Hist106Test3Terms - Great Depression-Time when America's...

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Great Depression—Time when America’s economy was in the dumps. Started with market crash 1929 Herbert Hoover, 1929-1933 President of the US during the first part of the Depression. Most of his efforts to restore the economy didn’t work. Tried to use government spending unsucessfully Market crash, October 29, 1929 —AKA “Black Tuesday.” Came after a period of soaring stock market. The Industrial index droped 43 points (10%). Bank & business failures—Whe the economy failed, people ran the bank and withdrew all of their money fearing that it would be lost to them otherwise, causing banks to go bankrupt. Businesses soon followed with a drop in spending. GNP went from 104 bil to 76.4 bil. Unemployment—ranged from 15-25%, worst in 1932. Another 1/3 of the work force was underworked. Reconstruction Finance Corp, 1932—Established by a bill passed in Jan ’32. Meant to provide federal loans to banks, railroads, and other businesses in trouble. Budget of 1.5+ Bil. Europe also destabilized –When American banks went down, European countries in debt to the US lost method to pay their debts to other nations. So their banks and businesses failed. Popular Front—A coalition of “antifascist” groups on the left, most important was Amemrican Communist Party. Eventually got behind the New Deal. Helped formed the Lincoln Brigade during Spanish Civil War. Bonus Army—A group of 20,000 American veterans that gathered in camps around DC to try and get their promised $1000 bonus. Most disbanded after Congress voted down their proposal, but many remained until Hoover called in MacArthur to lead the Third Cavalry to force the protestors out of the city. Ended up being a big embarasment to Hoover. Franklin D. Roosevelt (FDR), 1933-1945—President after Hoover. Popular for New Deal policies to help economy. New Deal, 1933—Series of legislation pushed through by Roosevelt to try and help economy. Many government work and relief organizations created under it.
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Hist106Test3Terms - Great Depression-Time when America's...

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