Chapter 8: The Great Depression (1928–1932)
Summary
In the late 1920s most Americans were confident in the economy, but financial problems were starting to appear. By October of 1929, the stock market began to slide downward and finally crashed, causing investors to lose millions of dollars. The stock market crash led to bank failures, business shutdowns, unemployment, and eventually impacted the world economy. Unhappy with the government's response to the depression, some Americans called for change while others turned to protests.
Chapter Outline
Section 1: Causes of the Depression. Many factors contributed to an economic collapse, including uneven distribution of wealth, credit buying, personal debt, agricultural over-production, government policy errors, tariffs, and stock speculation.
Section 2: Americans Face Hard Times. Americans lost their jobs, savings, homes, and status. Families went without food, stood on bread lines, or lived in “Hoovervilles.” A terrible drought turned the Great Plains into the Dust Bowl, sending thousands of migrants called Okies on the road.
Section 3: Hoover's Response Fails. President Hoover tried several strategies to respond to the crisis, but each came up short. Volunteerism, localism, and a trickle-down economics approach all failed. Forced removal of the Bonus Army from Washington D.C. ended his chances for reelection in 1932.
In the late 1920s most Americans were confident in the economy, but financial problems were starting to appear. By October of 1929, the stock market began to slide downward and finally crashed, causing investors to lose millions of dollars. The stock market crash led to bank failures, business shutdowns, unemployment, and eventually impacted the world economy. Unhappy with the government's response to the depression, some Americans called for change while others turned to protests.
Chapter Outline
Section 1: Causes of the Depression. Many factors contributed to an economic collapse, including uneven distribution of wealth, credit buying, personal debt, agricultural over-production, government policy errors, tariffs, and stock speculation.
Section 2: Americans Face Hard Times. Americans lost their jobs, savings, homes, and status. Families went without food, stood on bread lines, or lived in “Hoovervilles.” A terrible drought turned the Great Plains into the Dust Bowl, sending thousands of migrants called Okies on the road.
Section 3: Hoover's Response Fails. President Hoover tried several strategies to respond to the crisis, but each came up short. Volunteerism, localism, and a trickle-down economics approach all failed. Forced removal of the Bonus Army from Washington D.C. ended his chances for reelection in 1932.
America, the Story of Us
Episode 9: Bust
In October 1929, the economic boom of the 1920s ends with a crash on Wall Street. The American Dream has become a nightmare. The stock market crash coincides with the start of the Great Depression. The New Deal and public works projects aim to save America from despair and destitution. However, world conflict is brewing in Europe, and it is brought home to Americans by the symbolic boxing match between Joe Louis and Max Schmeling.
PDF Episode 9 Study Guide
Episode 9: Bust
In October 1929, the economic boom of the 1920s ends with a crash on Wall Street. The American Dream has become a nightmare. The stock market crash coincides with the start of the Great Depression. The New Deal and public works projects aim to save America from despair and destitution. However, world conflict is brewing in Europe, and it is brought home to Americans by the symbolic boxing match between Joe Louis and Max Schmeling.
PDF Episode 9 Study Guide