blog discussion
1928 election:
herbert hoover (r)
Al Smith (d)
herbert hoover won
al smith wanted to convert everyone catholic
john f kennedy was our only catholic president
the economy was a big part in the election; he was popular, helped out in ww1
also we had been having republican presidents so ppl wondered why we would want to switch to a democratic president
hoover won easily
he campagned over the radio a lot; he wasn't a great speaker
JP morgan was one of the richest guys in the world and he would help out the stock market a lot
John d. rockefeller- didn't like the stock market
banks and businesses collapse:
1929- 600 banks close
closed because they invested other ppls money into the stock market, ppl paniced when the stock market crashed
many ppl were effected bc some lost their life savings
businesses close down which leads back to the cycle
effects stock market crash had on other countries:
we were all interdependent
there were only 4 countries who didn't crash with us
countries devalued their prices on gold which affected other countries who dependended on gold
allowed countries to print more paper money
banks crashed
germany borrowed money from us after ww1 and when we crashed they crashed along with us
other countries didn't boom in the 20s like we did
european countries were struggling before the stock market crash and it did not help at all
hawley- smoot tariff- high tariff on american goods because we needed the money
hurt the US bc other countries couldn't afford our high tariffs and we couldn't afford theirs either
depression in the cities:
ports were hit the hardest
america depended on steel and automobiles
companies closed down which lead to unemployment
movie industry boomed in the 1930s
ppl needed movies to escape
living in the cities was effected greatly
farmers migrated to cities
families were put out on the streets
ppl thought that hoover didn't care; because he had a philosophy of do nothing
he really did care though
breadlines- there were huge lines for ppl waiting to get food
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