Great Depression. The Beginning. Great Depression. The United States economy seemed very strong by 1922, only four years after World War I, but by the beginning of the 1930s, the United States was in a deep economic depression. Why do you think this happened?
Shares are being sold at $5.00 each. Initially, the investor owes 15%.
Bank run 1929, Los Angeles
Kansas Farmer, 1933
Hoover’s flurry of activity came too late to save the economy or his job
FDR easily won the 1932 election
PWA workers construct a public building in Hartford, Connecticut
CWA School in Woodville, CA
Repaired business in Childersburg, Alabama
1. Europe couldn’t produce much of its own food/products.
2. US farmers struggled w/debt and Dust Bowl
3. Economic nationalism, or protectionism
4. Speculation, or risky investments
5. Buying stocks ‘on margin’ (using credit)
1. Protectionism, or economic nationalism = countries protect domestic businesses
2. Surpluses were destroyed
WINSTON CHURCHILL Depression“Any man who is under 30, and is not a liberal, has no heart; and any man who is over 30, and is not a conservative, has no brains.”
The Supreme Court -- 1935
The Davis Street School Extension in Atlanta under construction as part of the Works Progress Administration Program, November 2, 1936
FDR appointed over 100 African Americans to positions within the government