CGS SS 102 Lecture Notes - Lecture 15: Calvin Coolidge, Stock Market Crash, Herbert Hoover
6 Apr 2016
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Document Summary
The great depression: the american age of prosperity. Rise in productivity from first and second industrial revolution: mass production/growing complexity of market increase living standards. Total volume of american output doubled every twenty years (booming: unprecedented progress and improvement. Widely believed that the poor were poor due to personal failing: john j. raskob. Millionaire who declared if a man saves a week and invests in good, common stock at the end of 20 years he will have ,000 . Firm in belief that anyone can and ought to be rich. America on way to surpassing all other societies: on verge of abolishing poverty forever, president herbert hoover (1929-1933) Believed poverty would be abolished forever: cornelius vanderbilt. In 1980s, seven vanderbilt mansions size of buildings: j. p. morgan. Banker, who lived more modestly than other billionaire friends: the crash of 1929. Late in october stock market plunged into most devastating depression ever.
