Definitions
The collapse of the United States and world economies beginning in 1929
What Is: Great Depression
October 29, 1929. Sharp fall in the stock market. 16 million shares were sold. $14 Billion dollars were lost. This event was known as
Black Tuesday
This area of the the United States was effected by the dust bowl
Great Plains
These were homeless encampments or shantytowns named after President Hoover
Hoovervilles
Massive soil erosion on the great plains caused by over farming, drought, and high winds. Forced many farmers to leave the Great Plains.
The Dust Bowl
Out of fear, and a rumor, people began pulling their money out of banks as banks had to begin calling in debts between 1930-1931
Run on the Banks
California
This was a march on Washington where 15,000 veterans demanded their WW1 bonuses be paid early.
Bonus Army March
Pay for purchases over time by dividing the purchase amount into smaller equal payments.
Installment Payments
This percentage of Americans had zero savings prior to the Great Depression
What Is: 80%
At the height of the Great Depression, this percentage of Americans were unemployed
25%
These were young men who hitched rides on trains in search of work during the Great Depression
Hobos
Investment in stocks, property, or other ventures in the hope of gain but with the risk of loss.
Speculation
This was the reason farmers struggled after the end of WW1 leading many to lose their farms.
demand fell.
Farmers took out loans to expand operations. Could not pay back loans once demand fell.
As farmers lost their jobs at the end of WW1, in search of factory work, most migrated to this region of the united states
North or North East
These were large lines where people waited to receive free food from the government
Breadlines
Purchase stock for only a fraction of its value. Borrow rest.
Buying on Margin
These started to fail as banks could no longer afford to give out loans.
Businesses
This was the percentage which wages grew during the Roaring 20s leaving average Americans with extra money to spend
35-40%
Writers and artist during the great depression used this class of people as their subjects in stories and paintings
Homeless and or unemployed peoples
Passed to protect American Businesses and farmers from foreign competition. However, it ended up causing further strain on international economics by limiting trade.
Smoot Hawley Tariff
These were causes of the great depression
Farmers fell into debt
Dust Bowl
Stock Market Crash
Banks failing and handing out too many loans
Run on the banks
Buying on credit
uneven prosperity
These were three reasons that the stock market crashed in 1929
What Is: Massive Speculation during the 20s, Decrease in the production of goods, Massive consumer debt, Buying on margin, panic selling.
This was the saying or phrase that became the theme of the Great Depression.
Use it up, wear it out, make it do, or do without