Chapter 14 Notes: The Great Depression I. Warning Signs/Causes

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Chapter 14 Notes: The Great Depression

I. Warning Signs/Causes:

A. Farm Crisis

B. Consumers’ over reliance on credit

C. Stock speculation

i. Bull market

ii. Bear market

iii. Margin buying

D. Black Thursday

E. Black Tuesday

II. Great Depression Begins:

A. Banks failed

i. Heavy defaults, margin calls & massive withdrawals

B. Businesses closed

i. massive unemployment

C. Prices dropped for farm products

i. farms lost to banks

D. income gap

E. Avg. income drops; Reduced purchasing power

F. Consumer debt

III. Global depression:

A. Banks call in European loans

B. can’t export (European depression)

C. Smoot-Hawley Tariff

IV. Hardships:

A. Unemployment or reduced wages

B. Immigration decreases

i. Migrants returned to Mexico

C. increased discrimination

D. Malnutrition

E. Homelessness

i. Shantytowns

ii. Hoboes

V. Families:

A. relatives helped one another

B. marriage rate fell

C. birthrates decline

D. suicides increased

E. Feelings of shame & hopelessness

VI. The Dust Bowl

A. 1931--drought

B. Poor farming practices

C. Wind storms

D. Route 66 to CA

VII. Efforts to help poor:

A. Salvation Army, gov. agencies, religious groups, mutualistas

B. Bread lines, soup kitchens, community rice barrels

C. Rent parties

VIII. Pop Culture:

A. Entertainment—means of escape

i. Movies

ii. Radio

iii. Literature

IX. Theories/Solutions:

A. Business Cycle

B. Rugged individualism

C. Associative state

X. Hoover Administration:

A. Public Works Program

B. Federal Farm Loan Board

C. Reconstruction Finance Corporation

XI. Public response to Hoover:

  1. Protests

i. Scottsboro Trial

ii. Bonus Army

XII. Election of 1932:

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