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| Started in 1929, and lasted throughout the 1930’s. Ends as World War II begins. Large number of people were unemployed. Many businesses went bankrupt. |
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| After World War I, farmers weren't selling as many crops ;however they continued to produce as if they were. During the war, farmers bought machinery and after the war, they couldn't make their payments. |
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| By the end of the 1920’s, too many americans owed too much money on items they had bought with the installment plan. So, they quit buying. |
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| Overproduction of Consumer Goods |
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| Businesses continued to produce even though people stopped buying. Businesses lost money and had to lay people off. |
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| At the end of the 1920’s, the stock market was soaring so many people invested. They borrowed money to buy stock and believed it was a sure thing that they would get rich. The problem came when stock dropped in value and people had to sell it quickly to repay their loans. |
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| October 29, 1929 the stock market crashes and many americans lose money. They take a sharp decline. |
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| Because businesses overproduced, they laid off workers and because people lost money in the stock market, they couldn’t pay their bills. The unemployment rate was 25%. |
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| When stock values went down, banks lost money and people defaulted on their loans. For some banks, the losses were too great and they had to close. People rushed to the banks to withdraw their money all at one time. |
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| In the early 1930’s, thousands of businesses close and never re-open. The automobile industry collapses causing all associating industries to collapse as well. |
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| Many state and local governments wanted to help the people but were unable so the people looked to the federal government. |
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| There were many unemployed and homeless that lived in the cities. |
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| Towns of shacks built by the homeless near big cities. They were nicknamed Hoovervilles because people blamed President Hoover for their poor state during the depression. |
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| Churches and charities began soup kitchens and breadlines to help feed the unemployed and the homeless. RESPONSE OF CHURCHES AND CHARITIES. |
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| Minorities did worse in the depression than the white population. The unemployment rate was doubled for them. |
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| The name given to dust storms that developed in the Great Plain states in the 1930’s. It destroyed millions of acres of farmland, killed hundreds of cattle and livestock, and also caused illness and death in people. |
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| Drought, the misuse of land, and bad farming techniques led to loose soil that was easily blown by the wind. |
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| A nickname given to people that leave the Great Plain States and move west. Especially to California looking for jobs. Families suffered greatly and many encountered discrimination when they got to California. |
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| With FDR, the federal government offers some assistance to help these poor farmers. The Agricultural Adjustment Act and The Soil Conservation Act were passed to help. |
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| Hoover's Political Philosophy |
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| 1929-1933 (Presidency Times) Hoover believed in rugged individualism which was a philosophy that the government should play a limited role so they could not depend on the government, He believed that it should be up to local communities and states and individuals to get themselves out of the Depression. |
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| Hoover's Reaction to the GD |
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| He reacted cautiously, encouraged businesses and charities to do more, and did not give government welfare. |
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| Hoover was viewed as lacking compression and became unpopular with the people because he would not give federal assistance. He slowly took action and he urged mayors to increase public work projects, like building bridges and roads, to create jobs. |
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| Federal Home Loan Bank Account |
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Definition
| **HOOVER, on test as an ID** It lowered mortgage rates to help families and farmers stay in their homes. |
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| Reconstruction Finance Corporation |
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| It was created to promote confidence in business and banking. It loaned government money to struggling businesses and banks. Example of Trickle Down economics: When the government pumps money into the economy at the top and it trickles down to the people through employment opportunities and purchasing power. |
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| World War Ones go to Washington in hopes of receiving their bonus checks early. When congress said no, they refused to leave so the federal government used force. The impact was people were angry with Hoover. |
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| “It shortened the lame duck session. President now takes office in January rather than March.” |
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| FDR's Political Philosophy |
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| He believed that the federal government should develop programs to help people get out of the depression. This was opposite of Hoover. |
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| FDR is elected to four terms and he relied on support from these four groups of people: Union Members, City Dwellers, Black Americans, and White Southerners. |
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| All of FDR’s programs either brought relief for the unemployed, recovery for businesses and banks, and reform for banks. |
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| FDR’s programs to deal with the depression. They created jobs, increase the power of government, and promised to help the forgotten man. ABC POLICIES. |
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| FDR accomplished more during his first 100 days than any other president in their first 100 days. |
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| Bank Holiday/Fireside Chats |
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| This happened right after FDR is inaugurated. Banks could only re-open after government inspection. Fireside Chat: FDR radio speeches to ease people’s concern about the Great Depression. |
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| (Deficit Spending) FDR believed that in bad economic times, the government should spend money they don’t have to create jobs. The debt could be dealt with later. SEE PHOTO IN EMAIL. FDR was with Keynesian Economics. (Democrats) Hoover was with Supply-Side Economic. (Republicans) |
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| Many conservatives (Republicans) believed that the New Deal made the government too big and powerful. It led to more debt which would increase taxes. Big opponent was Huey Long who believed the New Deal did not help people enough. He wanted to take money from the rich to give to the poor. |
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| The Supreme Court declared several New Deal programs unconstitutional. So FDR proposed adding six new Supreme Court Judges but congress said no because it would make the president too powerful. (CALLED FDR’S “COURT-PACKING” PLAN) |
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| Union membership increased. |
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| FDR did not fight for women's equality, but he was the first president to put a woman (Frances Perkins) in his cabinet. |
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| FDR did not actively support the civil rights movement. |
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| Radio was still the most popular form of home entertainment. Movies provided an escape from the reality of the depression. |
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| 1. Created Jobs 2. Helped Farmers Make Money 3. Helped people survive the depression. 4. Created a more modern society. |
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| 1. Debt greatly increased. 2. Taxes increased 3. People became dependent on the government 4. The New Deal did not end the depression. |
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