HISTORY 1102 Lecture Notes - Lecture 6: Bonus Army, Andrew Mellon, Herbert Hoover
12 Jun 2016
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A seemingly prosperous nation tanked into a nation of unemployed, shantytowns (hoovervilles) and bread lines. The dust bowl appeared because of agricultural poverty. The stock market crash was not a cause of the great depression, but rather a symptom of it. Consumption was so low that many companies overproduced o. The stock market is completely unregulated o. You could take loans to buy stocks, which contributed to the rise of the stock market in the first place but wealthy investors into bankruptcy. Germans struggled to pay reparation back to the french, so the french could not pay loans back to the us o. They created a poisoning of relations: once the banking system collapse in the us, they could not loan germany money and it created a credit freeze. Treasury secretary andrew mellon and the failure of the fed. The recession was getting worse, not better. Communists began organizing across the united states.
