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Transcript of Great Depression
From Roaring Twenties...
to Dirty Thirties...
the day the Stock Market Crashed
Tuesday October 29, 1929:
slipping prices were ignored as a turnaround was
stock shares there were bought on margin were dumped into the market - but with no buyers, prices took a nosedive and investors panicked
Black Tuesday - small investors dump their stocks, rushing to sell before they lost everything. Within days, stocks that were once valuable became worthless. Soon, recession turned to worldwide depression and investors lost everything.
many jobs, lots of spending and
production; business expansion and
fewer jobs and sales; business cuts
and low profit; unemployment begins
low sales and wages;
high unemployment and low demand;
jobs increase, production increases, demand
goes up; therefore jobs are added, there is money to spend, business expand
So... what are the causes?
Historians suggest a number of things...
1929: $1.60 - 1932: $0.38
Prices fall dramatically
250,000 farmers abandon farms in the
west and join the unemployment lines
sales fall dramatically in all areas
leading to unemployment
for Canadian Resources
Demand for Canadian exports fall,
therefore jobs are cut :(
taxes imposed on imports causes the
Canadian export market to suffer
BUYING ON CREDIT
BUY NOW, PAY LATER thinking causes
with lists of creditors to
families and individuals lose cars, homes and
furniture to banks
, some being forced to declare
bankruptcy as well.
LOW STANDARD OF LIVING
Already poor Canadians
(esp. in prairies and maritime
even worse off
The need for relief puts a
heavy burden on government agencies and private charities
THE RIPPLE EFFECT
Poor wheat sales effect farmers and businesses;
sales, production, employment:
So... who is worst off?
Now entering... the prairies....
bad summer in 1931
high crops in 1932 but LOTS of wheat
drought from 1933 - 35
hail and rain in 1938
recover in 1939
1/4 of all farms completely abandoned
topsoil holds all the nutrients and
subsoil holds nothing
drought causes top soil to dry and turn
to dust, therefore winds create "black
fertile farms turn to rock and clay, wheat
Locusts hatch in millions and
thrive in drought
clouds of insects strip all
remaining crops in prairies
damage 40% of wheat in 1930s
individuals and families forced off their land to the
cities, forced to find solutions without money
barefoot - use newspapers as shoes
ragged clothes - patch with flour sacks
reuse coffee grinds, tea bags and bones for flavour
barter for goods
catch gophers in prairies - gopher stew!
burn wheat instead of wood for heat
cross the country looking for work...
Did the Canadian government do enough to alleviate the hardships caused by the Great Depression?
farmers lose money
An American Perspective