Great Depression
Credit
People bought on credit because they wanted a car and were able to pay for it later
If you don't have good credit and you ask for a loan the bank can get money from your savings
Farming/Food
WW1 made farmers produce more food
When prices went down Farmers produced even more to pay their debt
Black Tuesday
Stock market crashed
Banks stole peoples money
Work
Families were going poor
Because of Black Tuesday, money was low and businesses began to close so there were no jobs for people. Unemployment rate rose
Harley Smoot Tariff Act
Congress hoped that higher tariffs would push Americans to buy goods made in the U.S
As soon as U.S charged more to bring goods in, imports from Europe declined. European had even less money to spend on U.S goods
Dust Bowl
A storm of dust swept America leaving nothing but dirt.
Farms were destroyed and places and businesses were abandoned
Shantytowns
A Hooverville was a Shantytown built by homeless people during the Great Depression
They were named after Herbert Hoover, who was president of the United States during the onset of the Depression
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Direct Relief
As soon as Roosevelt was elected president he did everything in his power to change the current condition
Hoover did not believe in giving the money back to where it belonged. People hated him for that
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Hoover jobs
Americans blamed Hoover for their suffering during the Great Depression
His refusal to help brought bitter public reaction and negative publicity
Families
Effects like unemployment and poverty had a significant impact on families
Many men lost their jobs and were no longer able to provide for their family.