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Chapter 26 - Chapter 26 The struggle against despair o...

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Chapter 26 The struggle against despair o Families completely broke down o Aside from the despair, there were stories of determination, adaptation and survival o Americans looked to the gov. for help o Franklin-New Deal o The Great Depression Depression in the 1930s after the consumer goods revolution in the 1920s People were jobless and the stock market collapsed in 1929 The great crash Industries grew faster and produced more than the demand was for them Decline of products sold rose each year past 1924 1927-mild recession 1928- strongest stock surge Investors could play the market on credit October 24- Black Thursday – stock market began to crash overnight Fewer people bought stuff, factories began laying off workers and cutting hours, some places closed down entirely Downward spiral continued for 4 years, 25% unemployed, steel production working at 12% capacity Overproduction was the major problem, more stuff was made then could be consumed Also- unstable economic conditions in Europe, agricultural decline, corporate mismanagement, and excessive speculation, but the main problem was the overproduction The effect of the depression Poverty was widespread, bad living conditions and lack of food African Americans were of the first to be laid off Mexicans competed for jobs and immigration officials halted the flow of immigrants, deporting about 500k The poor knew how to survive because they had always been in the situation Middle class was hit hard due to high expectations, didn’t accept charity Upper class was also effected, forced to give up their lifestyles and watch others fail People rode the rails in search of jobs Fighting the depression
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The republicans inability to overcome the economic catastrophe allowed the democrats to return to power They did help slightly and regain power The emergence of Roosevelt Hoover was caught by surprise and his methods destroyed his presidency He first just wanted to do nothing and rely on the economy to fix itself He then tried to get factories and businesses to voluntarily maintain wages and employment (failed because they, even if they did agree to the absurdity of this, didn’t have the funds to do it) He looked to the local gov. and private charities to help and eventually agreed to federal help but by that time it was too late and the depression was too advanced The final strike was his Bonus Army that he sent to break up a march/rally of Veterans seeking federal help in Washington-General Douglas MacArthur Franklin Roosevelt (FDR) was his successor, cousin of Teddy Roosevelt o He had a fairly good upbringing, educated and able to afford nice things (boats, horses) o Graduated Harvard and went into politics, New York Legislature, assistant secretary of the navy under Wilson, lost the democratic VP race in 1920 and got polio in 1921, reentered politics in 1928 and was governor of NY o Able to persuade and motivate people o
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