VUS.10b-d: The Great Depression
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1 Name: Date: Period: VUS10b-d: The Great Depression Notes VUS10b-d: The Great Depression 1
2 Objectives about The Great Depression VUS10 The student will demonstrate knowledge of key domestic events of the 1920s and 1930s by b) assessing the causes and consequences of the stock market crash of 1929; c) explaining the causes of the Great Depression and its impact on the American people; d) describing how Franklin D Roosevelt s New Deal relief, recovery, and reform measures addressed the Great Depression and expanded the government s role in the economy The Nation s Sick Economy Main Idea: As the prosperity of the 1920s ended, severe economic problems gripped the nation Why it Matters Now: The Great Depression has had lasting effects on how Americans view themselves and their government I The Good Times A The 1920s were a time of superficial prosperity B Businesses were C Wages were D People bought all kinds of items 1 Cars, toasters, washers, vacuums, sewing machines E People thought the good times would continue forever and bought II Trouble Ahead A As the 1920s advanced, economic prosperity slowed, but B Industries were in trouble 1 Railroads, lumbering, and mining industries were 2 Companies had to start a Notes VUS10b-d: The Great Depression 2
3 b People were also laid off because a lot of companies began C Farmers were in Debt 1 During WWI, farmers produced a 2 After WWI, farmers should have a They were 3 Farmers needed a Many farmers b Many farms were 4 Congress tried to help and passed price-supports ( ) a Government would buy excess goods and sell it oversees b D Consumers had less money to spend 1 As businesses failed, 2 Since nobody was buying, E Living on Credit 1 People were living 2 People could not afford to buy items out-right so 3 Credit cards 4 Installment Plans 5 Buying Stocks on the Margin 6 Many couldn t pay back the full amount of their loans or were so strapped for cash they couldn t spend money on other items, which hurt other businesses, causing more people to become unemployed Notes VUS10b-d: The Great Depression 3
4 F Uneven Distribution of Wealth 1 2 Most earned less than $ a year ($36,000 in 2018) 3 Had 4 Relied on III Hoover Takes Over A 1928 wins the election 1 Little focus on the economy 2 People think the good times will continue B People believed investing in the stock market was the key to riches 1 Dow Jones Industrial average was high (Bull Market) 2 People began engaging in Speculation a b Make c Many didn t realize the risk, thought the market would continue to increase C People began buying Stocks on the Margin 1 2 Makes the market appear than it actually is 3 If stock prices decline, people have D The government did little to discourage excessive borrowing IV The Stock Market Crashes A By early September 1929, many began to question the strength of the market 1 People began selling their stocks B 1 Confidence in the market collapsed 2 People began selling their stocks for pennies 16 million stocks sold 3 a Caused Notes VUS10b-d: The Great Depression 4
5 V The Great Depression Begins A time period where the economy plummeted, and unemployment rose 1 Banks Failed 2 People panicked and went to their banks a Many banks b Many lost their entire life savings c The government did not insure bank accounts (today the FDIC insures up to $250,000) d By 1933 B Businesses Failed 1 The Gross National Product (total output of goods) was cut from 2 90,000 businesses failed C Unemployment Rose from D The Depression Spread Throughout the World 1 European nations were still 2 was the center of the financial world 3 Many nations relied on the for loans 4 Many also relied on the US to 5 US passed the a Highest protective tariffs in US History b Designed to protect American farmers and businesses c Increased Encouraged other nations Hardships and Suffering Main Idea: During the Great Depression Americans did what they had to do to survive Why it Matters Now: Since the Great Depression, many Americans have been more cautious about saving, investing, and borrowing Notes VUS10b-d: The Great Depression 5
6 I The Depression in Cities A Many lost their B increased C little towns consisting of shacks D E F There was no direct relief for families 1 2 were hit even harder II The Depression in Rural Areas A Farms were foreclosed on III The Dust Bowl A Drought struck in the 1920s B For decades farmers in the Midwest 1 Leaving a lot of land 2 When the drought struck and winds picked up, 3 Hardest hit was 4 Many abandoned their farms and moved to IV Effects on the American Family A Men in the Streets 1 Lots of extra time because of 2 Hobos began wandering the streets 3 There was no direct relief ( ) for families 4 Some cities tried to provide some relief for families a New York City - $239 per family each week ($3488 today) B Effects on Children 1 2 shut down Notes VUS10b-d: The Great Depression 6
7 3 wild boys 4 increased Hoover Struggles with the Depression Main Idea: President Hoover s conservative response to the Great Depression drew criticism from many Americans Why it Matters Now: Worsening conditions in the country caused the government to become more involved in the health and wealth of the people I Hoover Tries to Reassure the Nation A Hoover s Philosophy 1 Tried to convince everyone to 2 Depressions are just a normal part of 3 The government s role was to encourage and facilitate cooperation, 4 Let pitch in to help B Cautious Steps 1 Hoover called together key leaders in business, banking, and labor urged them to work together to find a solution 2 Asked employers not to cut wages or lay off workers and asked laborers not to strike 3 Created a special organization to help private charities generate contributions 4 5 Farmers burned their corn and wheat and dumped their mil on highways rather than sell it at a loss 6 Shantytowns, now referred to as, arose in every city and hobos continued to roam C Democrats Win Congress 1 As the difficulties increased the political tides turned against Hoover and the Republicans 2 The took advantage of the anti-hoover sentiments to win more seats in Congress Notes VUS10b-d: The Great Depression 7
