HIST 2112 Lecture Notes - Lecture 10: Hooverville, Bonus Army, Overexploitation
Document Summary
In 1928 stocks continue on a steady surge for year and a half. In oct of 1929 there are huge declines. Continues to decline over the next 4 years. Its is surprising how long it last and how bad it was. Ca(cid:374)"t (cid:272)o(cid:374)ti(cid:374)ue to sell (cid:272)ars a(cid:374)d radios i(cid:374)defi(cid:374)itely. About half of all american hovered just about the poverty line. Businesses bought machinery, buildings, supplies but stop when the economy goes down. Busi(cid:374)esses (cid:272)a(cid:374)"t predi(cid:272)t whe(cid:374) (cid:272)o(cid:374)su(cid:373)ers are goi(cid:374)g to stop buying. Banks are loaning money to people to invest in the stock market. (cid:373)all (cid:271)a(cid:374)ks (cid:272)a(cid:374)"t pay (cid:271)a(cid:272)k (cid:271)ig (cid:271)a(cid:374)ks loa(cid:374)s. American banks are loaning money out to france and germany to pay. Caused the u. s. depression to go global depressions, it acts like a signal rather) The depression gets worse in 1931,2,3 (market crashes do not cause. Depositors lost 2. 5 billion due to banks closing. By 1932 the unemployment rate is around 25%
