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The Roaring Twenties
Transcript of The Roaring Twenties
5th Period Social Economic Stock Market Crash, 1929:
The stock market was extremely risky; however, people invested more and more in stocks, causing the prices to rise.
Buying on margin: buyers put down their own money and borrow the rest from brokers.
Signs of trouble began in the Spring of 1929 as the stock market had a mini crash. Fortunately, Charles Mitchell calmed the panic by assuring that banks were still lending.
The mini crash was soon forgotten as summer came and stock market prices peaked highest.
On Oct.24 stock prices began plummeting. On the 28th the prices kept decreasing with no way to save it. Oct. 29 was the worst day in stock market history.
Everyone was in a panic to sell their stocks, but no one was buying: prices collapsed.
The crash caused many to lose their entire savings, companies to be ruined, and lost of faith in bank.
There were sharp effects on the economy as demands for goods declined and new investments can't be financed.
Because of buying on margin, there was chaos in the the banking system while banks tried to collect loans made to stock market investors.
This lead to banks failing since many banks invested depositers' money in the stocks.
Stock prices continued to drop as the U.S. slumped into the Great Depression.
By 1933 nearly 1/2 of America's banks failed and unemployment approached 15 million people. The Red Scare:
The red scare was hysteria over the perceived threat posed by communists, socialists, and anarchists in the U.S that began after the end of WWI and the Bolshevik Revolution
The Seattle docks strike- strikers labeled as "reds" and were charged with incitement of revolution; the city was in hysteria until U.S marines were sent in.
Race Riots- occurred in several cities and caused the deaths of hundreds during the summer. -bomb plots created fear of unseen anarchists, and strikers became targets for persecution.
September, Boston paralyzed by police strikes: -looting & theft -panic that "reds" behind strike -country wide papers:inflammatory/controversial headlines -city hire new police force--> effectively ends strike
Fall, steel workers seeking 8 hr. workday struck: -slowed return of economy in peace time functioning. -strike ended w/o strikers gaining any demands.
November, IWW(International Workers of the World/ Wobblies) seized by citizens of Centralia, WA [later were castrated & hanged]
Strikers branded as "reds" & being unpatriotic
Communist revolutions spread throughout the country-->HYSTERIA!
"Red Hunting" a national obsession; thousands of innocent people jailed, deported, and arrested.
1919, Wilson appointed attorney general A. Mitchell Palmer: -enlisted services of J. Edgar Hoover -Palmer Raids -Uncover Bolshevik conspiracies -Legislatures against Radicals
Spring 1920, shift back to normal: -anti sedition bills
Summer 1920: Red Scare ran course and was over
Events from 1919-1920 first of a series of "red scares"
Government clamp down on real or imagined domestic revolutionaries Agriculture:
In 1920, nearly half the nation's population still resided in rural areas, dependent upon agriculture for survival.
WWI disrupted the agricultural production of much of Europe.
The War's end allowed the resumption of normal European production, and the world faced a huge glut of agricultural products, with no market of buyers.
From 1920-1921, farm prices fell at a catastrophic rate.
Farmers that took loans suddenly couldn't make their payments.
The 1920s were a boon time for many industries.
U.S agriculture ad expanded during the First World War to sell food to Europe, but after, countries returned to growing their own grain.
The expansion had led to over-production and successive attempts in Congress to provide relief.
Too much food on market (over production)
Large surpluses were accompanied by falling prices at a time when American farmers were burdened by heavy dept.
African Americans and immigrants found this decade tough.
The situation was made worse by the policy of the U.S government. Political Herbert Hoover -Response to economic depression:
8 months into Hoover's presidency, the stock market crashed. Most thought it would pass, but America plunged into a Great Depression.
Hoover worked ceaselessly to fix the economy: govt. agencies, labor harmony, aid for public works, cooperation between govt. & business
Federal departments cut $160 million in taxes.
Hoover refused to involve the federal government in forcing fixed prices, controlling businesses, or manipulating the value of currency.
He rejected for the currency to be inflated (maintain a balanced federal budget)
He gave money indirectly to banks or local public works projects.
He refused to use federal money to directly aid citizens.
Hoover believed the key to economy recovery was restoring the business section of the economy.
By 1933, a fourth of the nation's workers were unemployed. People were in such poverty that the government had to step in despite Hoover's reluctance.
Hoover was criticized for his refusal to authorize large-scale relief programs that could have alleviated the nation's hunger/suffering.
He was unwilling to use large amounts of federal dollars to stimulate the economy.
He failed to recognize the all-encompassing nature of the Great Depression.
