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AMH 2020 - AMH 2020 The Depression and beyond 1:32:00 PM...

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AMH 2020- The Depression and beyond 25/02/2008 12:32:00 The Situation Booming economy of the 20’s problems brewing under the surface o consumer goods o Misdistribution of wealth o stock Market  buying on margin o world situation Dawes plan financial results of post WWI  domino effect   US  Germany  GB &Fr US Black Tuesday October 29, 1929 public loses faith in economy and call upon their debts owed market cannot handle strain and collapses The Great Depression poor decisions of the federal reserve o Should have Lowered interest rates expanded money supply o DID raised interest rates curtailed money supply
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ill advised tariff o Hawley-Smoot Tariff Raised Tariffs 32%-40% on agricultural goods and  manufactured goods tariff war other countries raise tariffs in response and international  trade grinds to standstill misdistribution of wealth o 70% of wealth controlled by 10% of population (rough figures) Panic o Banks loaned out money deposited by customers o everyone goes to bank to withdraw, banks cant repay money and go  bankrupt o millions of Americans lose entire savings Key Terms o Hawley-Smoot Herbert Hoover o 1928 “we in America today are nearer to the final triumph over property  than ever before in the history of any land” Hoover’s Plan o Uncomfortable w/ gov’t intervention o voluntary associations keep wages up, limit production DID NOT WORK o laissez-faire 
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Hoover’s policies o reconstruction finace corporation (RFC) 1932 to lend gov’t money to corp. and banks trickle down theory helping business and banks, not the individual o Glass-Steagall Act 1932  o Against giving money to avg citizens Feared welfare dependant class Bonus Army o Congress offers bonus for WWI vets in a bond. Bond doesn’t mature till  1945 o 1922-20,000 vets come to the capitol and demand money now o set up camp outside capitol other shanty towns pop up across the country, dubbed  “Hoovervilles” o Hoover refuses to meet w the vets o sends in Army led by Douglas mcarthur  attacks shanty town setting tents ablaze, killing an infant Franklin Delano Roosevelt o diagnosed w polio when he was 39 o gov of NY o reforms in the Democratic party gave him the front runner in 1932  election o good at putting smart people around him
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