37:575:202 Lecture Notes - Lecture 8: Underconsumption, Okie, Overproduction

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Buying stocks on margin; using borrowed money to buy more stock. Fed had loose credit terms for ppl to borrow money; risky ppl got money. Post crash: fed puts on harsh credit terms; now not many ppl can borrow. Efficient factories led to so many products be ing made; more than market needs. Ppl aren"t buying everything available to buy. Leads to cutting hours for shifts and layoffs. Lower consumption/drop in demand layoffs, pay cuts lower consumption lower production (cyclic) construction) 25+% unemployment; much higher in specific industries (70% unemployment in. Ppl have no insurance and no money. No organizations or shelters to turn to b/c it"s a tough time for everyone. Hobos : people just get up and leave to find work somewhere else. People blamed themselves; feel that they"ve failure of the american dream. Many ppl think its an individual problem. Dust bowl (hoover was the 3rd of the progressive presidents) Series of dust storms in the midwest.

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