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Immigrants During The Depression
-With less demands for workers during the depression, White americans sought after jobs filled by mexican immigrants.
-Public hostility for mexicans grew which made it difficult for them to enter the U.S
-Hoover authorized the Mexican Reputation Act to send mexicans back to mexico to lack of jobs -
Stock Market Crash
-People could not sell their shares enough
-Top bankers met that friday & bought stocks above current market prices to try and stop the rapid decline in prices.
This action by bankers only delayed the collapse by a few days
October 29 (Black Tuesday) Market crashes -
Great Depression
When panicked sellers traded nearly 60 mil. shares on the New York stock exchange.
- Corporations could no longer raise funds
- In 1940 15% was the lowest employment rate
- People had fought for their daily survival. Banks failed and many people were out of work.
- The money supply growth caused by huge international gold influence was a crucial source of the recovery in the US economy.
- People were hungry and went homeless -
Stock Market Crash pt. 2
-The US economy had to depend on that activity before the crash, nearly cents of every 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 the balance from a bank or broker.
B: Return to normalcy. A return to the way of life before WW1
-Americas first plan meanwhile, President Herbert Hoover urged patience and itself-reliance he thought the crisis was just a passing incident in our national lives. -
Stock Market Crash pt. 3
-That it wasn't the federal government's job to try and resolve.
C: After the crash people tried to withdraw their money from banks Couldn't b/c banks invested their money in the stock market.
-By 1933, 11,000 of the nations 25,000 banks had failed -
William Randolph Hurst
-He was a leading supporter of Franklin Roosevelt in 1932, but them broke with FDR and became his most prominent enemy.
-Franklin D Roosevelt New Deal gave way however, to vigorous opposition to the president policies on taxes trust in labor and hearst became stridently conservative. -
The Gold Standard
-Gold and silver were traded
-Use of the gold standard came to an end in 1933 when president Roosevelt issued an executive order outlawing the ship to gold, but Roosevelt wanted people to rely on paper money (fiat money)
-To expand to money supply & stimulate economic activity. -
Agricultural Adjustment Act/ New Deal
The Agricultural act was created in 1933 to reduce crop surplus and Therefore effectively raised the value of crops.
- To producers who curtailed the output of crops and livestocks.
- The AAA also paid farmers to not grow crops.
- This Act came to be Rivelt's recovery legislation. -
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
New Deal
Roosevelt blamed the bankers selfishness & financiers for current crisis
-Roosevelt passed through legislation which is hard and less critical times
-All the important bills submitted in these 1st 100 days he explained these NEW DEAL measures as the 3 R's relief, recovery, reform
-The New D change the Gov, how since the New D the Govt. has started to take care of the US, it provides social security & medicare for older people runs the FDIC to insure our banks deposits & lower taxes -
Period: to
First Term Of Franklin D Roosevelt
His positive approach and charm help him defeat Herbert Hoover in Nov. 1932
-Depression was the only issue of conseque in the campaign Americans had to choose between unsuccessful policies from Hoover, who claimed Roosevelt would intensify the disaster.
-The economy was in depression, no jobs or homes Franklin took offices & declared 4 day bank holidays urged Americans to put back holidays.
-Famous quote "Only thing to fear is fear itself" meaning fear only made things worst. -
Tennessee Valley Authority
Built a government owned dams along the river.
- control floods 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 banks 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 R's relief, recovery and reform -
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. -
Gold Reserve Act
-United States had a bi-metallic system of money
-Silver was also traded
-Gold Standard came to an end in 1933 when Roosevelt issued an Executive order outlawing the ownership of gold besides jewellery.
-Roosevelt wanted people to rely on flat money "paper money" -
Henry Long "Share our wealth"
-Was a democratic governor of Louisiana opposed the New Deal, bc he believed Roosevelt's plan didnt help people living in poverty after the Great Depression.
-His plan wanted to take money from the wealthy and give to the poor. He was assassinated September 10, 1964 -
Reform of the New Deal
Social Security was probably the most important measure of the New Deal. It provides workers with unemployment insurance, old age pensions, and insurance if they died early. Workers and their employers each paid New contributions to fund these benefits in part of Roosevelt. -
Migrant Mother
-She focused her photography career on destitute migrant workers, children, & mothers...
-There 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
-He 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 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. -
Robert Taft
-Taft was elected for US senate in 1938.
He opposed and denounced FDR's New Deal said that it had socialist trends. Taft's plan called economy in gov, a balanced budget, and less centralization of power in the nationals capitalist. -
Dust Bowl
-Drought is a part of a weather cycle, 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, Plagued by dust storms and evictions, thousands of farmers and sharecroppers left their land behind.
-By the end of the 1930's hundreds of thousands of farm families had migrated to Cali. Pacific coast states. -
Grapes of Warth
Arthur: John Steinbeck
Okies: where natives farms in oklahoma forced to move due to drought and farm foreclosures in the 1930's to California using route 66 to seek better jobs
Migrant Hopess vs. Reality people came from all around the us with hopes of a better life and better jobs, but only came to find even more poverty or if not already poor they became poor. -
Stock Market Crash
Causes- The stock market crash of 1929 was largely caused by bad stock market investment. Low wages, a crumbling agricultural sector, & high amounts of debt that couldn't be liquidated. Upward trends in the stock market caused many people to invest, money, even if they didnt have the financial assets to back up their investments.
A:Explain buying on the margin
-Buying on the margin became so popular that by late 1920's " 90% of the purpose price of the stock market was being made. -
Return to Normalcy
Return to "Big Businesses"
-In addition to its pro-businesses stance, harding's administrations was known primarily for his corruption exposed fully after harding's death in office in 1923 how it was after WW1 before the Great Depression, the good times