Great Depression:
Our group presented today.
Causes:
- Stock Market Crash-October 24 1929. (Black Tuesday). Many people were investing in stocks, lost about $40 billion. Only affected about 5% of the population.
- Bank failures
- Reduction in purchasing across the board
- American Economic policy with Europe
- Drought conditions
Impact on the lives of people:
- Homelessness
- Unemployment
- Hoover ville (towns of shacks made by homeless people)
- Starvation and illness
What the government did:
- Tried to create jobs. "the new deal"
- Roosevelt created the Agricultural Adjustment Act which paid farmers no to sell their products
- A typical ration by the government included flour, pork, split peas, corn meal, molasses, and cocoa.
Long lasting impacts:
- People were not buying as many products
- People didn't take out as many loans
- lots of unemployment
- Started the Social security system
- the government set up a system that drained on taxpayer money
- families were separated
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