8 II Hoover Finally Takes Action A Backed the creation of the intended to raise crop prices by helping members to buy crops and keep them off the market until prices rose B lowered mortgage rates for homeowners and allowed farmers to refinance to avoid foreclosure C Reconstruction Finance Corporation (RFC) authorized up to $2 Billion for emergency financing for banks, life insurance companies, RR, and other large businesses 1 Hoover believed that the money would 2 Businesses still failed III Bonus Army A In 1932 B Patman Bill proposed bill under debate that authorized the government to 1 Bill was approved in 1924, but was to be paid out in 1945 (cash and life insurance) but the veterans wanted to be paid immediately 2 Built shantytowns in front of the Capitol C July 28 Hoover sent troops to disband the Bonus Army 1 Franklin Delano Roosevelt Main Idea: After becoming president, Franklin Delano Roosevelt (FDR) used government programs to combat the Depression Why it Matters Now: Americans still benefit from programs begun in the New Deal, such as bank and stock market regulations and the Tennessee Valley Authority I The New Deal A FDR 1 Democrat, elected in the election of, inauguration in March 1933 Notes VUS10b-d: The Great Depression 8
9 a 20 th Amendment moved the presidential inauguration b Lame duck amendment 2 Between the time of election and the time he took office, FDR worked to pick advisers known as the 3 Came up with the FDR s plan to resurrect the economy B The First Hundred Days 1 lasting from March 9 June 16, Congress passed more than a Expanded the federal government s 3 First step was to carry out reforms in banking and finance a Bank Holiday - b Emergency Banking Relief Act C Fireside Chats 1 2 Made people feel like he was talking directly to them 3 II Relief, Recovery, Reform A Relief: bring immediate help to those who need it 1 CCC (Civilian Conservation Corps) a 2 TVA (Tennessee Valley Authority) 3 WPA (Works Progress Administration) Notes VUS10b-d: The Great Depression 9
10 4 Also hired artists, musicians, and actors B Recovery pump priming temporary program to restart the flow of consumer demand 1 AAA (Agricultural Adjustment Act) 2 NRA (National Recovery Administration) C Reform permanent programs to avoid situations causing contractions and insurance for citizens against economic disaster 1 FDIC (Federal Deposit Insurance Corporations) 2 Wagner Act 3 SSA (Social Security Act) D Regulating Banking and Finance 1 Glass-Steagall Act 2 Federal Securities Act 3 21 st Amendment alcohol; heavily taxed by the Federal Government to raise money the sale and consumption of Results of the New Deal Main Idea: The New Deal affected American society, not only in the 1930s, but also in the decades that followed Why it Matters Now: New Deal programs continue to assist homebuyers, farmers, workers, and the elderly in 2018 I Results A By the end of the Hundred Days, millions of Americans had benefited from the New Deal programs B Public confidence in the nation s future had Notes VUS10b-d: The Great Depression 10
11 C FDR practiced the policy of deficit spending 1 Said it was a necessary evil to be used in an economic crisis II Critics of the New Deal A Many critics believed the New Deal B Said the federal government had too much control over agriculture and industry C American Liberty League D 3 of the toughest critics expressed views that appealed to the poor: III FDR and the Supreme Court A Schechter v US (1935) 1 Said it gave legislative power to the executive branch B Butler v US (1937) 1 Said that agriculture is a local matter and should be regulated by the states, not the federal government C Overall, FDR s New Deal was D FDR s Response to the Supreme Court 1 He proposed the a Would have allowed him to appoint 6 new Supreme Court justices; (aka the court packing bill ) b , an elderly justice retired and FDR appointed a liberal justice more aligned with his own views 3 Over the next 4 years, FDR appoints 7 new Supreme Court justices (because of resignations) IV End of the Great Depression? A In 1938, FDR scaled back on the New Deal policies and unemployment rose again B Production and unemployment wouldn t match pre-1929 levels until Notes VUS10b-d: The Great Depression 11
12 C However, V Long Term Impact A B 1 Government is responsible for C D E Glossary VUS 10 Directions: Fill in the definition for the term listed Then, in the box on the right, you have to draw a picture OR write the definition in your own words OR write a sentence using the word that demonstrates its meeting speculation Buying on the Margin Black Tuesday Notes VUS10b-d: The Great Depression 12
13 Hawley Smoot Tariff Shanty towns/hoovervilles Dust Bowl Direct Relief Bonus Army New Deal Glass-Steagall Act Notes VUS10b-d: The Great Depression 13
14 AAA CCC Deficit spending Social Security Act FDIC TVA Notes VUS10b-d: The Great Depression 14
15 Summary DIRECTIONS: Choose only one of the following: a) write a summary (25-75 words) of what you believe was the most important aspect of the notes/lecture b) write what you believe to be the most interesting or memorable part of the notes/lecture (25-75 words) c) draw something that symbolizes the notes/lecture to you (has to be different than your title page) Notes VUS10b-d: The Great Depression 15
VUS.10b-d: The Great Depression
Name: Date: Period: VUS10b-d: The Great Depression Filled In Notes VUS10b-d: The Great Depression 1 Objectives about The Great Depression VUS10 The student will demonstrate knowledge of key domestic events
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