The Nations Sick Economy Chapter 14 Section 1 Information from the textbook The Americans, 2006.

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Presentation transcript:

The Nations Sick Economy Chapter 14 Section 1 Information from the textbook The Americans, 2006

Industries… Steel, railroad, textiles were barely making a profit Decreased demand for Mining and lumber, autos, construction and consumer goods Housing and related industries show “slowing”

Agriculture Farmers increased supply which caused a decrease in price and a decrease in their income Many farmers lost their farm

Election of 1928 Herbert Hoover (Rep) vs. Alfred E. Smith (Dem) Hoover wins!

Stock Market Many Americans were buying stock. Dow Jones Industrial Average –A measure based on the stock prices of 30 representative large firms that trade in the NYSE

Stock Market “Bull Market” led to more people investing in stock Speculation (hoping to turn a quick profit) Buying on the Margin (making a down payment but borrowing the balance to buy stock)

Black Tuesday October 29 Shareholders sold 16.4 million shares of stock (and many more didn’t sell) People stuck with debt

The Great Depression ,000 banks failed by 1933 –People withdrew money and banks had invested in stock (so they also lost money)

The Great Depression GNP decreased by half Unemployment up to 25% Many who were still employed faced pay cuts and reduced hours

Hawley-Smoot Tariff Act Set a high tariff Resulted in decreased amount of imports –Foreign countries weren’t earning money and couldn’t afford to buy US goods. Decreased demand caused increase in unemployment Foreign countries also increased tariffs

Causes of the Great Depression Tariffs and war debt Farming crisis Availability of credit Unequal distribution of income

Hardships and Suffering During the Depression Chapter 14 Section 2 Information from the textbook The Americans, 2006

Cities Unemployment Evictions Shantytowns Soup kitchens Bread lines Racial violence

Rural Areas Farmers could grow food for families Many farmers lost their land Dust Bowl –Drought in the 1930s –Many moved from drought stricken states to California

Men 300,000 transients or “hoboes” wandered the country

Women Working women were resented –Jobs were scarce –Married women should stay at home and let men have jobs

Children Health problems from poor diets School year shortened Working to help earn money “Wild boys” – left families in search of jobs “Hoover tourists” –Traveled the country by train –24,647 trespassers killed –77,171 injured

Social and Psychological Effects Suicide rate increased More people were admitted to mental hospitals Many people helped others that were in need