APUSH Unit 8 - APUSH Unit 8 The Great Depression WWII...

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

APUSH Unit 8: The Great Depression & WWII Election of 1928 Republicans in office did not renominate Coolidge; nominated Herbert Hoover Had gained positive press for running a food relief service through WWI Said America was closer than ever to “the final triumph over poverty” Supported the status quo (isolationism, prohibition, business) Democrats nominated NY governor Al Smith Gained support from urban and immigrant centers Suffered from bigotry as a third generation Irish immigrant and Catholic Lost mainly because he was democrat; country believed that expanded prosperity of the 20’s was the result of Republican action Hoover wins and becomes the 31st president of the United States Hoover’s Presidency Stock Market Crash NY stock market had risen dramatically in the early 20’s, grew even more in 1928 and 1929 because of buying on speculation and margin Speculation = buying stock based on prospective growth to sell it later on Margin = buying stock based on credit When speculation and margin coincided, it led to inflated stock prices Stock market is a measure of economic confidence in the U.S. January to September 1929: stock market doubled October 1929: rapid loss in confidence Black Tuesday: in one day, 16 million shares sold, lowering prices Stock market crash ended the confidence in the American economy The Depression Caused by combined industrial and urban growth that had gone unchecked and uncontrolled throughout the 1920’s Too much U.S. money in the hands of too few; led to overproduction and underconsumption in the 1930’s Factory owners forced to close plants because no one was buying their products; workers laid off, buying population decreased even further 1929: approximately 27 million families in the U.S. National cost of living was $2,000/year per family 20 milion made $2,500 a year or less 12 million made less than $1,500 a year or less Almost half of the U.S. population lived well below the poverty line As few as 1.5 million people even owned stocks to begin with Economic problems enhanced by American isolationism; believed U.S. was economically self-sufficient in the world, but this was wrong Between 12 and 15 million people lost their jobs Thousands of banks were closed Confidence in the American economic system declined
Image of page 1

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

Mortgages closed, homes and farms lost, crime increased, health deteriorated, malnutrition increased, DEPRESSION and bewilderment Hoover’s reaction to the Depression Opposed to governmental intervention; believed people could take care of themselves Eventually created several alphabet agencies P.O.U.R. = President’s Organization on Unemployment Relief Tried to solicit private contributions to help Complete failure because no rich people wanted to donate to the poor Agricultural Marketing Act Set up the Federal Farm Board, which made governmental loans to farm cooperatives who would then give loans to farmers
Image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern