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"Black Tuesday," October 29, 1929
(know the date) the stock market crashed and essentially ushered in the Great Depression
Causes of the Depression
1. The economy was too dependent on a very small number of industries
2. Too many customers were too poor to purchase the goods of an over-productive economy
3. Too much credit had been extended to too many people
4. European demand for American goods was decreasing
5. Europe's debt to America kept piling up and leading to default
Progress of the Depression
1. Stock market collapsed
2. Companies got into financial trouble
3. Companies had to lay people off
4. The unemployed had little money to spend
5. Other companies had to contract or close
6. More people lost their jobs
Unemployment statistics
Estimated at the time (1932) to be 25% or more, Averaged 20% throughout the 1930's and never got below 15%, Some cities in 1932: Cleveland 50%, Akron 60%, Toledo 80%
Relief
Financial assistance to the unemployed, through various government agencies
Dust Bowl
Large area of South and Midwest experienced a severe drought in the 1930's, millions of acres dried up and blew away in dust storms called "black blizzards"
Scottsboro case
1931 nine black teenagers aressted in Alabama, accused of raping two white woman, found guilty and sentenced ti death, freed in 1950
Depression's impact on families
1. Women learned to sew their own clothes and preserve their own food
2. Women took in laundry, sold baked goods, and took in borders
3. Relatives moved in with each other
4. Families often broke up informally as unemployed men deserted them or tried to find work elsewhere
5. Many families gained strength and unity in suffering and learning to trust God
Dale Carnegie
Author of How to Win Friends and Influence People, A best-selling self-help book promoting the value of individual initiative and understanding other people
John Steinbeck
Author if the novel The Grapes of Wrath concerning the trials of a family of "Oakies" who were migrating to California
"Escapist" radio shows
"Amos 'n Andy", "Superman", "Dick Tracy", "The Lone Ranger" and many others tended to take people's minds off their circumstances
"Life" magazine
Photojournalism became popular, Occasionally to portray Depression conditions but more often as another diversion
Abraham Lincoln Brigade
A group of more than 3,000 young Americans who went to Spain to fight against Franco's rebel fascists
Popular Front
The American Communist Part began to align itself with various downtrodden groups, Gained some support while taking its orders directly from the Comintern in Moscow
Agricultural Marketing Act
Hoover established a government bureaucracy to help farmers maintain prices...it didn't work
Hawley Smoot Tariff
Hoover raised the rates to protect farm products, Raised rates on other things the farmers needed, Other countries chose to retaliate with trade restrictions
"Hoovervilles"
People began to blame the President personally for their troubles, makeshift shantytowns the destitute established on the outskirts of cities
Reconstruction Finance Corporation
Hoover established a government agency to provide federal loans to banks, railroads, businesses, and local governments
Bonus Army, 1932
Veterans of WWI demanded early payment of their promised bonuses but Hoover refused, 20,000 veterans marched to Congress and stayed in makeshift housing
Franklin D. Roosevelt
Wealthy, Educated at Harvard and Columbia, Overcame polio, Governor of New York, Promised a "New Deal" for the American people
