Economic Troubles The Great Depression. Industry In Trouble Steel &Textiles – No more military business Railroads – Lost transport $ to cars & trucks.

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Presentation transcript:

Economic Troubles The Great Depression

Industry In Trouble Steel &Textiles – No more military business Railroads – Lost transport $ to cars & trucks Coal Mining – Lost out to oil & gas fuels Farmers lost $ when demand fell after WW I Weak Overseas markets – Europe in debt

Consumers in Trouble Overspent in good times with buying on the “installment plan” Lost jobs when industry hit hard times

Saturated US Markets Limited sales for US companies Sales slowed, prices rose to compensate Wages stayed the same – people lost “purchasing power”. Farmers produced more than they could sell. Goods remained unsold. Over-production & under-consumption

Uneven Distribution of Income Rich got richer & poor got poorer High prices of goods helped rich for a while They too lived on credit Speculated in Stock Market –Buying on the margin – pay 10% up front anticipating gains with which to pay the rest later.

Black Tuesday October 1929 – Stock Prices “PEAK” & then begin falling. Investors sell fast. Prices fall further. 16 Million Shares sold on 10/29/29. “Margin” Investors were ruined. Millionaires lost fortunes.

Worldwide Problems Europe depends on US sales to escape WW I debt. US was broke, Europe now suffered too. No $ for US farm products Europe - No US sales US – No European Sales Europe can’t pay debt Worldwide Depression

Shantytowns, Soup Kitchens & Bread Lines A New York City “Hooverville”

Drought, the Dust Bowl & Okies

President Hoover’s Response Slumps were normal part of business cycle Believed Gov’t. should promote cooperation, & guide relief efforts not give direct aid to people. “Rugged Individualism” succeed themselves Asked labor – no wage hikes Asked employers – no layoffs Nothing worked

Hoover Acts Government Projects Boulder Dam – Now Hoover Dam Stimulate jobs & business Reconstruction Finance Corp Emergency loans to large cos. – banks railroads Federal Home Loan Bank Act Lower mortgage rates & refinance farms

Hoover’s Image Damaged Initial Response hurt his image Public sentiment turns against him. Upcoming Election changed his tactics Too little too late for Hoover Bonus Army - WWI veterans gathered in DC to support the Patman Bill – to give bonuses to underpaid vets. - Forcibly removed them once the bill was beat in the Senate. Gassed, shot 1000 people Led to FDR’s Election and the New Deal