt. Sec. Of
    Labor James Davis, June 29, 1930
  • Hoovers Economic Philosophy
  • Promote voluntarism, restraint, and self-reliance
  • If we shall be called upon to endure more of
    this period, we must gird ourselves for even
    greater effort The question is whether that
    history shall be written in terms of individual
    responsibility, and the capacity of the Nation
    for voluntary cooperative action, or whether it
    shall be written in terms of futile attempt to
    cure poverty by the enactment of law, instead of
    the maintained and protected initiative of our
    people. April 27, 1931
  • Hawley-Smoot Tariff (1930)
  • Federal Farm Board
  • Reconstruction Finance Corporation (RFC)

6
Depression by Numbers
  • Bank Failures
  • 1929 659 banks (200,000,000)
  • 1930 1,300 banks (853,000,000)
  • 1931 2,294 banks (1,700,000,000)
  • Income
  • National income fell 80B to 50B
  • Salaries declined 40
  • Manufacturing wages down 60
  • Farmers income declined 55
  • Industrial production
  • Down 26 in 1930 51 by 1932
  • Investments
  • 10B in 1929 1B in 1932
  • Fertility Rates
  • 1928 93.8
  • 1933 76.3
  • Suicide Rates
  • 1920-1928 12.1
  • 1929 18.1
  • Dow Jones Industrial Average
  • 1929 381.17
  • 1932 41.22
  • The average of stock prices dropped over 90
  • Price Indices
  • Consumer prices feel 25
  • Wholesale prices fell 32
  • Unemployment
  • 1929 3.2
  • 1933 24.9
  • Unemployment rates higher in specific regions,
    among different groups
  • Toledo, OH 90
  • GDP
  • 1929 103.6B
  • 1933 56.4B

7
(No Transcript)
8
Hoovervilles
Displaced Americans set up shanty towns Came to
be known as Hoovervilles
9
Public Reaction to Depression
  • Bonus March
  • WWI veterans marched on D.C. demanding early
    payments of pensions
  • Federal troops sent in to break up Hoovervilles

10
Depression through Pictures
11
The Dust Bowl (1930-1936)
  • Causes
  • Overgrazing
  • Improper farming techniques
  • Increased cultivation
  • Drought in 1934
  • Effects
  • Dust storms
  • Black Sunday - April 14, 1935
  • 300 million tons of topsoil blown across southern
    Plains region
  • Migration west
  • Okies
  • Mexican Repatriation

12
Dust Turns Day Into Night
13
Election of 1932
  • Franklin Delano Roosevelt (FDR) (D)
  • Campaign promise of a new deal and help for the
    forgotten man
  • New Deal Coalition
  • Herbert Hoover (R)
  • A Realignment Election
  • End of the Republican dominance of the Fourth
    Party System
  • Begin of the Democrat dominance of the Fifth
    Party System

14
Fifth Party System (1932-1968)
  • Democrats
  • New Deal Coalition
  • Catholics
  • Jews
  • Blacks
  • Progressive Intellectuals
  • Urban Machines
  • Populist Farmers
  • White Southerners
  • Labor Unions
  • Low-Income
  • Immigrants
  • Philosophy
  • Social liberalism/social democracy
  • Social justice
  • Keynesian economics
  • Dominated Congress and American public for the
    next 36 years
  • Republicans
  • Pro-business
  • Economic conservatives
  • Social conservatives
  • Northeast, parts of the Midwest

15
Franklin D. Roosevelt (D) (1933-1945)
  • Great Depression
  • New Deal
  • Good Neighbor Policy
  • Arsenal of Democracy
  • Pearl Harbor
  • World War II

16
FDRs Message of Hope
  • FDR had no specific plan for the Depression
  • Calming the nation
  • the only thing we have to fear is fear
    itself.
  • Fireside chats
  • The Three Rs
  • Relief
  • Recovery
  • Reform
  • Brain Trust
  • Capable advisers ordered to experiment, be
    pragmatic
  • Do something.

