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Causes of the Great Depression

Agricultural Overproduction: Farmers were in severe debt due to overproduction for several years.
- High tariffs in the 1920s hindered the U.S. from selling excess products globally.
Stock Market Speculation: Stock market was artificially inflated in the 1920s due to risky behaviors like buying on margin.
- Borrowing money to buy stocks assumed to rise led to massive debt when prices crashed.

Poverty and Homelessness: Americans faced poverty, homelessness, and foreclosures on mortgages.
- Shantytowns like Hoovervilles criticized President Hoover's economic policies.
Presidential Response: Franklin D. Roosevelt won the 1932 election with promises of heavy government intervention.
- Roosevelt's New Deal aimed to expand federal government's role in social and economic welfare.

Relief for the Unemployed: Programs like Public Works Administration, Tennessee Valley Authority, and Civilian Conservation Corps provided jobs.
Recovery for Businesses: National Industrial Recovery Act established codes for fair competition and worker security.
Reform of Economic Institutions: Glass-Steagall Act regulated banks and created FDIC, while SEC oversaw the stock market.
Social Security Act: Established a safety net for workers over 65, still in effect today.

Criticism: Liberals felt the New Deal favored big businesses over the unemployed and poor.
Court Challenges: Conservatives criticized federal overreach, leading to Supreme Court challenges.
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