Unit 2 Lecture 5 Flashcards
What was Hoover campaign for the election in 1928?
“Food would win the war” during WW1
How was the economy like in the 1920s?
The economy was prospering & booming
Buying on credit
Lead people to spend more money than they had & they ran out of credit (They had a hard time paying back debts which made them stoping spending money)
Buying stock on margin
People borrowing money to pay for stocks & when the stock market crashed they owed more than the stocks was worth
Since people werent buying/ spending money too much there was ________ & _______ where companines having too much products & people are not spending much money
Decrease in consumption & production stockpiles
The decreased in consumption & production stockpiles led to what?
Resulted in people being fired & people stopped spending money even more which was bad for the economy since it was a consumer nation
October 24
Black thursday
October 29
Black tuesday, the stock market crashed because too many people were buying & selling shares in stocks
There was an ___________ where if there was better distribution of wealth people would have more money & be able to live better lives to support the economy
Undistrubtion of wealth
Business-government parternship
Republicans party didnt stop bad things happening & didnt help the working class during the depression & farmers got hit very hard during the great depression
Progressive tax system
The more wealth you have the more will be taxed & it was used to help disturbed wealth in america
When the stock market crashed (The great Depression) what happened?
People lost their life savings since banks failed & when the banks closed their money dissapeard with it, unemploymenet jumped by 25%, people living in horrible conditions, etc
Hobo Army
Men leaving & roaming in towns trying to find places to stay
Hooverville & Hoover blankets
Towns with houses made out of straps & hoover blankets were newspapers people sleeping on benches used to cover themsleves
Civil disorder
Unemployed people demanded jobs, food, went on strikes, etc & the year 1932 was the rock bottom of the great depression
Native whites began to attack ________ saying that they are taking their jobs
immigrants
American Individualism (Herbert Hoover)
Belief that if you work hard & given opporutnies would work harder
Hoover vilfied
Believed that the government had to get people to come together & decided living wage, etc to keep one group from hurting another