The Great Depression 1929 - 1941 “It came from nowhere, blazed up like a brush fire, pulled us...
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The Great Depression 1929 - 1941
“It came from nowhere, blazed up like a brush fire, pulled us together at the bottom of the depression, held us together through a war, galloped up to the brink of television, and fell over dead”
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The Economy President Herbert Hoover elected
Americans in debt Unable to pay credit back to banks
Stock Market Crash of 1929 Black Tuesday Failure of Federal Banks Unemployment rates reached 16-40% in most states
The Dust Bowl A series of dust storms that raged through the Midwest Destroyed crops Left 500,000 Americans homeless
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The Dust Bowl
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The Dust Bowl
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How the Stock Market can crash1. When people buy “stock” in Coca-Cola, they are buying a
percentage of the company.
2. The more people buy Coca-Cola stock, the more value ($$$) Coca-Cola has.
3. The more people sell their Coca-Cola stock back to the company, the less value ($$$) Coca-Cola has.
4. If stockholders (people who own stock) see the value of a company drop, they are more likely to sell their stock.
5. If stockholders panic and everyone sells at the same time, the stock market can crash, causing a depression.
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The Stock Market Crash of 1929
Stockholders panickedand soldtheir stock
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Timeline September 23, 1929:
Stocks reach an all time high
October 23, 1929: Stock prices drop sharply
October 24, 1929: People panic and sell their stocks to avoid bankruptcy
October 29, 1929: Stock market crashes
Americans panic and withdraw life savings from banks
Banks run out of money and are forced to close
Cash becomes scarce and people stop buying goods
Without people buying their products, businesses close or lay off workers
Unemployment and homelessness sky rockets
1930: The Dust Bowl begins and families are forced to flee their farms
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The Domino Effect
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How can a bank run out of money? When you put money
in the bank, it isn’t just sitting somewhere in a vault.
Instead, the bank invests your money, uses it to pay its employees, creates additional banks, and gives out loans.
As a result, if everyone went to the bank on the same day to withdraw all of their money, the bank wouldn’t have the necessary funds.
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Did it really come from nowhere? Banks loaned out too much money and began
running out of it Aug. 22, 1921: “We are living in hopes that
something will come up to relieve present conditions and can assure you that at any time circumstances will permit we will inform you and will give you all the money we possibly can”
Oct. 5, 1922: “I am very sorry indeed that we can not give you the money you have deposited with us, but this is a physical impossibility at this time.”
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Did it really come from nowhere? Sept. 24, 1925: “Had a meeting of the Directors of
the bank Saturday evening and they are very anxious and agree to do all they possibly can to keep the bank running for another year, and we believe you can readily see that if this is accomplished it will take the cooperation of all of our customers…” “We have been wondering Mr. Jacobs if you did not know of someone who would like to invest in a proposition in the bank line that is bound to be a money maker in the future”
Banks were asking for MORE money from their customers
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Did it really come from nowhere? Sept. 23, 1929: “Have read your last letter
over carefully and after doing so wish to say that just at this time I am not prepared to answer it as you want it”
Oct. 29, 1929: The stock market crashed—the Great Depression began
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Rushing to the Banks
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The Great Depression The worst economic disaster the U.S. has ever
seen Effected the majority of the world because of
international trade Homeless formed Hoovervilles
Small communities of homeless people Most people blamed President Hoover Hoover, a Republican, refused to provide aid because
he wanted to restrict government involvement
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What is an economic Depression? Depression: a long-lasting economic
downturn.
It took 13 years forthe economy to fully recover
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Hooverville
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Life During the Depression 9.5% of all Americans were unemployed In order to help support their families, children
as young as 10 went to work in factories Inexpensive entertainment in the form of
movies (25 cents) and radio still thrived Opportunities for women
Eleanor Roosevelt’s influence Frances Perkins became the first female cabinet
officer
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Life During the Depression "My family relied on themselves to sew their own
clothes, grow their own vegetables, and raise their own chickens."
"The only entertainment my family had during the Depression was church and visiting relatives. They also listened to the radio, of course, and played cards and other games. At Christmas, the only thing they received was fruit."
"Steve committed suicide by taking 'rough on rats,' (I'm not certain what this actually is, but I assume some type of rat poisoning). Steve's brother John also committed suicide, but my aunt wasn't sure why or how."
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Life During the Great Depression “We had a coal stove, and
we had to each take turns, the three of us kids, to warm our legs. It was awfully cold when you opened those garage doors. In the morning, we’d get out and get some snow and put it on the stove and melt it and wash around our faces.”
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Food
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The Great Depression
People lived in makeshift homes and tents People couldn’t afford transportation
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The Great Depression
Soup kitchens gave out free soup
Gangster Al Capone increased his popularity by opening his own soup kitchen.
People couldn’t afford to live in homes
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The Great Depression
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The Great Depression
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Making Matters Worse A group of WWI
Veterans known as the Bonus Army sought early payment of their war bonuses Marched on
Washington Hoover forced them
out; one veteran was shot and killed
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A Slow Recovery Public Works projects:
Government funded programs to assist individuals, families, and communities in need
The election of Franklin Delano Roosevelt
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The New Deal Roosevelt created numerous programs on relief,
recovery, and reform in America (three R’s) Social Security Act: Money is set aside for retirement for
anyone who works Though the New Deal created jobs and provided relief, it did
away with limited government With no money for funding, Roosevelt ended the New Deal in
1937 Thousands were out of jobs and the economy plummeted again
Fireside chats Radio shows where Roosevelt broadcasted explanations of his
policies in a warm and friendly manner over the radio
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RecoveryWith FDR’s failed New Deal, the United States was in for an extended depression until December 7, 1941
The New Deal Ended
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Recovery