HIST-H 106 Lecture Notes - Lecture 1: National Recovery Administration, Works Progress Administration, Federal Farm Board
Document Summary
Chapter 26 notes- franklin d. roosevelt and the new deal. 1929- stock market crash began economic depression: dealt with by hoover, then more successfully by franklin d. roosevelt. Economy collapsed after 1929- single worst panic/era of unemployment in nat"l history. Came as shock- people used to 1920s prosperity. General confidence that life would continue improving: the great crash. After 1924- production outweighed consumption; small downturn (1927) Business/gov"t leaders failed to heed warning- could have lessened great depression effects. Rates of sale growth slowed- more people owned durable goods. 1927-1929- sharp stock market increase known as great bull market. 1928- strongest surge; investors ignored declining production figures believing they could make large profits; bet savings on speculative stocks; corporations/banks loaned out money to brokers to loan to investors (margin loans) 1929- number of brokers increased; huge nat"l interest in stocks. More spectators than speculators- less than 3 million owned stocks, only 0. 5 million active buyers/sellers.
