Great Depression and the New Deal

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

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The Great Depression (1929-1940) and the New Deal 1. Causes of the Great Depression a. Too much speculation in the stock market i. They play the market on credit b. The Stock market Crash of 1929 i. October 29, 1929 – Black Tuesday (16 million shares bought and sold on this day) ii. Stock market lost 80% of its value between 1929 and 1932 c. Buying Power is reduced i. Investors and bankers cut off consumer credit ii. Purchases decline iii. Factories decline, jobs are lost 2. Great Depression effected most Americans a. Many people were homeless i. Named groups of shanties Hoovervilles b. Many people were hungry c. Physiological Effects i. Some people jumped from skyscrapers and committed suicide d. Most unemployed (25%-30%) i. Minorities are the first to lose their jobs ii. Even middle class and upper classes were still effected iii. Hobos – picked up and hoped on a train, iv. People who were already poor before adapted the best 1. sleep long time 2. only heat one room in the house v. drought also happened at the same time. Many dust storms happened. 3. Fighting the Great Depression a. Hoover (1828-32) i. Voluntarism – Hoover’s philosophy to fight depression relying on voluntary cooperation. (laissez faire – government take a hands off approach towards the economy) Hoover is criticized by Americans for not doing enough during the depression. By 1931-1932 Hoover uses some federal government intervention to help ease the depression. (Tax cuts). He also starts some public works projects
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