Great Depression

Great Depression - The Great Depression FDR and The New...

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The Great Depression FDR and The New Deal 1929-1941 Crash of ‘29 Overspeculation Excessive Credit Possible Causes of the Great Depression Unequal distribution of wealth Overspeculation Overproduction Part of the business cycle International trade Hoover’s Reaction Philosophy Private charities; loans not subsidies *Local communities should take care of the poor and less fortunate *By 1932 about 25% of the work force was unemployed Action Agricultural marketing Act *helped farmer get rid of their goods *farmers were still producing an abundance of produce but could not afford to transport the produce Emergency Committee for Employment *trying to work with companies to hire more people *no one had confidence in the economy Tax Cut *cut taxes, but no one has money to pay taxes anyway Reconstruction Finance Corporation (RFC) *Most people did not meet the loan requirements and the people that did, did not have confidence in the system Public Reaction u Cooperation *a farmer gets his property foreclosed, so neighbors go and buy it all up to keep the farmer there; similar to rent parties h Protest h Riots h Bonus Army *Made up of WWI veterans that had been promised a bonus in 20 years *the Bonus Army wanted their money NOW!!! They sat on Washington and was dispersed the military
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Douglas MacArthur h Dwight D. Eisenhower h George Patton Hoover’s Legacy u Unemployment *1932 unemployment was at 25%; 1 in 4 people were unemployed h Bread Lines *Government and charitable organizations fed people *Many people thought that bread lines were demeaning and supported free loaders *People in the city went to bread lines h Bank runs *People would hear rumors that a bank was going bankrupt and everyone would run to the bank to withdraw their money *Bank runs were actually causing the banks to go bankrupt *People were not investing or spending money; some stuffed it in the mattress; money not in circulation h Hoboes *Young men would go from city to city looking for work *Got around by hopping on trains; trains eventually hired people to keep hoboes off h Hoovervilles *Man made villages usually near the city dump, for people that had lost their homes
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Great Depression - The Great Depression FDR and The New...

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