the great depression ~ 1929-1939 post ww i~ all nations will suffer economic hardships the economic...
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The Great Depression
~1929-1939 POST WW I~• All nations will
suffer economic hardships
• The economic collapse began here in NYC; Wall Street
• October 29, 1929… Tuesday
MANY LOST THEIR HOMES
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The Roaring 20’s in the U.S.A.• The new concept of “credit”
–buying things without money (early form of credit cards)
• Americans were buying:– New Kitchen Appliances &
Clothes – New Cars– And investing in the Stock
Market… to make more $$$ • Fun times reigned
– Many are working – Parties are had everywhere…
times are good!– The Great Gatsby (famous
book)
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FLAPPER
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Why was this bad?• Credit system
–People didn’t really have the money they were spending on new items
• WWI–The U.S. was a major credit loaner to France, England and many Euro. Nations
AND FINALLY, THE CRASH OF FINANCIAL MARKETS
THE STOCK MARKET CRASHES!CAUSING WORLD WIDE $$$ CRISIS!
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What are Stocks? And the Stock Market?
Stocks: A stock is a portion of the ownership of a company. A share in a company gives the owner of the stock a stake in the company and its profits or losses.
Stock Market: The place where stocks are bought and sold… (think Wall Street!)
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Let’s Invest in NIKE shoesWe purchase ONE stock on March 2, 2009How much does this cost? $39.76 for one stock
And we decide to sell it on March 30, 2009What is the value of NIKE stock on 3-30-
09?$46.26 for the same stock…
How much $$$ did we make? $6.50!!!
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What if we had 10,000 shares?• Let’s say we bought a 10,000 shares on
March 2, 2009…- if it cost $39.76 than we paid $39,760
So now how much $$$ did we make on March 30, 2009…- if the price is $46.26 X 10,000 shares
= $46,260 - $39,760 $6,500 profit in one month
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Why did the Stock Market Fail• People bought stocks
on margins—what speculator do– If a stock is $100 you can pay $10 now and the rest later when the stock rose
• Stocks fall– Now the person has less than $100 and no money to pay back
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Stock Market Boom and Bust
0
5
10
15
20
25
30
35
Jan-21 Jan-23 Jan-25 Jan-27 Jan-29 Jan-31 Jan-33 Jan-35 Jan-37 Jan-39
Sept. 1929
July 1932
S&P Composite IndexA boom is a time when stock holders make money;
A bust is when stock holders loose money!
Sept. 1929
July 1932
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RED LINE IS FOR
PRESENT DAY: US!!
BLACK LINE IS FOR GREAT DEPRESSION
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And then…
• With people panicking about their money investors tried to sell their stocks– This leads to a huge
decline in stocks– Stocks were worthless
now• People who bought on
“margins” now could not pay
• Investors were average people that were now broke
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• Farmers were already feeling the effects– Prices of crops went down– Many farms foreclosed
• People could not afford luxuries– Factories shut down– Businesses went out
• Banks could not pay out money• People could not pay their taxes
– Schools shut down due to lack of funds
• Many families became homeless and had to live in shanties
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Many waited in unemployment lines hoping for a job.
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People in cities would wait in line for bread to bring to their family.
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Some families were forced to relocate because they had no
money.
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MANY FAMILIES HAD VERY LITTLE
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LINES FOR FREE SOUPNYC, 1930
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COVER OF TIME MAGAZINE
OCTOBER, 2008
DOES THIS PICTURELOOK FAMILIAR?
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K-BAIN
• MAY 2, 2009
• Brooklyn Food Conference
• Bring Resume
• Submit form by April 22, 2009