17
The First New Deal (1933-1934) FDRs First
Hundred DaysAlphabet Soup
  • Emergency Banking Act (Bank Holiday)
  • Federal Emergency Relief Administration (FERA)
  • Civil Works Administration (CWA)
  • Civilian Conservation Corps (CCC)
  • Agricultural Adjustment Administration (AAA)
  • National Industrial Recovery Act (NIRA)
  • Public Works Administration (PWA)
  • National Recovery Administration (NRA)
  • Tennessee Valley Authority (TVA)

18
First New Deal (1933-1934)
  • Banking Act of 1933
  • Glass-Steagall Act
  • Federal Deposit Insurance Corporation (FDIC)
  • Gold Reserve Act
  • Farm Credit Administration (FCA)
  • Securities and Exchange Commission (SEC)
  • National Labor Relations Board (NLRB)
  • Federal Housing Administration (FHA)
  • Indian Reorganization Act

19
21st Amendment (1933)
  • 18th Amendment repealed
  • Only Amendment to be ratified by state
    conventions
  • End of Prohibition
  • Reasons
  • Development of black market for alcohol
  • Increased violence due to rise in organized crime
  • Loss of revenue, industry, and employment
  • Speakeasies replaced saloons

20
The Second New Deal (1935-1938)
  • Resettlement Administration (RA)
  • Works Progress Administration (WPA)
  • National Youth Administration (NYA)
  • Federal One
  • Federal Writers Project
  • Federal Theatre Project
  • Federal Music Project
  • Federal Art Project
  • Historical Records Survey
  • Rural Electrification Administration (REA)
  • Social Security Act (1935)
  • Wagner Act (1935)
  • Fair Labor Standards Act (1938)

21
(No Transcript)
22
Federal government used posters, songs,
advertisements, literature to promote and support
FDRs New Deal programs among the American public
23
(No Transcript)
24
Federal One
25
New Deal Opposition
  • New Deal is doing too much.
  • Republicans and economic/fiscal conservatives
  • Boondoggles
  • New Deal is not doing enough.
  • Father Charles Coughlin
  • Senator Huey Long Kingfish
  • Share the Wealth
  • 5000 for every family, 2000 annually
  • Heavily tax wealthy

26
Election of 1936
  • Franklin D. Roosevelt (D)
  • Alfred Landon (R)

27
FDR and Court Packing
  • Supreme Court reversed several New Deal programs
  • Schechter Poultry Corp. v. United States (1935)
  • NIRA unconstitutional
  • United States v. Butler (1936)
  • AAA unconstitutional
  • Justice Reorganization Bill
  • Appoint new justices for every justice over 70
  • 6 additional justices
  • Subsequent Supreme Court rulings in favor of New
    Deal
  • Social Security Act
  • Wagner Act

28
New Deal and Labor
  • American Federation of Labor (AFL)
  • Strengthened and increased membership
  • Congress of Industrial Organizations (CIO)
  • Organize unskilled laborers in major industries
  • Industrial unionism
  • United Automobile Workers (UAW)
  • Used sit-down strikes to earn recognition

29
EscapismGreat Depression in Arts and
Entertainment
  • Literature
  • John Steinbeck
  • The Grapes of Wrath
  • Of Mice and Men
  • Photography
  • Dorothea Lange
  • Music
  • Brother, Can You Spare a Dime?
  • Woody Guthrie
  • Radio
  • Comedies
  • Soap operas
  • Movies
  • The Wizard of Oz
  • Shirley Temple
  • Snow White and the Seven Dwarves
  • Marx Brothers

30
EscapismGreat Depression in Sports and Recreation
  • Sports
  • WPA
  • Athletic facilities
  • Athletic educational programs
  • Innovation, consolidation, and sacrifice of
    professional and college sports
  • College bowl games
  • NFL playoffs
  • Recreation
  • Games and Monopoly
  • Gambling
  • Rodeos
  • Dance halls and jazz

31
End of the New Deal
  • Roosevelt Recession (1937-1938)
  • Cutback in deficit spending and elimination of
    some New Deal programs
  • Hatch Act (1939)
  • International Concerns
  • Totalitarian governments spawned defensive
    preparations
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