the roaring 20’s the new concept of “credit” and spread of consumerism. instant gratification...
TRANSCRIPT
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The Roaring 20’s• The new concept of
“credit” and spread of consumerism. Instant gratification was the rule.
• People were spending money and could not pay it back. (Think credit cards today)
• People were buying:
– Automobiles
– Appliances
– Clothes
• Fun times reigned
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The Stock Market• People bought stocks
on margins– If a stock is $100 you
can pay $10 now and the rest later when the stock rose
• What if Stocks fall?– Now the person has
less than $100 and no money to pay back
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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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• Herbert Hoover was president at the start
• Philosophy: We’ll make it!
• What He Did: Nothing
• The poor were looking for help and no ideas on how to correct or help were coming
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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• Unemployment skyrocketed
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People in cities would wait in line for bread to bring to their family.
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“Hooverville”• Some families were
forced to live in shanty towns– A grouping of shacks
and tents in vacant lots
• They were referred to as “Hooverville” because of President Hoover’s lack of help during the depression.
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A drought in the South lead to dust storms that destroyed crops.
“The Dust Bowl”
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The South Was Buried
• Crops turned to dust=No food to be sent out
• Homes buried
• Fields blown away
• South in state of emergency
• Dust Bowl the #1 weather crisis of the 20th century
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*FDR*• When he was
inaugurated unemployment had increased by 7 million.
• Poor sections (like Harlem) had 50% of the pop. unemployed
• Institutes the “New Deal”—program designed to use Government funds to rebuild economy
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• People everywhere were effected by the depression
• It wasn’t till President Roosevelt took over and tried to put the economy back together that people even saw a glimmer of hope