Start of the Depression Notes

3 agriculture a in the 1920s farming wasnt doing well

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3. Agriculture a. In the 1920s, farming wasn’t doing well. The last period of success for American farmers was WW1, but once European farmers get back to it, America is overproducing and making prices decrease. There are also
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periods of draught and floods that ruin crops or over produce. Farmers want to grow a lot to make more money, but the more crops there are, the lower the price. Farmers were in a depression in the 20s. 4. Distribution of Income a. Throughout the 20s, workers saw increases in wages, but the increases were less than goods. Workers were bringing home more money but they were still spending even more. Much of the wealth of the 20s is going to a very small number of people so the gap between the wealthy and poor is huge. In 1929, the top .1% highest income families (24,000) total was equal to all of the 42% in the bottom (11.5 million). 5. Credit a. The economy is filled with money that was borrowed. Credit was new in the 20s since most people in the 19 th rented homes and paid in full. Banks wouldn’t loan out money freely either, but when people started buying cars and radios, companies started loaning out money. This is
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