Great Depression - 1 A B Great Depression sep 26 c Overview...

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1. Great Depression sep 26 c A. Overview - decade began with the stock market crash October 1929 - decade ended with bombing of Pearl Harbor - between the two was economic collapse B. Causes - decline in consumer spending - by 1927 there were early signs of econ depression - worker layoffs in 28 and 29 - false sense of security provided by stock prices increasing - collapse of stock market convinces Americans that econ was bad - 20% of American households owned stock - banking system was unregulated in the 20’s - engaged in same speculation investing as Americans (real estate and marginal stocks) - 6000 american banks collapse during the 30’s - another cause were sick industriesBa ex agriculture, textile, mining, - to big of a divide between poor and rich - increasing pessimism in the us - pessimists do not spend money C. Impact dialated 1. Employment - 25% of the workforce unemployed - cuts in pay across the board - underemployment: wanting to work 40 hours but only given 20 2. savings - banks were not federally insured - if bank went broke, so did you 3. Shelter and Nutrition - people couldn’t pay mortgages - shantytowns were built - growing amount of homless - nutrition was bad but not literally starving to death 4. Family and Social Trends - men couldn’t support family -
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