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The Great Depression and The New Deal. Boom to Bust The Farmers’ Plight. Farms began to fail in the 1920s. Banks went out of business because the farmers could not pay their debts. Other industries suffered as well. The Stock Market Crash of 1929. Many people borrowed money to buy stocks.
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Boom to BustThe Farmers’ Plight • Farms began to fail in the 1920s. • Banks went out of business because the farmers could not pay their debts. • Other industries suffered as well.
The Stock Market Crash of 1929 • Many people borrowed money to buy stocks. • On Tuesday, October 24, 1929, many investors sold their stocks at one time. • Stock prices dropped sharply, making the stocks almost worthless. • Many people were left with debts they couldn’t pay.
Crash of ’29, continued • Banks ran out of money, so people lost their savings. • The banks closed. • Businesses that had relied on the banks also closed down. • As a result, almost ¼ of the country’s workers lost their jobs. • This marked the beginning of…
The Great Depression • The Great Depression lasted from 1929 until the beginning of WWII. • It was the longest and worst depression in our nation’s history. • Texas was not as badly affected at first, because we were already a poor state. • Eventually, the Depression spread worldwide, affecting the Texas cotton market. • Our economy suffered greatly as a result.
Cities Try To Help Texans • The state treasury was empty, so Texas cities pitched in to help. • They helped create city jobs for people who were unemployed. • They sponsored gardening projects to help people grow food. • This helped, but there were fewer opportunities than people.
The Dust Bowl • Occurred during 1925-1930 • More to come on Friday…
The New Deal • Franklin Roosevelt was elected President in 1932 based on his promise of a “New Deal” for American citizens. http://www.notablebiographies.com/images/uewb_09_img0610.jpg • His administration created new programs to stimulate the economy. • They reformed the banking system, guaranteeing depositors’ money with government backing.
New Deal Texans • President Roosevelt’s VP was a Texan named John Nance “Cactus Jack” Garner. http://bushlibrary.tamu.edu/image.php?id=562&filename=garner_1868.jpg • Another Texan, Jesse Jones, helped create the FDIC, which safeguards money in U.S. banks against loss such as those that occur during depressions.
Texas New Deal Programs • The Works Progress Administration (WPA) and the Public Works Administration (PWA), put Texans to work building or improving public buildings, post offices, hospitals, parks, etc. • Jobs were also created for writers and artists. • More than 600,000 Texans worked for these agencies during the Depression.
Lyndon Johnson • Another major figure in the New Deal was future president and Texan Lyndon Johnson. File:37 Lyndon Johnson 3x4.jpg - Wikipedia, the free encyclopedia • He was director of the National Youth Administration, employing around 18,000 Texas youths.
Ma Ferguson • Miriam “Ma” Ferguson, wife of impeached Governor “Farmer Jim” Ferguson, had been elected Texas Governor in 1924 because she opposed the Ku Klux Klan. File:Miriam A. Ferguson.jpg - Wikipedia, the free encyclopedia http://shannynmoore.files.wordpress.com/2008/10/kkk.gif • She was re-elected in 1932, because she promised to cut taxes and state spending. • She did cut spending, but also increased taxes, creating the oil tax. • This revenue made a lot of money for Texas.
Era of Lawlessness • The Great Depression sparked a major increase in crime. • Famous criminals such as George “Machine Gun” Kelly, and Bonnie Parker and Clyde Barrow, aka “Bonnie and Clyde”, came to prominence during this era. • The Texas Rangers gained fame for tracking down the killers.
The Texas Centennial • 1936 marked the 100th anniversary of Texas Independence from Mexico. • Dallas was chosen as the site of the celebration. Fair Park, where the State Fair is held annually, was the result.
