HIST 1025 Lecture Notes - Lecture 12: Bonus Army, Stock Market, The Dust Bowl (Film)
Document Summary
Week 7: the four crises of the great depression. (cid:862)we i(cid:374) a(cid:373)eri(cid:272)a today are (cid:374)earer to the fi(cid:374)al triu(cid:373)ph o(cid:448)er po(cid:448)erty tha(cid:374) e(cid:448)er (cid:271)efore i(cid:374) the history of a(cid:374)y la(cid:374)d. (cid:863) (1) economic, (2) political, (3) environmental, (4) cultural. Fdr"s pri(cid:373)ar(cid:455) target (cid:449)as the politi(cid:272)al (cid:272)risis. Stock market had been sliding for the previous 2 months. The crash exposed a number of problems and caused itself a cascade effect that made things much worse. Cause 1: financial bubble bursts - collapse of incomes, consumption, prices, credit/loans, capital investment, confidence. Fall 1929 - people wondered if things were overinflated and there was overconfidence. Recent 2008 recession - by comparison gdp fell by less than 1% (scale of the (cid:272)o(cid:374)tra(cid:272)tio(cid:374) (cid:449)as (cid:373)u(cid:272)h greater i(cid:374) the (cid:1007)0"s) I(cid:374)(cid:272)o(cid:373)es go do(cid:449)(cid:374), people"s a(cid:271)ilit(cid:455) to (cid:271)u(cid:455) thi(cid:374)gs goes do(cid:449)(cid:374), diffi(cid:272)ult(cid:455) to pa(cid:455) back loans and get loans declines, long-term investment declines as well.
