Great Depression

Great Depression

Hoover
1. rugged individualism- no welfare bc people should provide for themselves
2. thought economy would eventually fix itself
3. FDR
  1. many policies and welfare to help
  2. elected bc everyone mad Hoover didnt do anything
  3. Court Packing-- new law to appoint new Supreme Court justices (they were too old + not retirign + conservatie + not supporting FDR
    1. people claimed it was unconstituional but it was
Causes
1. tariffs
  1. farm crisis
    1. credit
      1. social gap
        STOCK MARKET CRASH (BLACK TUESDAY)
        unequal distribution of income
      2. bought more than they could afford- availability bc banks gave them out easily
    2. farmers in debt bc bought huge lands to provide for wartime but no demand anymore
  2. Smoot Hawley Tariff - US made high tariff to protect itself but Europe followed - stalemate in foreign trade - backfired
Escaping Hardships
1. leisure: books, movies, music
  1. John Steinbeck - Grapes of Wrath showed Okies moving from Dust Bowl to California
2. breadlines, soup kitchens
3. Hoover Dam- provided jobs
4. speculation- risky investment for quick profit
5. buying on margin- paying a little + borrowing rest
END
1. NEW DEAL
  1. policies for Relief (needy), Recovery (economy+jobs), and Reform (finances)
    1. First 100 Days-- focused on banking + jobs
    2. Emergency Banking Relief Act -- Bank Holiday! -- banks close until stable to reopen
    3. Securities + Exchange Commission -- regulated stock + prevents people from rigging for own profit
  2. Results- jobs created, economy regulated,
2. WW2
  1. Brought economy back to wartime production -- raise in demand -- much gov spending -- available jobs at home for women
Hardships
1. Dust Bowl- bc overused farmland + drought- no grass to hold soil so huge storms of dust -- filled everything
2. Hoovervilles- lost homes to live in towns of shacks -- name shows they didn't support Hoover who didn't help them

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	Created by cristinac888 almost 9 years ago