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the great depression by Mind Map: the great depression
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the great depression

This is just a demo map that you can delete right away, if you feel like it...

americans react to hoover

Hoover was increasingly unpopular, but he continued to try... • he persuaded Congress to establish the RECONSTRUCTION FINANCE CORPORATION

had power to make emergency loans to banks

and Hoover wouldn't involve himself in any programs of direct gov'tal aid to individuals -didn't want to erode Americans sense of "RUGGED INDIVIDUALISM"

EX: Dairy farmers frustrated w/low price of milk refuse to sell (dump it)

EX: WW1 veterans (pensions discontinued by congress) march on Washington = BONUS MARCH (by BONUS ARMY)

stock market crashed

the public invests in cos. by purchasing stocks; in return for this they expect a profit

productivity and unemployment

in 1920's U.S. Eco. was based on the productivity – purchasing power - employment cycle

major problem: uneven dist. of wealth

0.1% at top owned as much as bottom 42% of American families (42% below poverty line)

President Hoover’s responses

he didn't believe that the gov't should play an active role in the economy

he persuaded bankers/business to follow his policy of VOLUNTARY NON - COERCIVE COOPERATION where he gave tax breaks in return for private sector economic investment

Hoover also organized some private relief agencies for the unemployed

he worked out a system with European powers that owed U.S. money as a result of WWI debts = HOOVER MORATORIUM - put a temporary stop to war debt & reparations payments

Euro. countries were to purchase American goods instead to stimulate American economy

1932

1 of 4 was unemployed

nat'l income was 50% of what it had been in 1929

Repubs. nominated Hoover • no hope

winner by a landslide = FRANKLIN DELANO ROOSEVELT (Dem - N.Y. governor)