u.s history

Stock Market Crash Date

October 25, 1929

Buying on Margin Total Loss

$8.5 billion

Hawley-Smoot Tariff Rate

40%

Result of High Tariffs

$330 million lost in foreign trade

Bank Closures by 1933

Two-thirds closed, 400,000 lost savings

Credit in the Depression

Hard to get loans

Unemployment in 1932

12 million (25%)

Homeless During Depression

2 million

Bank Failures

4,300 banks closed

Savings Lost by Americans

$12.5 billion

Railroad Bankruptcies

1/3 of all railroads

Symbols of Poverty

Soup kitchens, Hoovervilles, Dust Bowl

Hoover's Depression Policy

Opposed government handouts

Hoover's Economic Actions

Lowered taxes on poor, raised on rich

Bonus Army (1932)

WWI vets wanted early bonuses; removed by force

Who Removed Bonus Army?

General Douglas MacArthur

FDR Party and Background

Democrat, NY Governor, had polio

New Deal Goals

Relief, Recovery, Reform

New Deal Philosophy

Massive government spending to fight unemployment

Brain Trust

Economic professors, influenced by Keynes

Federal Relief Admin (Harry Hopkins)

Spent $5M in 2 hrs, $9B in 5 yrs

Fireside Chats

FDR's radio updates to reassure the public

Emergency Banking Relief Act

Closed all banks 4 days; reopened only safe ones

FDIC Protection (Then/Now)

$5,000 then; $250,000 now

20th Amendment

Inauguration moved to Jan 20 (from March 4)

Depression-Era Song

“Happy Days Are Here Again”