Today was a blog dicussion day.
Notes:
The presidential election of 1928. Herbert Hoover(R) and Al Smith (D). Al Smith was a Catholic, and people feared this about him. The economy was still booming at the election, and people thought that our country shouldn't change to democratic side if we were doing good. Hoover won some southern states even though those states usually were democratic. Hoover won easily. Hoover campaigned over the radio a lot because he wasn't as good of a speaker. John Pierpont(J.P) Morgan was a famous banker; one of the richest guys during this time. Him and a few other rich men would go to the stock market when stocks started to decrease and tried to stop it from crashing. John D. Rockefeller didn't believe in the stock market much.
Banks and businesses collapse.
After stock market crashed, banks and businesses closed. They would invest other people's money into businesses and couldn't pay them back later. Also, they lended out too much money and couldn't back people or themselves up. 90,000 businesses went bankrupted during this time. Gross national product, the stock market, and unemployement greatly changed when the stock market crashed.
Affects stock market crash had on other countries. It effected most of the countries, except four, because the markets are interdependent, which means we rely on each other. Unemployment went up in other countries. Many banks closed in other countries. Germany borrowed loans from us and when stock market crashed the money they had to pay back didn't help much. Other countries went to a more ratical government like the Nazi's and military. The Hawlly Smut tarriff raised the tarriffs even more to make people buy American products, but it hurt businesses because other countries didn't buy the products and we couldn't pay for other countries goods because they highered their tarriffs for us too.
Depression in the cities.
The poorest were hit hardest, and steel industries and car industries were hit hard. Businesses closed and many people lost their jobs. Unemployement went up especially in the clothing industries. 17, 000 families put on the streets because they lost pretty much everything. "Hoovervilles" were set up to help people out, but Hoover didn't do much to help people and they thought he didn't care much about the people in the country. Breadlines people stood in line for many hours to get bread, and soup kitchens set up.
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