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“We are closer to the end of poverty than at any point in our history”

“We are closer to the end of poverty than at any point in our history”. The Great Depression 1929-1945. Election of 1928 > Hoover and NO GOVT INTERVENTION wins because people had a false notion that everything would remain prosperous Spark- Crash of The Stock Market- 10/29/29

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“We are closer to the end of poverty than at any point in our history”

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  1. “We are closer to the end of poverty than at any point in our history”

  2. The Great Depression1929-1945 • Election of 1928 > Hoover and NO GOVT INTERVENTION wins because people had a false notion that everything would remain prosperous • Spark-Crash of The Stock Market-10/29/29 • People bought on margin (loans) • Stock prices got so high no one bought • 10/24/29> some selling led to margin calls > • 10/29/29> all selling and no buying> need to pay back loans STOCK MARKET CRASH

  3. The Great Depression1929-1945 • 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

  4. Wall Street

  5. Bull vs. Bear Market Market and Economy doing well Market and Economy doing poorly

  6. Hoover’s Response • Hoover’s advisors told him to let the depression proceed without intervention • Went against advice • Made announcements to restore confidence • Held economic conferences • Spent money on some public works project • Urged business to expand

  7. Hoover’s Response • Reconstruction Finance Corporation (RFC) • Loans to banks, railroads, and insurance companies • Was suppose to go to local gov’t for public works but went to private companies • Also too little too late

  8. Bank Runs

  9. Okies

  10. Dorothea Lange

  11. Riding The Rails

  12. Hoovervilles

  13. Hoover Blankets

  14. 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.

  15. Rugged Individualism

  16. Hoover Dam 1931-1936

  17. Bonus Army

  18. Election of 1932 • Franklin Delano Roosevelt > governor of NY • 1st governor to provide relief for citizens • “I pledge myself to a new deal the American people” • Contest of 2 philosophies: help people vs. let people fix their problems • “This nation asks for action and action now” • “..the only thing we fear is fear itself”

  19. A New Deal1933-1945

  20. The 3 R’s • Relief-Immediate help-$$ • Recovery-temporary jobs • Reform-permanent programs-Soc. Sec. FDIC • These programs would be paid by- • Deficit Spending-Spending more than you make • People had a renewed confidence in government • FDR was seen as taking action!

  21. FDR Gets To Work Right Away • Declares a Bank Holiday,Closing ALL Banks for 4 Days • Why? • To Get $$$ to the banks!!

  22. Alphabet Soup • AAA, CCC, FDIC, SEC, SSA, PWA, TVA, WPA, • Nickname given to all these programs

  23. FDR and The New Deal Help Labor • Wagner Act- • allowed workers to BARGAIN COLLECTIVELY for what they wanted. • Fair Labor Standards Act- • Created Minimum Wage, Maximum Hours. • .25 cents/44 hours a week originally. • $6.55/40 hours NY- $7.15- $7.25 July

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