The Great Depression

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The Great Depression : 

The Great Depression How could this happen?

I can see clearly now the stock has collapsed! : 

I can see clearly now the stock has collapsed! The Great Crash was hard to for see because before this fateful day in October everything was going great Dow Jones Industrial Average which is an average of stock prices of major industries had been climbing to all time highs

The trickle down effects : 

The trickle down effects The first people to feel the effects of the Crash were those heavily involved and invested It wouldn’t take long however for it to ripple through the economy and hurt people with no involvement in the stock market

How Could This Happen? : 

How Could This Happen? 1. Risky loans hurt banks- banks earn interest on the money they lend and they loaned huge sums of money. When stocks fell businesses were unable to pay up 2. Consumer Borrowing- banks lent consumers a lot of money and they could not pay it back

Slide 5: 

3. Bank runs- people feared the collapse of banks so they all rushed to take out their money and banks could not keep up 4. Bank failures- unpaid loans and bank runs forced banks to close (over 1,000) 5. Savings wiped out- bank failures wiped out what little money people had saved

Slide 6: 

6. Cuts in production- few people had money to buy and businesses could not get loans, many people lost their jobs 7. Rise in unemployment- businesses had to lay off many people

The Depression : 

The Depression The most severe (so far we hope) economic downturn in the nation’s history Lasted from 1929 to WW II in 1941

Impact on PA : 

Impact on PA Because Pennsylvania was predominantly steel mills and coal mines we were hit hard with unemployment Unemployment rate of those jobs will reach 80% About 40% of PA’s entire work force lost their jobs by 1933

The Poor Get Poorer : 

The Poor Get Poorer People lost their houses Went hungry Had no clothes for job interviews People were too ashamed to go out Depression and suicide skyrocketed

New Deal : 

New Deal FDR was elected, the first democrat in years for president Promised a New Deal for America to pull us out of the Depression

Alphabet Soup : 

Alphabet Soup FDR instantly went to work stimulating the economy CCC (Civilian Conservation Corps) and WPA (Work Progress Administration) to provide jobs to the unemployed working on parks and other recreations Amongst others

The Little New Deal : 

The Little New Deal Governor Gifford Pinchot did what he could to make things better for Pennsylvanians but with little progress George Earle will be elected and start the “Little New Deal

The Little New Deal : 

The Little New Deal Set a minimum wage for women A 40-hour work week for women A minimum age for young workers Moved the tax burden from individuals to large corporations Farmers (in addition to the AAA) set prices for milk for fairer prices for all Taxed cigarettes and gas to bring in $

The Turnpike : 

The Turnpike Ever traveled on the Turnpike? This was built as part of the WPA and was a toll road from Harrisburg to Pittsburg It was ahead of its time with no speed lights, railroads or intersections and NO SPEED LIMIT Called the “DREAM HIGHWAY”

Long lasting effects : 

Long lasting effects No one will ever forget the Depression Even when people got their wealth back they continued to pinch pennies Many never trusted banks again

Is there light at the end of the tunnel? : 

Is there light at the end of the tunnel? One of the positives that happened: People pulled together as a country They helped even when it stretched them thin In fact, there was a new language created to help people traveling across country

Lasting effects : 

Lasting effects Change the way people viewed government role Now they wanted the government in their lives Gave up the cherished belief of “making it on their own”

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