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The Great Depression by Mind Map: The Great Depression
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The Great Depression

Tues. Oct. 29th, 1929 - NYC Stock market crashed, causing a depression that would last until 1942

Middle class depended on their jobs

Middle class stopped consuming things and it ruined the whole country

and b/c of low savings, they had to cut back on their purchases

Hoover also organized some private relief agencies for the unemployed

Congress did not understand that the world had become a GLOBAL ECONOMY

The New Deal

Step One-Banking History

Step Two-Security Exchange Comission

Step Three-Gold Standard

Nira and Nra created

Liberty League formed

TVA used

AAA formed in 1933

CCC made in 1933 to get work for young boys

NYA, FERA and Wagner act created to help produce work

Social security created in 1935

Paid unemployment and old age pensions

Food stamp act of 1939

Gave surplus food away to the poor

Trouble with banks

Austrian banks borrowed from German banks and appealed to the BANK OF INT'L SETTLEMENT (Fr veto)

Austrian banks and loaning German banks therefore were forced into bankruptcy

and b/c German banks had borrowed from Americans, U.S. banks began to go bankrupt, wiping out life savings of thousands of Americans