3/22/16 Notes HIS 202-003
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This 5 page Class Notes was uploaded by mcunnin4 Notetaker on Thursday March 24, 2016. The Class Notes belongs to HIS 202-003 at Tri-County Technical College taught by Dr. Chad Gregory in Spring 2016. Since its upload, it has received 10 views. For similar materials see History-202-003 in History at Tri-County Technical College.
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Date Created: 03/24/16
Matthew Cunningham History-202-001 Notes March 22 nd2016 Bank Failure: The Dash for Cash The Great Depression B. Effects 1. Bank Failures 2. Lost Savings - $2.5-7 Billion in savings - NO FDIC INSURANCE BACK THEN 3. Unemployment: 25% Nation Wide, varying from place to place but on average. - Wage Cuts 4. GDP/Prices went down. 5. The Family - Families started to have fewer kids, but babies were a net loss on the family income until they can go to work and earn money. - Marriage rates declined - Suicide rates went up. 6. Hoover’s Reputation Suffered: - People that left Hooverville’s because they couldn’t pay their mortgages would find trash to make a house. - They would eat jackrabbits they called them “Hoover hogs”. - Once asked at cabinet member for a nickel to call a friend and he replied “here’s a dime call both of them” given he didn’t have much friends after the depression. Psalm - Someone rewrote the 23 rd song as direct stab at Hoover. C. Hoover’s Efforts 1. Do-nothing president? - For a long time he was seen as a “do nothing president” - That’s not entirely true. 2. White House Conference - Got labor and business leaders together to figure out what to do. - Urged them to stop layoffs and wage cuts. 3. Advocated a program for public works totaling $420 million dollars to create jobs by upgrading US infrastructure (roads, buildings, etc). 4. Agricultural Adjustment Act: - Created a “Farm Board” - Buy up all the crops - Government becomes a “Buy Last Resort” for purchasing crops - This allows the prices to drive the market back up. 5. The Reconstruction Finance Corporation - Federal Money To Big Business (Banks, Railroads, etc) essentially a bailout. - Intent: Trickle Down Economics - Controversial: The people believed they should help the working class or essentially the “little guys” instead. D. What to Do? 1. Do Nothing - A painful course of action - Could be political consequences that if the economy doesn’t improve the voters will blame the party in charge. 2. Government Intervention: - Typically at the Federal level. - Spending Money on The Top: Raise Taxes or Cut Taxes But on Whom? - Money at the Bottom Cut Spending But what Programs? - Money at The Middle Run a Deficit How much do you tolerate? - Infrastructure Spending Sell Bonds - Go to War! Borrow from who? E. People Organize - They didn’t wait for Hoover to figure it out. - Sell Apple’s Apple companies with bunker crops sold Apple’s on credit to unemployed families to make a profit. 2. Ford Plant: - A bunch on unemployed workers went to his office and demanded a job after he laid people off. - They threw rocks and other things at the Ford factory. - The Fire Department came with a hire pressure hoses to drive them away from the Ford plant. 3. Farmers Holiday Association - The farmers decided to stop growing stuff and take a holiday. - Less Food on the market. - Prices will go up. - Or the inverse that they just wrecked the women thing they had by destroying food (i.e. pouring out milk photo). 4. Bonus Army - WW1 Veterans - Using any form of transportation to get to Washington DC - They wanted their pension early. - They get to Washington and Hoover and Congress say “NO”. - The WW1 Veterans camp out. - Hoover allows the US Army to kick the Bonus Army out using tear gas and burnt down their tents and shacks. - Hoover did not authorize this much force to be used towards the Veterans, James McCarthy did. Irony: The US Army hurting US Veterans. 5. Penny Auction - If someone’s houses go up for auction they’ll buy it and not sell it above a penny. Boot Leg Coat: - They would dig their own coal mine - Police would not arrest them because they sympathized with them. - If they went to court the judge would acquit them. - Aunt Molly Jackson
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