Although he was known as a do-nothing, he did more than any president ever did during and economic catastrophe.
Hoover waged a campaign for business men to kepp wages up so consumption levels won't decline (unsuccessful)
Supported protective tariffs--> Smoot-Hawley Tariff (highest in history)
1932, emergency Relief & Construction Act
Hoover: Reconstruction Finance Corporation (failed). Immigration:
Between 1880 and 1920, more than 25 million foreigners arrived on American shores, transforming the country.
The immigrant surge of the late 19th and early 20th century was distinctive in its size, its demographics, and its impact upon American culture and society.
More than 80% of the arrivals after 1890 were so-called "New Immigrants"
The New Immigrants were distinctive from earlier migrants in that most didn't want to stay.
After the 1890s, immigration jumped from a low of 3.5 million in that decade to a high of 9 million.
By 1910, Eastern and Southern Europeans made up of 70% of the immigrants entering the country.
After 1914, Immigration dropped off because of the war and later because of immigration restrictions imposed in the 1920s.
Immigrants entering the U.S who could not afford first or second-class passage came through the processing center in NY.
The National Origins Act (Johnson Reed Act) limited the number of immigrants allowed entry into the U.S through a national origins quota.
The Emergency Quota Act had been proposed several times before, but never made it through until 1921.
The main reason for passing the Act was that the flood of immigrants in recent years had negative wage effects on native-born Americans. This led to increasing support for immigration restrictions.
The New Immigrants generated a renewed nativism in hostile reaction to their arrival on American shores. http://history1900s.about.com/od/1920s/a/stockcrash1929.htm
(WASP) Anti-black as always and later developed into anti-immigrant, anti-evolution, and anti-drinking.
Local affairs decided which of the following groups would be the main target for hatred: alcohol and bootleggers, Roman Catholics, Jews, Communists, immigrants from S. Europe or Mexico, homosexuals, and black Americans.
The Klan of the 1920s had little in common with the Klan of the 1860s or of the 1960s.
The rise of the KKK caused the rise of nativism in the 1920s.
The KKK consisted of native born, traditional Americans that felt threatened by the new culture brought by liberal Americans and other people that were entering the US.
The second KKK claimed over 4 million members across the country; briefly dominated state legislatures of Colorado, Indiana, and Oregon. Summary: The stock market crash was the downfall of the 1920's. While it increased in an accelerated rate, it also fell as quickly as it rose. The stock market mania led to many people losing their life savings. http://www.dhahranbritish.com/history/AP_farming20s.htm
http://ehistory.osu.edu/osu/mmh/clash/imm_kkk/kkk%20pages/kkk-page1.htm Summary: The Red Scare during the roaring twenties was the first of many. It began after the Bolshevik revolution and the establishment of the USSR. The fear of communism, radicals, socialists, and anarchists ran rampant. These groups were labeled as "Reds."The nation was in hysteria and no one was safe. Summary: Hoover was greatly blamed for the stock market crash and criticized for his lack of response to the depression. Although he was blamed, he worked extremely hard to revived the economy. However, his methods came up short as unemployment kept rising. His focus on business ultimately did not help. Even though he strived to help the economy. His methods failed in the end. Summary: The 1920s provided something of a roller coaster ride for the American people. Not everyone prospered during this time. Farmers, becoming more skillful and efficient in producing food, found that laws of supply still plagued them. Summary: Like many nativist organizations opposed to immigration, the KKK responded to cultural changes brought about not only by immigration, but also by changes in the American economy and society after the First World War. Summary: Immigration during the 1920s was an abundance of foreigners entering the U.S. Many of these immigrants came over from their native lands to escape going to jail, poverty, discrimination, or benefiting from our better economic status. Why is the "Roaring Twenties" viewed as the transition into modernity?
The "Roaring Twenties" was viewed as the transition into modernity because of the the revolutionary events that occurred during the time period. The 1920's was marked with rapid urbanization and technology that altered American life for forever. However, there was much turmoil due to economic depression and fear of certain social groups. Take a brief journey to the 1920s. After the Great Depression of the 1920s, the U.S went through a number of recessions. The worst was from 2007 to 2009. The economic struggle was very similar to that of the Great Depression but to a lesser extent. Because of the recession that began during 2007, Bush, who was president at the time, proposed a tax cut to help the economy. However, when President Obama came in office, he did not want extend Bush's tax cut despite others avocation. Conflict arose because of this as Republican John MCcain pressured Obama to make Bush's tax cuts permanent. Similar to Hoover being blamed for the stock market crash, Obama was blamed for the rising debt and recession.