1. Chapter 23
The Great Depression

2. Stock Market
1 in 20 families bought stock
Dow Jones up 350% in 5years
# of investors drive up prices

3. Many people speculate on prices of stock
“Buy on the margin”

5. Black Tuesday
October 29, 1929

6. Causes of the Great Depression
Lack of Diversity
Poor distribution of Purchasing Power
Credit Structure
International Debt

7. During the Depression:
*9000 banks fail
*Depositors lose $2.5 billion
*GNP drops 25%
*2 million take to the roads

8. By 1933 13 million or 1/3 of Americans out of work
% unemployment %
By million or 1/3 of Americans out of work NO

9. Wages drop from 1929 $25 per week to $17 in 1932

10. Farm income drops 60%
1/3 of farmers lose their land
Farm prices too low to make money

11. Farmers dump milk

14. Kansas 1935

16. Rolla, Kansas

23. African-American and the Depression
Drop in farm prices force many off the land
Go to towns

24. 50% unemployment for Southern Blacks
Some whites in the South demanded that all Blacks be dismissed so white could have the jobs

25. Black Shirts – Atlanta
“No jobs for Blacks until every white man has a job”

26. Scottsboro Boys
9 teens arrested in Alabama for rape
Convicted despite evidence

27. Powell v. Alabama
Supreme Court overturns conviction
Denied 14th Amendment rights
Not given competent legal counsel

29. Entertainment

30. Busby Berkeley Musical

39. Radio

41. Ed Wynn on the Radio

43. Abbott & Costello

44. Hindenburg

48. John Steinbeck

49. Erskine Caldwell

50. Hoover and advisors think country just in a recession
Asks business not to lay off workers and labor not to ask for raises
No one listens

51. Hoover wants to avoid government helping – wants private charities to do the job
Will later try to help with government spending, but too conservative to spend enough

52. Reconstruction Finance Company
Federal loans to banks
Only large banks that are not in too much trouble

53. Hawley-Smoot Tariff
Hawley-Smoot Tariff
Hawley-Smoot Tariff
Hawley-Smoot Tariff

54. HAWLEY
SMOOT
TARIFF

55. Reed
Smoot
Willis
Hawley

57. Bread line
NYC

60. Farm Auction

63. Hoovervilles

65. PROTESTS

66. Farmers upset about low crop prices and bank foreclosures
*try to keep crops from market
*disrupt farm auctions

69. 1924 Congress votes bonus to WWI vets, to be paid in 1945
1932 vets want the money now

70. Bonus Army
Bonus Expeditionary Force
20,000 veterans and families
March on Washington-say they will stay until bonus is passed

71. Hoover calls out the Army led by Chief of Staff Douglas McArthur

73. Camp Marks

76. Over 100 injured including a 7 year old boy bayoneted in the leg
2 babies killed by gas

77. What do the Republicans do about Hoover?
1932 Election
What do the Republicans do about Hoover?

78. Happy Days Are Here Again
FDR
Happy Days Are Here Again

82. “I pledge you. . . A New Deal for the American People”