The The GREAT GREAT

DepressiDepressionon21.1

Presidents of the Roaring 20’s watch the country grow

increasingly prosperous! “A chicken in every pot!” (Herbert

Hoover 1928)So where/why did it all go wrong?

Sign of trouble:1.Problems in the agricultural sector2.Wealth distributed unequally & overproduction of goods3.Easy credit hides problems!

Then…..Then…..

The Stock Market The Stock Market Crashes!!!Crashes!!!•SpeculationSpeculation: high risk investments hoping to obtain large profits•Black Tuesday: October 29, 1929, stock market collapses•GreatGreat DepressionDepression: 1929-1941, unemployment 25%

Surviving the Surviving the DepressionDepression

•Americans pull together

•Prohibition is repealed

•Empire State Building is built

• Events leading to the Events leading to the election of 1932:election of 1932:– Hawley-Smoot TariffHawley-Smoot Tariff– Bonus Army: Bonus Army: Jobless Jobless

WW1 veterans, who WW1 veterans, who were promised were promised pensions, protested all pensions, protested all throughout throughout Washington Washington D.C.=Were attacked by D.C.=Were attacked by an army led by General an army led by General Douglas McArthurDouglas McArthur

Two Candidates:• Herbert Hoover Herbert Hoover

(Republican)(Republican)– Very limited strategyVery limited strategy– Wanted state/local Wanted state/local

governments to governments to handle relief programshandle relief programs

– ““rugged individualism:” rugged individualism:” only through personal effort can wealth and success be achieved.”

• Franklin Delano Franklin Delano Roosevelt Roosevelt (Democrat)(Democrat)– Large scale problems Large scale problems

require governments require governments helphelp

– OutcomeOutcome: FDR : FDR wins by a HUGE marginwins by a HUGE margin

– Most people voted Most people voted against Hoover, not against Hoover, not necessarily for FDRnecessarily for FDR