Great(?) Depression (1929-1939)
Oct. 1929-Stockmarket crash ("black Tuesday") initiates long economic decline
crash - longer-term economic issues in decline: staple industries, over-speculation
initial political & business reaction is to maintain status-quo (Hoover philosophy)
ripple effect within a year: production down, banks start to close, unemployment starts to rise
Early Depression, 1930-1933
Unemployment continues to plummet-1.5 million to 4.5. million by 1931 - to @25%
pres. Herbert Hoover as scapegoat: Hoover blankets, flags are popular
Hoover solution: consumer spending, private charity& Recon. Finance Corp. (RFC): $$ to larger companies (trickle-down theory)
Bonus Army: march on Washington, Summer, 1932
Dust Bowl, 1930’s
drought, erosion, poor soil techniques lead to an American wasteland in the plains
mass migrations: "okies" "arkies" to California
addressed by New Deal: Resettlement administration, FSA
lasting impact on west