The Great Depression & The New Deal: 1929-1941

• A period lasting from 1929 to 1940 in which United States economy was in severe decline and millions of Americans were unemployed.
• Tariffs and war debt policies that cut down the foreign market for American goods.
• A crisis in the farm sector.
• The availability of easy credit.
• An unequal distribution of income.
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Speculation, Buying on Margin, & the Stock Market Crash
• Speculation- an involvement in risky business transactions in an effort to make a quick or large profit.
• Buying on margin- the purchasing of stocks by paying only a small percentage of the price and borrowing the rest.
• Stock market crash- in early September 1929, stock prices peaked and then fell. Confidence in the market started to waver, and some investors quickly sold out their stocks and pulled out.
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Black Tuesday
• A name given to October 29, 1929, when stock prices fell sharply.
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Economic indicator #1: Bank failures
• After the crash , many people panicked and withdrew their money from banks. But some couldn’t get their money because the banks had invested it in the stock market.
• In 1929, 600 banks closed. By 1933, 11,000 of the nation’s 25,000 banks had failed.
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Economic indicator #2: Business Failures
• Between 1929 and 1932, the gross national product was cut nearly in half, from $104 billion to $59 billion.
• Approximately 90,000 businesses went bankrupt.
• Among these failed enterprises were once- prosperous automobile & railroad companies.
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Economic indicator #3: Unemployment
• As the economy plunged into a tailspin, millions of workers lost their jobs.
• Unemployment leaped from 3% ( 1.6 million workers) in 1929 to 25% (13 million workers) in 1933.
• One out of every four workers was out of job.
• Those who kept their jobs faced pay cuts and reduced hours.
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Shantytowns & “Hoovervilles”
• Shantytowns- a neighborhood in which people live in makeshift shacks.
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Soup kitchens
• Soup kitchen was a...

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