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Immigrants during the Depression
-With less demand for workers during the depression white Americans fought after jobs filled by Mexican immigrants
-Public hostility for Mexicans grew which made it difficult for theme to enter the U.S
-Hoover authorized the Mexican repetition act to send Mexicans back to mexico due to lack of jobs -
Stock Market Crash
Causes-The stock market crash of 1929 was largely caused by bad stock market investments low wages a crumbling agricultural sector and high amounts of debt that could not be liquidated Upward trend in the Stock Market caused many people to invest money even if they did not have the financial assets 2 back up their investments
A-Explain buying on the margin
-Buying on margin became so popular that by late 1920s ninety percent of the purchase price of the sock was being made with borrowed money -
Great Depression
-When panicked seller traded nearly 16 million shares on the New York stock exchange
-Corporations could no longer raise funds
-In 1940 , 15% was the lowest unemployment rate
-People had fought for their daily survival.Banks failed and may people were out of work
-The money supply growth caused by huge international gold influence was a crucial source of the recovery of the u.s economy
-People were hungry and went homeless -
Stock Market Crash (B)
A-Explain Buying On The Margin
-The U.S economy had come to depend on that activity. Before the crash nearly cents of energy dollar loaned in america was used to buy stocks
-Buying on the margin is the purchase of an asset by paying the margin and borrowing an asset by paying the margin and borrowing the balance from a bank or broker -
Stock Market Crash (c)
B-Return to normalcy a return to the way of life before world war 1
Americas first plan- Meanwhile president Herbert Hoover urged patience and self-reliance he thought the crisis was just "a passing incident in our national lives"
That it wasn't the federal governments job to try and resolve -
Stock Market Crash (D)
C-Explain how each of these made the U.S economy vulnerable to financial "collapse" disposable income and bank run/Failure
-After the crash people tried to withdraw their money from banks couldn't b/c banks invested their $ in the stock market
-By 1933 11,000 of the nations 25,000 banks had failed -
William Randolph Hearst
-He was a leading supporter of Franklin Roosevelt in 1932 but then broke with FDR and became his most preeminent enemy
-Franklin D Roosevelt New Deal however to vigorous opposition to the presidents policies on taxes trust and labor and Hearst became stridently conservative -
Tennessee Valley Authority
-Built 21 government allowed damn along the Tennessee river
-Controlled flood and produced electricity
-Some feared it as a form of socialism -
Federal Deposit Insurance Corporation
-The FDIC provided federal insurance for individual bank accounts of up to $5,000 reassuring millions of bank customers that their money was safe
-Congress and the president also worked to regulate the stock market in which people had lost faith because of the crash of 1929
-The FDIC was part of Roosevelt's New Deal the 3 rs relief recovery reform -
The Gold Standard
-Gold and silver where traded
-Use of the gold standard came to an end in 1933 when president Roosevelt issued an executive order outlawing the ship of gold
-But Roosevelt wanted people to rely on paper money (fiat money) in order to expand the money supply and stimulate economic activity -
Period: to
New Deal
-Roosevelt blamed the Bankers selfishness and financiers for current crisis
-He used pushed through legislation which is hard in less critical times
-All the important bill submitted in these 1st 100 days he explained these New deal measures as the 3 Rs relief recovery reform change
-The new deal changed the gov how since the new deal the gov has started to take car of the US it provides social security and medicare for older people runs the FDIC to insure or banks deposits and lower taxes -
21st Amendment
-In 1933 the 21st amendment to the constitution was passed and ratified ending national prohibition
-After the repeal of the 18th amendment some states continued Prohibition by maintaining statewide temperance laws -
Period: to
First term of Franklin D Roosevelt
-His positive approach and charm helped him defeat Herbert Hoover in November 1932
-Depression was the only issue of consequence in the campaign Americans had to choose between unsuccessful policies from Hoover who claimed Roosevelt would intensity the disaster
-The economy was in depression no jobs or homes Franklin took office and declared 4 day bank holiday and urged Americans to put back savings
-Famous quote "only thing to fear is fear itself" meaning fear only made things worse -
20th Amendment
Causes-Officials called "lame ducks" would take advantage and pass laws
Effects-It stopped "lame ducks" session -
Huey Long "Share our wealth"
-Was a democratic governor of Louisiana. Opposed the New Deal because he believed Roosevelt's plan didn't help people living in poverty after the Great Depression
-His plan wanted to take money from the wealthy and give to poor (assassinated September 10 1935) -
SEC/New Deal
-The securities and exchange commission act was created to review over the stock markets prevent fraud and guard against other stock markets collapsing
-The long term effect of this passage is that they maintain efficient markets and protect investors
-This gives investors common sense to buy in or not
-This is Roosevelt's reform legislation -
Reform of the new deal Social security
-Social security was probably the most important measure of the New Deal. It provided workers with unemployment insurance old age pensions and insurance if they died early. Workers and their employers each paid New contributions to find these benefits in part of Roosevelt -
Migrant Mother
-She focused her photography career on without basic necessities of life migrant workers children of mothers
-Her career helped raise funds by federal agencies it also helped draw attention to the desperate conditions in rural America and helped to underscore the need for direct relief -
Judicial Procedures Reform Bill
-Roosevelt proposed a plan to allow the president to add a new appointment to the supreme court for each justice over 70% years old
-The plan would have given Roosevelt the right to appoint six justices giving him control over the court
-His "court packing scheme" was widely viewed as an attempt to upset the traditional separation of powers
-Roosevelt's New Deal the power of the federal government moved beyond the regulatory role it had under the progressives -
AAA (Agricultural Adjustment)
-Gave farmers government payment to grow farmer crops
-Smaller supply of crops would increase demand for those crops this would help farmers earn money
-Its purpose was to improve and preserve national soil resources also prevent it from eroding
-Long term effect was to help keep the pricing of crops stabilized -
Robert A Taft
Taft was elected to the U.S senate in 1938 he oposed and denounced FDR'S New Deal said that it had socialist trend Taft's plan called for economy in government a balanced budget and less centralization of power in the national capital -
Dust Bowl
-Drought is a part of a weather circle naturally occurring on the Great Planes
-Farmers from Tx to N.D used tractors to break up the grasslands and plant millions of acres of new Farmland
-Dust traveled hundreds of miles played by dust storms and evictions thousands of farmers and share croppers left their land behind
-By the end of the 1930's hundreds of thousands of farm families had migrated to Cali and other pacific coast states -
Grapes of Wrath
Author-John Steinbeck
Okies-Where natives from Oklahoma forced to move due to drought and farm foreclosures in the 1930's to California rout 66 people that were losing everything fled to California using Rout 66 to seek better jobs
Migrant hopes vs reality- People came from all around the U.S with the hope of a better life and better jobs but only came to fin even more poverty or if not already poor they became poor