HIS 112 10.04.10

HIS 112 10.04.10 - wages Little regulation of markets a...

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HIS 112 10.04.10
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Buying on Margin The middle class was getting into the stock market Borrowing money to buy stock
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Buying on Margin Brokers call in their loans when market goes down Panic selling drives stocks down further Market crash
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a symptom, not a cause Bigger problems inherent in the economy: Expanding production without increasing wages
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Manufacturing consumer items, but not able to afford to buy them: 31% of the houses in the U.S. lacked running water, 32% lacked a toilet (they had outhouses) 39% lacked a bathtub or a shower--not even one to share with other tenants, 27% lacked refrigeration, 58% had no central heating. [all stats are 1940]
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a symptom, not a cause Bigger problems inherent in the economy: Expanding production without increasing
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Unformatted text preview: wages Little regulation of markets a symptom, not a cause Bigger problems inherent in the economy: Expanding production without increasing wages Little regulation of markets Outdated economic ideas After the Crash By 1933, stock prices had declined 80% Private investment fell 98% by 1933 After the Crash Industrial production fell 50% by 1933 After the Crash The unemployment rate rose from 5% in 1929 to 38% in 1933 Who did the Depression hurt most? Middle Class What next? Pres. Hoover: Not too much intervention by government Voluntary aid by business Hoover No federal dole No budget deficits Mostly unsuccessful: the Depression gets worse Loses reelection campaign in 1932...
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HIS 112 10.04.10 - wages Little regulation of markets a...

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