History Notes The Depression

History Notes The Depression - Responses 1 “Mature...

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The Depression What caused it? How did Americans Respond? Who suffered? -Challenged role/responsibility in family, society, and government What caused it? 1. Stock market crash of October 24, 1929 (Black Thursday) a. Lost $26 billion dollars of wealth in one month b. Worst one month drop in stock market history c. Only 2% of Americans owned stock 2. The war of 1914-1918 a. Foreign debts and Loans not being repayed from war b. Drives many US banks to bankruptcy UK/France US Germany 3. Overproduction/Underconsumption a. low wages, workers couldn’t afford to pay for goods b. rising productivity c. Farmers income flat since 1918 d. 1920 – 25% foreclosure rate on farms e. Crisis of abundance, not of poverty
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Unformatted text preview: Responses 1. “Mature Economy” a. Done growing 2. Government intervention a. Government as consumer – buy products from producers in bulk b. “Priming the Pump” - Buy products and hire labor Who Suffered? 1. Rural a. Mississippi (1929) $239 per capita b. (1933) $117 per capita c. 1/3 of farmers lose their land 2. Urban a. Unemployment bread lines b. Hoovervilles – huge homeless populations c. July 1932- Bonus Army i. March to DC – set up in mall ii. Demand Congress to pay a $1000 veterans bonus iii. Hoover sends in Army to evict Bonus Army from mall iv. Army under Douglas MacArthur...
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History Notes The Depression - Responses 1 “Mature...

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