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We are closer to the end of poverty than at any point in our history. The Great Depression 1929-1945. Spark- Crash of The Stock Market- 10/29/29 Underlying Causes- Mass Production- too many goods produced, not enough demand - PowerPoint PPT Presentation
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We are closer to the end of poverty than at any point in our history
The Great Depression1929-1945
• Spark-Crash of The Stock Market-10/29/29• Underlying Causes-• Mass Production-too many goods produced,
not enough demand• Credit-too many goods bought that people
could not afford, including stocks, On Margin• Investing-inexperienced people put too much
of their $$ in the Stock Market-risky
Wall Street
Bull vs. Bear Market
Market and Economy doing wellMarket and Economy doing poorly
Bank Runs
Okies
Riding The Rails
Hoovervilles
Hoover Blankets
Buy American
• Hoover signs the Hawley-Smoot Tariff• Increasing Tariffs-Americans buy less foreign
goods• Foreign nations now had less $$ to pay back
war debt to US.
Rugged Individualism
Hoover Dam 1931-1936 *Public Works
Bonus Army
A New Deal1933-1945
The New Deal in Action - The 3 R’s• Relief-Immediate help-$$ to the people• Recovery-temporary jobs• Reform-permanent programs- Soc. Sec. FDIC• These programs would be paid by:
*Deficit Spending- Government Spends more than it takes in• FDR was seen as taking action!
*People had a renewed confidence in government
FDR Gets To Work Right Away
• Declares a Bank Holiday, Closing ALL Banks for 4 Days
• Why?• To Get $$$ to the
banks!!
Alphabet Soup• AAA, CCC, FDIC, SEC, SSA, PWA, TVA, WPA,• Nickname given to all these programs
New Government Beauracricies are set up to assist
people in need• CCC – Gave public
works jobs to young men
• FERA – Gave $ relief directly to unemployed
• AAA – Paid farmers NOT to grow certain crops
• PWA – built ports, schools, aircraft carriers
• FDIC – Insures deposits made to federal certified banks
• WPA – Employed people to bulid hospitals, schools, parks, airports
• Social Security Act – Insurance for elderly, unemployed, and disabled
FDR and The New Deal Help Labor• Wagner Act- allowed workers to BARGAIN
COLLECTIVELY for what they wanted. (Unions hire representatives to bargain a contract for all members)
• Fair Labor Standards Act-• Created Minimum Wage, Maximum Hours. • .25 cents/44 hours a week originally.• Currently $7.25/40 hours a week
Minimum WagesGreen-higher, Blue-same, Yellow-None, Maroon-Lower
Court Packing
Eleanor Roosevelt – FDR’s eyes and ears
Why is FDR Elected 4x’s?
• Seen as using government to help• Feared change during crisis-Dep./WW2• Confident attitude• Support from new voters-– Labor– Women– Minorities
REVIEW – Causes of the Depression1 – Weaknesses in the Overall Economy
Overproduction/underconsumption of consumer goods and Farming products
2 – Unequal distribution of IncomeNot all social classes enjoyed boom of ’20s
3 – Excessive buying on Credit4 – Weak Corporate/Banking structures
Corruption, high-risk investments, lack of preparedness for recession
5 – Weak international EconomyEurope dependent on U.S. economy after WWI
Differences between FDR and Hoover
Roosevelt*Democrat*Willing to give direct relief to
people - $*Willing to allow Government
to make economic decisions*Deficit Spending
Hoover*Republican*Believed the Free-Market
system would correct itself*Believed people should work
through hard times (self-help/rugged individualism)
*Believed Gov’t should not make economic decisions (laissez-faire)
The New Deal is a Major Turning Point in American Government!• The government became more involved in
the economy and people’s lives!
• The New Deal Does Not End the Great Depression!
•World War 2 Does!!
• Wagner Act, Fair Labor Standards Act, SSA, FDIC, Creeping Socialism, Rugged Individualism, Court Packing, TVA, AAA, CCC, Bonus Army, Okies, Hoovervilles, Hoover Blankets, Dust Bowl, Deficit Spending, Brain Trust, Relief, Recovery, Reform, public works projects