2 - The Onset of the Great Depression - October 11

2 - The Onset of the Great Depression - October 11 - Hoover...

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The Onset of the Great Depression
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The 1920s CREDIT BUBBLE GREED STOCK MARKET CRASH (FALL 1929)
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STATISTICS market declines by 80% GNP cut by almost ½ 9,000 banks bankrupt 100,000 businesses fail Unemployment 25% Personal incomes down by 1/2
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“The Negro was born in depression. It only became official when it hit the white man.”
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Longstanding problems Overproduction and falling prices Unequal distribution of wealth International economy Precarious banking system No “safety net” “A panic is not altogether a bad thing.” Andrew Mellon
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Response of President Herbert
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Unformatted text preview: Hoover Volunteerism and self-reliance Feed pigs but not babies (!) Despair and frustration Bread riots, rent riots, hunger marches, labor strikes, rotting food Bonus Army Rising sense of crisisradical responses Hoovervilles Hoover flags Hoover blankets Radical solutions 1932 elections Franklin D. Roosevelt Middle ground 1932-33 Depression worsens Massive hunger marches in Wash., DC How much can people take without blowing up? Eleanor Roosevelt...
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2 - The Onset of the Great Depression - October 11 - Hoover...

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