Herbert Hoover

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Herbert Hoover

• He had served as secretary of Commerce under
  Coolidge.
• Elected in 1928 when the Twenties were still
  Roaring

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Stock Certificates or Shares
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Two Views on Speculation
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Buying on Margin

• You buy a share with only 20 down and borrow the
  rest.
• When the share goes up in value, you sell it, pay
  back the loan, and make a profit.

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A Bubble
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Black Tuesday Oct. 29, 1929
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Bank Runs or Panics
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The Main Causes of the Great Depression

• A. Overproduction- American factories had
  produced more goods than people were buying.
• B. Installment Buying- Americans had taken to
  buying big ticket items like cars and appliances
  in installments (one payment at a time).
  Americans could not keep up this rate of spending
  forever.
• C. Underconsumption- Americans simply were not
  making enough money to keep buying more goods.
• D. Agricultural Slump-Farmers who were struggling
  could not afford new equipment, which hurt the
  farm equipment industry.
• E. Bank Runs- When the market crashed, people
  panicked and withdrew all their money from banks.
  Banks could not make any new loans, which hurt
  business.

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A Typical Recession Cycle

• A. Workers get laid off.
• B. Workers dont have any money to buy goods.
• C. This causes even more factory closings.

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The Impact of the Depression

• Most American did not lose their job at first.
• Those who kept their jobs usually had their hours
  cut.
• Many people could not pay their mortgages and
  ended up homeless.

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The Emotional Impact
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Farmers Grow Desperate
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The Numbers tell the Story

• 1930 4 million men were unemployed
• 1933 12 million men were unemployed
• By 1933, average salaries had fallen by 40 and
  hourly wages by 60.
• Average family income in 1929 2300
• Average family income in 1932 1600

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Hoovervilles
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Life in a Hooverville
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Brother, Can You Spare a Dime?
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The Bonus Army
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Bonus Army Camp
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Franklin Delano Roosevelt
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FDRs Background

• Member of the State Legislator of New York
• Assistant Secretary of the Navy
• Governor of New York when the Depression began.
• Cousin to Teddy Roosevelt

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Roosevelts Handicap
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Fala the Dog
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The Fireside Chats
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Eleanor Roosevelt

• Was a niece to Teddy Roosevelt and was actually
  Franklin Roosevelts 5th cousin when they married.

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First Lady of the Republic

• She was FDRs eyes and ears during the
  Depression. She traveled the country meeting with
  regular Americans and listening to their
  problems.
• She also wrote a newspaper column called My
  Day, which became very popular.
• Probably the most important First Lady in U.S.
  history.

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The Hundred Days
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The New Deal

• The Hundred Days is usually remembered as the
  beginning of FDRs New Deal. What were the goals
  of this New Deal?
• A. Relief- directly help the American people who
  were homeless and starving
• B. Reform- change the things that had caused the
  Depression to begin
• C. Recovery- get the U.S. economy moving once
  again

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Federal Deposit Insurance Corporation

• The FDIC was supposed to prevent banking panics.
• It does so by promising you that the Government
  will insure your money in the bank (up to
  100,000 per account)

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Securities and Exchange Commission

• The SEC enforces all laws having to do with the
  stock market. Investors can have more confidence
  in the market because of it.
• For example, the SEC will bust people guilt of
  insider trading.

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Public Works Administration

• This agency awarded contracts to companies that
  would build projects that would 1)help America,
  and 2)create jobs.
• The Grand Coulee Dam in Washington (below) is an
  example

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Civil Works Administration

• This program was meant to provide immediate jobs
  doing useful things for local communities.
• However, it cost over a Billion dollars in 5
  months and was cancelled.

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Tennessee Valley Authority

• Meant to control flooding in the Tennessee and
  Cumberland River Valleys by building dams.
• The dams would create electricity which would
  lead to economic development.

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Flooding in the 1920s
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Norris Dam, LaFollette, Tn. 1936
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Civilian Conservation Corps

• The purpose of this program was simple get young
  unemployed men off the streets and keep them
  busy.
• They were put to work all over America building
  trails, playgrounds, and campsites.

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The CCC at Work
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Rural Electric Administration

• The REA was supposed to provide electricity to
  the rural parts of America.
• Later, the REA became know to us as the RECC

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Agricultural Adjustment Act

• The AAA had a strange mission pay farmers not to
  produce crops. By doing so, it was believed that
  prices could rise and farmers could survive.

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National Recovery Act

• The NRA was supposed to force businesses to
  follow new rules. A business did not have to
  follow them, so FDR had a blue eagle put in the
  windows of businesses that cooperated.
• Americans were told to do business with the blue
  eagle. The Blue Eagle became a symbol of the New
  Deal.

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Works Progress Administration

• The object of the WPA was to find any kind of
  work for people, usually building projects for
  towns and states.
• It was hard to keep busy. Sometimes the WPA
  workers joked that WPA meant we putter along.

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National Labor Relations Board

• The NLRB was set up to conduct elections in labor
  unions, and to investigate unfair hiring and
  firing practices.
• It was meant to keep labor at bay during a period
  when some people expected a Communist Revolution

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Social Security Administration

• Any person over 65 could receive a check that
  would be guaranteed.
• The money to pay for this would come from the
  paychecks of workers who had not reached
  retirement age.

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American Art from the 1930sRainy Night by
Charles Burchfield
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American Art in the 1930sEmployment Agency by
Isaac Soyer
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Mr. Roosevelts clever idea
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The Dust Bowl
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The Okies
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Roosevelts Court Packing Idea
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The Grapes of Wrath
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Escapism
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Little Orphan Annie
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December 7, 1941