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The Great Depression
Transcript of The Great Depression
Uneven distribution of income:
top 5 percent of the wealthiest Americans got over 33% of income.
Stock Market Speculations:
people bought stocks on borrowed money hoping that the business would do good to repay their debt.
Excessive use of credit:
people thought economic boom was permanent and started buying expensive products on credit.
Overproduction of goods:
because of these other causes businesses made a lot more products than needed and consumers couldn't pay for it.
Weak Farm Economy:
Farmers always suffered from high debt, low prices and bad weather.
government did not get involved in the economy, but did enact tariffs that hurt farmers.
Global Economic problems:
countries were still struggling with their economies after WW 1, but the U.S still wanted their money.
Depression impact on Americans
Second New Deal
Work Progress AD.:
helped unemployed find jobs
made to protect worker's rights of joining a union and their general rights
increased taxes of the wealthy
Social Security Act:
insurance program from collection of taxes that would give money to retired persons over 65 years old.
Tariffs increased b/c people thought this would help their markets from foreign competition
Suspension of the international debts b/c the economy was too bad both in the U.S. and Britain, Germany, France, and Europe
Federal Farm Board- helped farmers by holding grain and cotton in storage, but did not handle overproduction.
RFC- Established to create insurance companies that would help the people which would benefit the poor.
Depression impact on Americans
The depression challenged basic perceptions in American culture:
The believe of helping yourself
The unpreventable progress
Interference of the government in civil liberties
The Great Depression in America during the 1930s all the way through the 1940s
The People in America who will be affected in anyway by the new policies that where enacted during great depression.
To inform Americans about the new policies and what were their purposes.
The information about the new enacted policies serve as rules for the Americans to get out of the Depression.
First New Deal Policies
Civil Works administration (CWA)
- A program open for the public; gave the unemployed jobs building or repairing roads, parks, airports, etc. ;provided a psychological and physical boost to its 4 million workers.
Federal Securities Act of May 1933/ Securities and Exchange Commission (SEC
)-This act required full information on stocks being sold; regulate stock market; Congress gave power to Federal Reserve Board regulate purchase of stock on margin. Important for long-term progress for businesses.
National Industrial Recovery Act (NIRA) of June 1933
Formed to boost prices; allowed trade associations in many industries; codes regulated wages, working conditions, production, and prices; set a minimum wage.
The codes stopped the rise and falls of prices for a short time, when higher wages started, prices rose; people stopped buying; cycle of overproduction and underconsumption put businesses back into a slump;Some businesses felt that the codes were too complicated and the NRA was too rigid;Declared unconstitutional.
Foreign Policy of the 1930's
The United States decided to enter into an isolationism period. Americans had seen the trouble they got into because of the foreign relations they
other countries so to avoid something similar in the
America decided to stay away from foreign affairs. They also decided to increase taxes on imports to protect their own market system.
S- Father Coughlin
O- Great Depression (1930-1940)
A- American Nation
P- Father Coughlin was trying to convince the American people that the New Deal was a bad idea because it would lead them to communism.
S- The New Deal was being introduced to the Americans. Most of them liked the idea the New Deal brought, but some were against it.
T- Bitter and persuasive
Critics of the New Deal
thought it benefited the business and not the unemployed.
argued that it gave federal gov. too much power.
The Supreme Court:
declared two of the New Deal policies to be unconstitutional; the Supreme Court came to be an obstacle for the New Deal program.
Hoovervilles: Shack towns built by homeless people.
Dust Bowl: Greenery that has been lost and soil that converted into dust and was eroded (consequence of a drought)
The Great Crash, 1929-1933: in 1929: $103.6 billion and in 1933: $56.4
Fireside chats:FDR informally spoke to the American people the chats were crucial to the growth in support to the New Deal and, to mobilizing the nation for World War II.
Library of Congress Prints and Photographs Division Washington, DC 20540 USA http://hdl.loc.gov/loc.pnp/pp.print
"A homeless family walks from Phoenix to San Diego, looking for work..."
Unemployed men waiting in a breadline for free food.
“Somebody Must be Blamed”: Father Coughlin Speaks to the Nation
1900 - 1950
Huey Long, "Share Our Wealth" (1935)
Here is the whole sum and substance of the Share Our Wealth movement:
1. Every family to be furnished by the government a homestead allowance, free of debt, of not less than one-third the average family wealth of the country, which means, at the lowest, that every family shall have the reasonable comforts of life up to a value of from $5,000 to $6,000: No person to have a fortune of more than 100 to 300 times the average family fortune, which means that the limit to fortune is between $1,500,000 and $5,000,000, with annual capital levy taxes imposed on all above $1,000,000.
For More : http://www.louisiana101.com/ideashuey_shareplan.html