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We are closer to the end of poverty than at any point in our history. The Great Depression 1929-1945. Spark- Crash of The Stock Market- 10/29/29 Underlying Causes- Mass Production- too many goods produced, not enough demand
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The Great Depression1929-1945 • Spark-Crash of The Stock Market-10/29/29 • 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 $$ in the Stock Market-risky
Bull vs. Bear Market Market and Economy doing well Market and Economy doing poorly
Buy American • Hoover signs the Hawley-Smoot Tariff • Increasing Tariffs-Americans buy less foreign goods • Foreign nations now had less $$ to pay back war debt to US.
The New Deal in Action - The 3 R’s • Relief-Immediate help-$$ to the people • Recovery-temporary jobs • Reform-permanent programs- Soc. Sec. FDIC • These programs would be paid by: *Deficit Spending-Government Spends more than it takes in • FDR was seen as taking action! *People had a renewed confidence in government
FDR Gets To Work Right Away • Declares a Bank Holiday, Closing ALL Banks for 4 Days • Why? • To Get $$$ to the banks!!
Alphabet Soup • AAA, CCC, FDIC, SEC,SSA, PWA,TVA,WPA, • Nickname given to all these programs
CCC – Gave public works jobs to young men FERA – Gave $ relief directly to unemployed AAA – Paid farmers NOT to grow certain crops PWA – built ports, schools, aircraft carriers FDIC – Insures deposits made to federal certified banks WPA– Employed people to bulid hospitals, schools, parks, airports Social Security Act – Insurance for elderly, unemployed, and disabled New Government Beauracricies are set up to assist people in need
FDR and The New Deal Help Labor • Wagner Act- allowed workers to BARGAIN COLLECTIVELY for what they wanted. (Unions hire representatives to bargain a contract for all members) • Fair Labor Standards Act- • Created Minimum Wage, Maximum Hours. • .25 cents/44 hours a week originally. • Currently $7.25/40 hours a week
Minimum WagesGreen-higher, Blue-same, Yellow-None, Maroon-Lower