The Depression and the New Deal

The Depression and the New Deal - The Depression and the...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
The Depression and the New Deal- Depression, New Deal; what happened, why? What were the causes and conditions? How does the US react to these conditions and try to resolve it… does it work? Dustbowl essay is pretty good resource along with text) A) The Crash (Black Tuesday, Oct. 29, 1929) B) Hoovers Reaction a. Reconstruction Finance Corporation (RFC) in 1930 C) FDR: Relief, Recovery, and Reform a. Alphabet agencies: FDIC, SEC, CCC, TVA, WPA, HOLC, FERA, PWA, AAA, FCA, REA, NIRA, NRA, RA, FSA, NLRB, FLSA, NYA, CWA, etc…. b. Glass Stegall Act (1933), Wagner Act (1935), AFL CIO, Social Security Act (1935). New Deal (Democratic) Coalition. D) Critics: Huey Long, Francis Townsend, Father Charles Coughlin, Upton Sinclair, etc. E) The Troubled Foreign Horizon (WWII coming in Europe). FROM LECTURE Coolidge takes office. Called silent Cal. Puritanical, conservative, cleans up the Harding mess. Wins his own term next year. No one really has any good opposition. Henry ford was one of his major supporters. Coolidge was all about big business. Left white house in 1929. Hoover takes his place. Hoover is well qualified for the job. In fall of 1931 we head into the great depression. Herbert Hoover takes office in March 1929. He looked back in his inaugural address to a decade of prosperity, Stock market boomed after his inauguration. Business confidence. In Sept 1929 stock prices suddenly broke sharply, and fluctuate sharply up and down. A month later, Thursday October 24 th . Orders to sell occur in a larger volume than had ever been seen before. Held on for a little while, but then crashed on Black Tuesday Oct 19 th . Stock prices fell considerably. I.E. Dow Jones stock went from $381 in 1929 and fell to $41 in 1933. Gross National Product (GNP) stood at 104 billion dollars; by 1933 it stands a $74 billion dollars, wipes out 20 years of development. Unemployment went from 3.1% in 1929 to 25% and rising in 1933. Over this same period of time, farm income decline by 61%. Labor income falls by 42%. 600 banks failed, corporate empires collapsed, small businesses went bankrupt by the 1000s. Effected MANY people, changed their psyche. Leaves an “invisible” scar. Does not hurt EVERYONE, at least not as badly. Hoovervilles; the homeless spring up all over. The prices of major crops fluctuate. People search for jobs. Unemployment spikes up in about 1933. Stock market crash did not cause the great depression, but was the final blow. There was huge credit buying on the part of the consumer in the 1920s, this couldn’t go on
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
forever. Production starts running ahead of production, keep producing, then they realize they have too much and lay off workers. In the 1920s, rich got richer poor got poorer. Very little self regulation in the 1920s in terms of business. Almost
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 02/28/2008 for the course HIST 200gm taught by Professor Shammas during the Fall '05 term at USC.

Page1 / 5

The Depression and the New Deal - The Depression and the...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online