Great Crash

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Great Crash
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Herbert Hoover organized a
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massive relief effort in Europe which fed
millions of people.
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President Hoover believed in rugged
individualism
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the idea that individuals could solve their own
problems without the government meddling in their
lives.
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Al Smith was the Democratic candidate who became
the focus of a
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savage anti-Catholic campaign.
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To speculate meant to
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means to buy stock at a low price, wait for the
price to rise, and then sell it for a quick
profit.
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A buy on margin means
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the investor pays only part of the purchase price
and borrows the rest from the stock broker.
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Margin calls happen when
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the stock broker asks the investor to repay his
loan.
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Black Tuesday (October 29, 1929)
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was the day the price of stocks plunged and
caused the Stock Market crash.
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Durable goods are
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products designed to last for years, like cars,
stoves or tractors.
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Business inventories are the
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quantity of unsold goods on hand.
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The Great Depression was tough on more people,
because
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70 of Americans now lived in cities and worked
in factories that closed down.
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In 1932, President Hoover created the
Reconstruction Finance Corporation which had the
power to
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loan money to banks, railroads, and insurance
companies.
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Governor Franklin Roosevelt of New York was the
first to
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set up a relief plan for the unemployed.
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People blamed President Hoover for the Depression
and Franklin Roosevelt was
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elected by a landslide of 57 of the popular vote.