Great Depression and the New Deal I. Election of 1928: Herbert Hoover (Rep) A. Al Smith (Dem) - Catholic, urbanite, for liquor, product of the urban immigrant and ethnic working class culture B. Hoover - Rural, small town man, anti-liquor, Protestant- Prohibition played a huge part and many people voted dry- Religion also played a part with Protestantism vs. Catholicism- Hoover was aided by the booming economy since he was a successful business man II. Onset of Depression- Didn’t affect the state institutions as much- Destroyed the nation’s faith in the new capitalism/ new institutions’ influence waned A. Black Tuesday: October 24, 1929- The stock market plummeted and began a string of disastrous drops- Economy lost more money then it spent fighting in WWI- 1929-1939 Gross GOP dropped 79%, manufacturing dropped 54%, investment 98% B. International Depresssion- US loaned Germany money to pay France and G.B from WWI, but US takes it back during depression- European markets exchange stocks for liquid cash
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This note was uploaded on 02/10/2009 for the course HIST 40080 taught by Professor Miller during the Fall '08 term at University of Texas at Austin.