TAMU HIST 106 - Test 2 (25 pages)

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Test 2



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Test 2

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Pages:
25
School:
Texas A&M University
Course:
Hist 106 - History Of The U S

Unformatted text preview:

The Great Depression History 106 About the Great Depression October 1929 Stock market crash of 1929 ended roaring 20 s o Role of government in economics reinforced o 11 of the most prominent investors committed suicide Dust Bowl Happened to farming land sparked by drought Causes of the Great Depression Similar to Recession of 2008 Overproduction Farmers produced too much product Mal Distribution of Wealth Tariffs o 43 of stock market owned by 1 of population o Massive tariffs so many could not afford products o Farmers as well of consumers did not like tariffs o Circulation of dollars was low because of high tariff Low Regulation Low or no regulation of stock market o 30 of stock market was bought on credit Banking Practices not protecting consumers they were spending money on stock market Economic Indicators Stock prices went down unemployment went up about 25 Production slowed cut in half Banks closed Social Indicators Marriage rates dropped by 30 Birth rates dropped to 0 Crime went up murder rate tripled Responses to Great Depression Herbert Hoover Was blamed for the depression o Secretary of Commerce then elected as President in 1928 o He was willing to intervene in the great depression but people did not support him Bonus March Group of World War I veterans needed their bonus but he postponed it then the veterans marched to Washington Hoover sent current troops to disperse them Voluntary Cooperation met with business leaders to get them to help each other o National Credit Corporation businesses could pool money together Trickle down give money to large institutions rather than consumers Self Liquidating ventures build toll roads and dams to alleviate the depression Summary Government was too late but growing government role in US economy o Hoovervilles Shanties and immigrant ghettos Blamed Hoover FDR and the New Deal Franklin D Roosevelt was elected as president after Hoover Democratic Coalition Changed the voting block for the Democratic party African



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