6 - great depression

6 - great depression - T he Great Depression I Background a...

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The Great Depression I. Background a. Economy was booming in the 1920’s; production doubled b. Most Americans living in urban area c. Republicans control the White House d. Federal government roles decreased while economy boomed e. Followed by economic collapse f. Collage decides not to run for President i. Herbert Hoover get’s the republican nomination and wins election 1. He was a self-made man was a orphan and b/c of hard work he became a self-made millionaire 2. During WWI, Hoover involved in providing for and in Europe 3. He’s a symbol of corporate America 4. Campaign on promise that economic prosperity will continue onward a. “A chicken in every pot, a car in every garage” 5. Sustain prohibition ii. Al Smith is a democratic nominee 1. Symbol of new urban culture iii. Hoover crushes Smith iv. 6 Months after he is in office the Stock Market Crashed II. Causes a. Stock Market Crashing was NOT the main cause of the Great Depression
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i. Most of the stock recovered before Depression b. Why did market crash? i. Stock value through decade went up 400% ii. Most Americans believed that growth would never end and if they invested in stock, they’d make a fortune iii. Looks like an easy way to get rich iv. Credit was easy to get v. More Americans had invested in stock at this point 1. Mainly had taken out loans, refinanced houses, etc.
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