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The Great Depression: Causes and Effects
- 2. Causes 1. False Prosperity 2. Speculation 3. Stock Market Crash 4. Banking Crisis 5. Unemployment 6. Trade Collapse 7. Republican Policy
- 8. Charles Mitchell of National City Bank: "I know of nothing fundamentally wrong with the stock market." (Oct. 21, 1929)Speculation
- 10. Oct. 23 - J.P. Morgan buys to stop price decline
- 11. Oct. 24 - panic selling began - 12.8m shares
- 29. Around the country, the homeless built settlements of cardboard and tar-paper shacks, called "Hoovervilles" in reference to President Hoover
- 35. If you were lucky enough to get in, you would be interviewed to determine your need.
- 36. With word of banks failing, people stormed the banks, demanding their savings.
- 37. Unable to withdraw their money from the banks, and not getting enough unemployment to live off of, people had no choice but to sell their farms.
- 38. There were huge evacuation auctions where people sold all of their possessions.
- 44. They traveled from place to place willing to do any type of work. All they worried about was how they were going to get their next meal.
- 47. The sand would pelt your face and sting your skin. It would often block out the sun and make noontime seem like midnight.
- 61. The government set land aside where people could establish tent cities, small communities of homeless people living under tents.
- 62. In these tent cities, people were unable to bath, there was poor sanitation, and everything was dirty.
- 64. Proud men were forced to humble themselves and stand in line at soup kitchens.
- 66. On special occasions, some families may have gotten some food. This is Christmas dinner in a “Hooverville”.