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Of Mice and MenJohn Steinbeck
The Great Depression
By Cliff, Liam, Max, & Ezra
History of the Great Depression
• During WWI, US spent 3 times as much as earned from taxes
• After WWI, Allies owed lots of money to US, but couldn’t pay it back
• October 29, 1929 (Black Tuesday): Stock market crashes
Causes:
President Hoover kept Federal Reserve from making more money
International trade, income, tax revenue, prices, and profit declined greatly
Most of the Western World affected, especially Latin America
1929-19331929-1933
Statistics
1929-1930: National income down from $87bn to $75bn
1931: Down to $59bn 1932: $42bn 1933: $40bn 11,000 of 25,000 banks failed 25% of all workers unemployed
(37% of non-farm workers)
The Great Depression Current Economic Crisis
13 million people unemployed
11,000 bank failures by 1933
Industry failure
Skyrocketing food and goods prices
President Hoover resisted intervening to help stop Depression
Most people couldn’t afford basics (food, water, shelter)
Thousands left to live on streets
Bread lines became necessary to keep people fed
The government regulatory and recovery agencies that we have now did not exist. Many were created by FDR
When FDR became president he immediately implemented plans to move America out of the depression, similar to the plans proposed by Obama
In both cases large banks were making risky decisions that led to accumulating debt on their hands
Both involved massive stock crashes and several major bank failures
Both left millions unemployed
Both were an economic bubble caused by speculation in the market
Both led to unemployment, foreclosures, and bankruptcy
Millions unemployed
Stock Market failure
Drop in customer spending
Excess government spending increasing national deficit
Bush administration tax cuts lead to increasing debt
Price of food, housing, and other necessities increased
Price of gas increased
Bush and Congress worsened the impact of the crisis by making poor decisions to “help” the economy
Buyouts of major banks were wasted by those banks in an attempt to settle their own debt not their clients’
The 2008 stock market lost $7 trillion in value but lost a smaller percentage than ‘29 stock market
Drop in value of loans and increasing amount of poor credit
What life was like:• Lots of unemployment and poverty• Break down of families• High dropout rates (2-4 mil in highschool)• Homelessness
– Hoovervilles of cardboard and tar paper shacks were built across the country
QuotesQuotes
“I like ‘em with ketchup.”
“Well, we ain’t got any.”
“We got ten bucks
between us.”
“I seen too many guys with land in their head. They never get none under their hand.”
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depression_fnjd52ke,0,5754978.photo>.depression_fnjd52ke,0,5754978.photo>. Dust Bowl - Dallas, South Dakota 1936. Photograph. 13 May 1936. Dust Bowl - Dallas, South Dakota 1936. Photograph. 13 May 1936. Wikimedia CommonsWikimedia Commons. 15 June 2007. Wikimedia . 15 June 2007. Wikimedia
Foundation, Inc. 13 Jan. 2009 <http://commons.wikimedia.org/ iki/ ile:Dust_Bowl_-Foundation, Inc. 13 Jan. 2009 <http://commons.wikimedia.org/ iki/ ile:Dust_Bowl_-_Dallas,_South_Dakota_1936.jpg>._Dallas,_South_Dakota_1936.jpg>.
Geithner, Timothy. “The Current Financial Challenges: Policy and Regulatory Implications.” Council on Foreign Geithner, Timothy. “The Current Financial Challenges: Policy and Regulatory Implications.” Council on Foreign Relations. New York City. 6 Mar. 2008. Relations. New York City. 6 Mar. 2008. Federal Reserve Bank of New YorkFederal Reserve Bank of New York. 13 Jan. 2009 . 13 Jan. 2009 <http://www.newyorkfed.org/ ewsevents/ peeches/ 008/ ei080306.html>.<http://www.newyorkfed.org/ ewsevents/ peeches/ 008/ ei080306.html>.
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Of Mice and Men. 13 Jan. 2009 <http://www.dist113.org/ phs/ epartments/ ibrary/ ice.jpg>.Of Mice and Men. 13 Jan. 2009 <http://www.dist113.org/ phs/ epartments/ ibrary/ ice.jpg>. Photograph of a Mother of Seven Children During the Great Depression. Photograph. 1936. 13 Jan. 2009 Photograph of a Mother of Seven Children During the Great Depression. Photograph. 1936. 13 Jan. 2009
<http://history1900s.about.com/ ibrary/ hotos/ lygd45.htm>.<http://history1900s.about.com/ ibrary/ hotos/ lygd45.htm>. Schultz, Stanley K., and William P. Tishler. “The Crash and the Great Depression.” Schultz, Stanley K., and William P. Tishler. “The Crash and the Great Depression.” American History 102American History 102. 1999. . 1999.
University of Wisconsin. 12 Jan. 2009 <http://us.history.wisc.edu/ ist102/ ectures/ ecture18.html>.University of Wisconsin. 12 Jan. 2009 <http://us.history.wisc.edu/ ist102/ ectures/ ecture18.html>. Stein, Ben. “In the Financial Crisis, Ordinary People vs. Extraordinary Problems.” Stein, Ben. “In the Financial Crisis, Ordinary People vs. Extraordinary Problems.” The New York TimesThe New York Times 9 Jan. 2009. 9 Jan. 2009.
13 Jan. 2009 <http://www.nytimes.com/ 009/ 1/ 1/ usiness/ 1every.html?_r=2&scp=6&sq=current%20financial13 Jan. 2009 <http://www.nytimes.com/ 009/ 1/ 1/ usiness/ 1every.html?_r=2&scp=6&sq=current%20financial%20crisis&st=cse>.%20crisis&st=cse>.
““Timeline of the Great Depression.” Timeline of the Great Depression.” Steve Kangas’ Web PageSteve Kangas’ Web Page. 13 Jan. 2009 <http://www.huppi.com/ angaroo/ . 13 Jan. 2009 <http://www.huppi.com/ angaroo/ imeline.htm>.imeline.htm>.
WikipediaWikipedia. 12 Jan. 2009. Wikimedia Foundation, Inc. 12 Jan. 2009 <http://en.wikipedia.org/>.. 12 Jan. 2009. Wikimedia Foundation, Inc. 12 Jan. 2009 <http://en.wikipedia.org/>.
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