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The Great Depression

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The Great Depression 1929 - 1941 Great Depression Economic disaster that hit the United States following the stock market crash of 1929 It involved widespread ... – PowerPoint PPT presentation

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Title: The Great Depression


1
The Great Depression
  • 1929 - 1941

2
Great Depression
  • Economic disaster that hit the United States
    following the stock market crash of 1929
  • It involved widespread business failure and
    massive unemployment

3
Causes of the Great Depression
4
Cause 1
  • Over speculation on stocks
  • Stocks bought on margin part cash/part credit
  • Loans could not be repaid after Stock Market
    Crash
  • Peoples homes repossessed

5
Cause 2
  • 2. Black Tuesday October 29,1929
  • Stock Market crashed
  • 16 million shares traded (daily average 4
    million)
  • Many businesses instantly went bankrupt

6
Cause 3
  • 3. Failure of Federal Reserve
  • Failed to supply banks with enough money to
    prevent the banking system from collapsing
  • Caused Americans to lose their savings

7
Cause 4
  • 4. Hawley-Smoot Act
  • Put high tariffs (taxes) on imported goods
  • Other countries placed retaliatory tariffs on
    American products
  • Stopped world trade and caused businesses to fail

8
Impact of the Great Depression
9
Unemployment Homelessness
  • 25 of Americans unemployed
  • Hoovervilles neighborhoods of homeless people
    named after President Herbert Hoover

10
Businesses Failed
  • Surviving businesses had to cut wages and fire
    most employees
  • Labor unions became militant

11
Businesses Failed
  • Demanded companies rehire workers

12
Collapse of Financial System
  • Banks did not have any money for people to borrow
  • Federal Reserve did not have money to loan banks
    so they could stay open

13
Farm Foreclosures and Migration
  • Dust Bowl farm area of U.S. which experienced a
    drought in 1920s and 1930s
  • Farmers went bankrupt and couldnt pay bank loans

14
Farm Foreclosures and Migration
  • Farmers moved west to California to work on fruit
    farms

15
Political Unrest
  • Bonus Army 20,000 WWI veterans marched on
    Capital demanding pension payments

16
Political Unrest
  • People demanded government do something to create
    jobs and generate money
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