1. Chapter 23.1  The Nation’s Sick Economy

2. The Election of 1928 _______________________________ (Rep)
_______________ Prohibition
Took credit for ______________________ of the 1920s
______________________________ (Dem)
___________________ Prohibition
First Roman Catholic ever nominated for President
Hoover _________ by a landslide

3. The Long Bull Market
_____________________: system for buying and selling shares of companies
_________ Market: Long period of rising stock prices (____________ Market is opposite)
1920s lead to heavy ________________________

4. Margin, Margin Call, and Speculation
_____________________________: buying stock with small down payments (good as long as stocks went up)
___________________________: If stocks begin to fall, broker could demand investor to repay NOW!
____________________________: Investors betting on the market climbing and then selling off to make a quick profit

5. The Great Crash
1929: few ___________ investors, stock prices go _____________
___________________ were made, and investors began ______________ all stock
10/29/29: _______________ stock prices fell $10 - $15 ___________ dollars
Technically this did _______ cause the depression, it hurt the economy

6. Results of Black Tuesday
_______________ lost money on investments
Loans were ____________________ on
Bank deposits were not __________________, customers lost money if _____________________
________________: many people withdrawing money at once = bank ______________________

7. What is the Great Depression?
Time period between ______ and ______ in which the _________________ plummeted and the ________________________ rate skyrocketed
At its peak, _____________ out of work and GNP down by ________ in a 4-year period ( )
11,000 of the nation’s 25,000 banks __________________
Could not pay people back their _________________

8. Roots of the Great Depression
__________ bailout of the Bank of England (1927) led to easy, __________________
Efficiency led to ________________________
Crisis in the __________________ sector
Uneven distribution of income (______ of population earned less than $2,500/$26,900)
Low consumption = worker’s being ____________________
___________________________: down payments and then paying the rest in monthly installments
_______________________________: raised taxes on imports (US bought less from overseas, and they raised taxes so we shipped less)
Lowered interest rates, should have _______________ them

9. Chapter 23.2  Hardships & Suffering During the Depression

10. The Depression Worsens
1000s of banks ____________
High __________________________
_______________ and __________________________
Unable to pay ________________
_______________________________/Hoovervilles
_______________ emerge
__________________________: uncultivated fields/drought
Lost farms and moved West (Calif.)
________________________

11. Escaping the Depression
______________________: stories about overcoming hardship
_______________: Snow White and the Seven Dwarfs (1st full length animated film)
Wizard of Oz, Mr. Smith Goes to Washington, Gone with the Wind
_______________
George Burns, Lone Ranger, Soap Operas

12. The Depression Art ________________________________
Artists and writers portrayed _________________
_________________________: The Grapes of Wrath
_________________________
Novelist
Attitudes of Southern Whites and African Americans
________________________________
Photographer; took photos of people of the Great Depression

13. Chapter 23.3  Hoover Struggles with the Depression

14. Promoting Recovery
Hoover held meetings with big wigs from ________, _________, big business, labor, and ____________________________
Forced businesses to _________ production, but not lower ___________ (led to the high _______________________________ of the Great Depression)
Increase _______________________ (government financed jobs)
Hoover did not __________________ government spending or taxes (Opposed a _____________________________)
___________________________ blamed for the Great Depression

15. Pumping Money Into the Economy
Hoover wanted the _________ to put more currency into circulation (NO!)
__________________________________ (NCC): created a pool of money to help banks (No help)
_____________________________________ (RFC): made $1.5 bil. in loans to banks, RR, and Ag industries (bad b/c it was corrupt)
Hoover felt relief was for the _____________ level to provide not the federal government
Emergency Relief Act/Construction Act (1932)

16. People Got Angry!
__________________, rallies, __________________ marches
Marched onto ________________________
1 million _________________ were foreclosed (taking possession of)
Some farmers ____________________________ crops (why?)

17. Bonus Army $1,000 bonus paid to WWI vets in _______________
Bonus Marches on to D.C to lobby for receiving bonus ______________ (1932)
Hoover _______________ to meet with army, and ____________ votes it down!
Police and Bonus Army clash, resulting in several ___________________

18. A Hurting Hoover
The Bonus Army incident ___________ Hoover’s image with the public
1932 election coming close and Hoover’s Democratic opponent, _____________________________________, is looking great to the voting population
Hoover: “For the 1st time in the history of the depression, dividends, profits, and the cost of living have been reduced but high __________ have not suffered.”
FDR upon hearing Hoover’s response to the Bonus Army – “Well, Felix [his friend], this will ___________________ me.”
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