Transcript of The Great Depression
The Great Depression Major Causes: AT the end of the 1920's the U.S. boasted the largest economy in the world, with the destruction wrought by WWI Europeans struggled while Americans Fluorished. Long term underlying causes sent the nation into a downward spiral. The Stock Market crashed. Major Cause of the Great Recession? Too Little Money Causes Deflation, which can lead to a recession. If too much money is out there it tends to cause inflation, or the devaluation of the Dollar. Great Depression And Great Recession Similarity: GDP Is Decreased/declined GDP: Gross Domestic Product Important Presidents during this time Herbert Hoover In the presidential election of 1928, Hoover easily won the Republican nomination, despite having no previous elected office experience. When the Wall Street Crash of 1929 struck less than eight months after he took office, Hoover tried to combat the ensuing Great Depression with volunteer efforts, none of which produced economic recovery during his term. The consensus among historians is that Hoover's defeat in the 1932 election was caused primarily by failure to end the downward economic spiral. Franklin D. Roosevelt Roosevelt won his first of four presidential elections in 1932, while the United States was in the depths of the Great Depression. Roosevelt named his approach to the economic situation the New Deal; it consisted of legislation pushed through Congress as well as executive orders. Executive orders included the bank holiday declared when he first came to office; legislation created new government agencies, such as the Works Progress Administration and the National Recovery Administration, with the intent of creating new jobs for the unemployed. Other legislation provided direct assistance to individuals, such as the Social Security Act.Full transcript
Some Hoover Terms: Hooverville Hoover flag Hoover blankets Aaaaaaannnnddd, there were a lot of hobos and prostitutes everywhere.