Impact of cars
- Ford was the biggest company in 1920s
- Roads and gas stations started appearing
- 1900 - 1920/8000 - 8000000 cars
- Fast food/drive through started being created
- Cleaner streets
- More job opportunities
Charles Lindbergh
- Became first man to fly across Atlantic nonstop
- Left college to become a barnstormer - did tricks and other stunts to advertise his fame
- Went into the army
- Flew mail from state to state
- He flew from Paris in 33 1/2 hours
- He was one of the biggest celebrities of that era
- Two year olf son kidnapped
- Bruno Hauptmann was convicted four years later
- Lindbergh law - outlawed kidnapping and helped inform cops of the risks
- Died of cancer August 26th, 1974
Amelia Earhart
- Wanted to be first woman to do everything
- First bought the Canary plane
- First woman to fly across the Atlantic
- New record for flying 18,415 feet high
- Flew from Hawaii to California
- She wanted to see the world, and had 7000 miles left then went missing
- Papua New Guinea possible crash location
- Wreckage has corroded and been underwater too long to identify whether it was hers or not
Plane uses
- Mail from state to state, sometimes cargo, training, entertainmet, new records, no mass transport till 60s
Nascar
- Prohibition started NASCAR
- Runners ran from cops who transported/sold alcohol
- They enjoyed it and it built up into what it is now
- First race in Daytona Florida along beach
- Red Byron won the first official race in a Ford
BIG QUESTION: Causes of stock crash
Stocks
- A small part of a company
- When the stocks are good, your money makes more money
Before crash
- Everything was good/for a lot of Americans
- People had cars
- People bought on credit a lot
- Stocks plateaued
Crash October 29, 1929
- Caused by rich men buying stocks for a couple dollars and selling for a lot more
- Buying on margin from a broker (like credit)
- 100 down get 900 from broker = 1000
- Big problem
- Stocks were overvalued
- People buying on credit (not paying back)
- Loans kept going out but the banks closed because they couldn't get the money back
- Pooling: no regulation on stocks
- Rich people would pool their money together
- Pay off the NYT and make people invest in the new company
- The ones that bought it for cheap sold it for a lot more
- 1,000,000,000 in two weeks
- Drove stocks up in a fake way
- Federal Reserve Board created by Wilson
- Bank crisies were helped by the FRB
- Banks bank there
- They saw the situation and knew they had to do something
- People kept buying and buying
- FRB realized it was a bad situation
- Rose interest rates
- The crash almost had to happen
- People say we're still overvalued
After
- People tried to get out quick
- They were once millionaires and now peniless
- 30% unemplyment rate
- People put almost everything tey had into it
- Families lost jobs and couldn't provide for their families
- Giant panic
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