The Great Depression. I. Optimism and Prosperity 1.Worst economic downturn in U.S. history 2.1928,...

The Great Depression

I. Optimism and Prosperity

1. Worst economic downturn in U.S. history

2. 1928, Hoover elected Pres.

3. 1929, widespread optimism

II. A “Bull Market”

1. Rising stock dividends

2. Increase in Personal Savings

3. Relatively easy money policy

4. Companies invested their over-production profits in new production

5. Lack of stock market regulation

6. Psychology of consumption

III. The Crash

1. Stock market; chief indicator of U.S. fiscal health

2. Stock prices out of proportion to actual profits

3. “Problems would correct themselves.”

4. October 29, 1929: Black Tuesday

5. Oct. 29-Nov. 13: $30 billion

6. Shattered Public Confidence

The Crash (cont’d)

6. Rockefeller:”…Prosperity has always returned and will again.”

7. 1930-”Happy Days are Here Again.”

8. 1931-”I’ve Got Five Dollars.”

9. 1932-”Brother, Can You Spare a Dime.”

10.1933-$40 billion

Social Impact of the Great Depression

Essential Question: How did the depression affect private citizens?

IV. Social Problems

1. Unemployment and poverty 2. Breakdown of families

3. Soaring high school dropout rates (2 to 4 million)

4. Homelessness

5. Organized protests

“Hoovervilles”

6. "Hoovervilles" in sarcastic reference to President Hoover.

“Hoovervilles”

"The Bonus Expeditionary Force."

7. WWI veteransdenied their pensions 1. In 1932, 20,000 men.

2. President Hoover sent in the army

"The Bonus Expeditionary Force."

1. "Bonus Army" WWI 2. Handpainted sign on Bonus Army truck states: "We Done a Good Job

in France, Now You Do a Good Job in America"

V. Images of the Great Depression

1. Bread Lines

2. “Okies” and the Dust Bowl

“Okies” and the Dust Bowl

2. "Okies“farmers who migrated to CA.1. 15% of the Oklahoma population left for California.

("Okies“)

2. Derogatoryconnotations of homelessness, poverty

Dust Bowl

Dust Bowl

1. 1930-1941

2. Causes:1. Drought

2. Poor farming techniques

3. Agricultural frontier pushed beyond its natural limits.

4. Land had been stripped of its natural vegetation

5. Ecological balance destroyed

6. Nothing left to hold the soil

7. Dried up and the winds came in the 1930s.

3. The Grapes of Wrath (1939)By John Steinbeck

VI. The Grapes of Wrath (1939)by John Steinbeck

1. Set in the Great Depression

2. Tells the story of the Joadssharecroppers

3. 'Okie' farmers driven from their land by drought and the Dust Bowl

4. Forced to endure the hardships of migrant w orkers moving West.

The Grapes of Wrath (1939)by John Steinbeck

1. Tom Joad is released from prison after serving time for manslaughter returns to find his parents' farm deserted. His family is planning to leave for California. 1. Like other Oklahoma farmers, they have seen their crops ruined by the

Dust Bowl.2. En route to California, they discover the roads are choked with

thousands of similarly-situated refugees, and that money is tight. 3. They find there are dozens or scores of applicants for every job

– there is little to no hope of finding a stable community and a steady income that can purchase the food.

4. In response to the exploitation of this labor surplus:– The workers begin to join trade unions– The surviving members of the family are involved in strikes that turn

violent. – Tom Joad, the protagonist, kills a man, and must become a fugitive,

promising that no matter where he runs, he will be a tireless advocate for the common man against the powerful.

4. Two Big Economic Facts

1. Unemployment

2. Inability to sell goods and services

5. Escapism

1. Go for a drive

2. Have a cigarette

3. Go to a movie

4. As a result: sales of oil, gas, cigarettes, and movie tickets all went up.

6. Laying the Blame

1. Bankers

2. Brokers

3. Businessmen