Section 1 The Nation’s Sick Economy

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Section 1 The Nation’s Sick Economy In America today, we are nearer a final triumph over poverty than is any other land. – Hoover Chapter 14 Section 1 The Nation’s Sick Economy we shall soon with the help of God be in sight of the day when poverty will be banished from this nation. - Hoover

Economic Troubles on the Horizon Railroads, textiles, steel see small profits Mining, lumber demand drops Housing starts declines Farmers default on loans leading to bank closures President Hoover vetoes price-supports laws Americans are buying less, why? Buying on credit leads to debt Uneven distribution on wealth

Share of total income going to top 1%

Hoover Takes the Nation Election of 1928 Hoover v. Alfred E. Smith

Dreams of Riches in Stock Market Dow Jones Industrial Average Bull market Speculation Buying on margin

Stock Market Crashes October 29, 1929 known as Black Tuesday

Financial Collapse Great Depression – 1929 – 1940 by 1933 11,000 banks had closed! They had made bad loans, invested in stock market and People lost their life savings!!!!!!!! The government did not protect nor insure bank accounts Unemployment rose to 25% Europe suffers effects also 1930 Congress passes Hawley-Smoot Tariff Act Reduced the flow of goods into America and ultimately made the economy worse