Continued blog discussions: The bonus army..it was named after AEF. They were going to be given a pension plus life insurence. They wanted it to be given to them early because of the tough times. Thousands and thousands marched in Washington DC to support this bill. The bill did not pass. Some stayed behind and were more agressive to Hoover brought in the military to drive them out of the city like with teargas. Americans appreciated WWI veterens. Most americans thought of Hoover as not caring for us or the veternens.
Causes of the stock market crash:
-People were in debt so they werent buying goods from companies, which led companies to shut down
-Stocks were over priced
-People borowed money and bought stocks on margin
-It raised interest rates
-Federal Reserve system failed (they were supposed to go and bail out banks in time of panic)
-People bought on credit throughout the 1920s the FRS had very low interest
-In the 1920s people were in debt companies were losing money
-Massive fraud and illegal active on the stock market, pooling was when rich guys were buying stocks and their roping you into buying stocks because they were buying stocks so basically their making money on what money your giving them for the stocks your buying.
Causes of the Great Depression:
- The stock market which caused the banks to go bankrupt people becoming unemployed people lost their entire life saving
- The Smoot Holly Tariff: We had very high tariffs which made it very hard for other coutries to buy our goods because everythings so expensive so it was very difficult for companies to make money
-People were in debt so they couldnt buy anything causing buisnesses to fail
-Banks failed
-Over production of goods for farming and for buisnesses
We went over our assigned project. Everyone is going to be giving two topics to do a powerpoint on.
My topics are: National Youth Adminstration (NYA) (--Employment Project)
Fair Labor Standards Act (FLSA)
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