Chapter 23.1 A Prosperous Nation. Review: Describe the economy of the 1920’s. Query: What did...
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Transcript of Chapter 23.1 A Prosperous Nation. Review: Describe the economy of the 1920’s. Query: What did...
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Chapter 23.1A Prosperous Nation
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A Prosperous Nation
• Review: Describe the economy of the 1920’s.
• Query: What did Americans assume about the economy?
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Hoover – A Symbol of America!
• Symbol of success•Rugged
Individualism• Economic
Darwinism?
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Stock Market Boom• Stock = shares in
corp.• Company profit =
dividend• 1921 – 1929 =
bull market• Impact• Bestseller
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Query
•Would you play the stock market today?
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Stock Market Growth
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How It Works• Dow Jones IA–
average stock price of major industries
• Buy stock = –Price–Dow
• Sell stock – –Price–Dow
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Buying on Margin
• Pay a little up front…• … and borrow the
rest• Stock goes up• Stock goes down• 1921 – 1929
Reality
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Danger Signs
1. Unequal distribution of wealth
2. Speculation
3. Personal Debt
4. Overproduction
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Query
•Did any of the danger signs exist in the Great Recession?
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Chapter 23.2
The Great Crash
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Economic Cycle
Expansion
Peak
Contraction
Trough
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Economic Cycle – Over Time
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Countdown…
September 1929Black Thursday
(10/24/29)Government
ResponseBank Response
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The Great Crash• Market falls…again
• Black Tuesday (10/29) =
• Massive selling off
• Prices fall steeply
• Loss = $14 billion
• Weeks to Months
• Overall = $40 billion
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Black Thursday
The Great Crash
Black TuesdayBanks Buy Stock
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Great Crash - 1929
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Great Crash – 1987
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Negative Business Cycle
No money to invest
Businesses Lose Money
People Lose Jobs
No money to spend
Buy fewer products
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International Problems
•WWI Loans•Hawley Smoot Tariff •Stagnation!
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Bank Problems
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Impact
• Social Impact
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Marches • Public Demands• Republican
Response• Bonus March• Hoover
Response• Public Response
• B
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Too Little, Too LateMid-term woesResponse:1. Public Works2. Reconstruction Finance Corp.3. Federal Home Loan Bank ActBut NO HANDOUTS!
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And Along Comes FDR
• Happy Days Are Here Again!• Roosevelt
campaign song• New Ideas…• Provides hope