Election of 1928
Candidate
Hoover
Al Smith
Hoover Credentials
Republican
Prohibition
Protestant
Election Winner
Hoover
Stock Market Boom
1921-27
Bull Market
Prices going up
Bear Market
Prices are dropping
1920 Stock Market
“you can’t lose”
banks giving away huge loans
Margin Buying
Brokerages (people doing the buying + selling of stocks for you) giving loans
Black Thursday
Oct 24, 1929
auto stocks pluments
people selling stocks and panicking
Black Tuesday
Oct 29, 1929
Stalk market crash
millions of people selling stocks but no one buying
Bank Buyout
banks throw money into market to stabilatize
Hoover Responce
Don’t freak out
help self, neigbors, charity
Rugged Individualism
Gov’t doesn’t need to come in a save
Gov’t needs to be Referee, NOT empire
Expectations from Great Depression
Peoples expectations about the Gov’t change forever
Bonus Army
vetrans camped out capital buildings
wanted their pentions early
Hoover called polise and burned everything to the ground
Hoovervilles
Homeless people living in parks/sewer pipes
Soup kitchens/ Breadlines
people stayed in long lines begging for food
Unemployment 1929
3%
Unemployment 1933
25%
Job Line ups
People line up for jobs and state Unemployment service office
Race during GD
Hard for Blacks and Latinos
lower wages
Unemployment 50%
blamed for everything
Farmers during GD
lose land
resort to sharecropping
know how to grow food to feed family
Dust Bowl
huge dust storms
huge drought
Texas to North Dekota
Okies
migrants
Families during GD
Men being suisidele
Women working hard
schools closed
children malnourished
1932 Election
FDR wins
Governor of NY
FDR
Slogans of 1932 Election
Play it safe with Hoover
New Deal
FDR Cabinet
Brain Trust
Diverse people w/different opinions
Frances Perkins
Sec. of Labor
First woman ever in presidential cabinet
First 100 days SLOGAN
“We have nothing to fear but fear itself”
Gains trust and confidence
The three R’s
Relief, Recovery, Reform
First 100 days
FDR makes congress pass 15 major laws
use of radio
Fireside Chats
Chats with the public
shows that he is caring and trustworthy
Emergency Banking Act
FDR puts all banks on “Bank Holiday” and sends agents to press reset button
Banks are open and trusted by public
Glass-Steagall Act
Creation of the FDIC
FDIC
Federal Deposit Inserance Corpation
$250,000 per bank
Old Economic Theory
Laissez-fair = hands off
gov’t does not get involved with economy
Securities and Exchange Commission
regulations for the stock market to protect the average investor
Keynesian Economics
John Maynard Keyne
gov’t puts itself in debt for short time
gov’t spends circles, economy gets bigger
gov’t cuts spending and privet business take over
“Priming the Pump”
$ makes $
Huey Long
Share our wealth - Program
taxing the rich to give all americans a minimum income
Governor of LA
Dr. Townsend
older people need money when they retire
creates the Social Security
workers have money taken out of their paycheck and are given it back when they retire (once a month check)
Court Packing Scandal
Supreme Court find some of the New Deal programs unconstitutional
FDR wants 6 more court judges
Congress NO
Court packing bill