POL SCI 143C Lecture Notes - Lecture 5: Federal Housing Administration, Investment Banking, World War I

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Announcements: tas will discuss the rcs and distribute a handout. Treat quiz as a reading quiz, know the suburb history and chapter 8. Following wwi (1914-1918), the us economy had experienced rapid economic growth and financial excess into the late 1920s. On black tuesday, october 29, 1929, the stock market crashed triggering the gd, referred to as the worst economic collapse in the history of the modern industrial world. Began in 1929 and lasted until the late 1930s-- some economists suggest 1940s. With banks failing and businesses closing, more than 15 million americans ( of workforce) became unemployed. Industrialized nations and those supplying primary products (food and raw materials) were all affected in one way or another. President hoover was blamed for the severity of the depression, underestimating the seriousness of the crisis. Hoover called it a passing incident in our national lives, and assured americans that it would be over in 60 days.

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