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HIST 226 (116)
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The Great Depression.docx

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HIST 226

I. The Great Depression (GD) Begins, 1929 a. 1920's Roaring Twenties, but TX isn't doing as well mostly farmers b. Crop prices drop mid-1920's c. Idea that people can get rich quickly d. Causes 1929: i. Banking system (give credit to people that didn't even have the money to pay for it) (Stock market) (invest right you would have surplus could pay back the money you didn't have at first and then get some) ii. Stock market: large investments, middle class (Bull market) iii. Ignoring the debt iv. Signs by Spring of 1929: economy is slowing down (steel, car sales, construction of new houses) v. Largest investors (Sept. 1929) selling off their stock vi. Oct. 24 the stock prices declined dramatically vii. Black Tuesday drop again viii. Individual investors trying to sell of their stocks b. Herbert Hoover i. Didn't do much thought it would resolve itself ii. Acted to late iii. Temporary set back iv. Get cabinet members to make public announcements that everything was okay v. Dec. 1929: Fundamentally sound vi. 1931 people are losing faith in Hoover I. Reactions to GD in TX, 1929-31 a. Problem on the East coast b. Destabilizing the economy c. Doesn't really affect them d. 1931 TX starts to feel the problems of the stock market crash e. Fewer people buying cattle and cotton/crops f. Businesses around the U.S. employing less people g. Idea of Save for a raining day i. Leads to less money circulating b. 40 Billion potential stocks being lost: less activity and less $$$ I. The Dust Bowl makes a bad situation worse in Northwest Texas, 1931 a. Caused by: i. Over farm production: soil erosion ii. Heavy drought b. Dying from dust getting in their lungs c. 10 years I. Texans turn against Pres. Hoover,1931-32 a. All people see is what is around them b. Slums/ camps for homeless (Hooverville) c. No money d. Hunting for food (Hoover hogs) e. He isn't coming up with solutions f. People having to rely on private charities g. Can't handle on their own they need the Federal Gov't to step in and help h. Sponsor plays or musicals to help (local level) I. Franklin D. Roosevelt (FDR) emerges as the man who will “save the economy,” 1932 a. First 100 days i. 15 bills got passed FDR quickly won congressional passage for a series of social, economic, and job-creating bills that greatly increased the authority of the federal government—the Federal Emergency Relief Administrat
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