аЯрЁБс>ўџ 02ўџџџ/џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџьЅС7 №ПОbjbjUU %*7|7|О џџџџџџlЎЎЎЎЎЎЎТЎ Ў Ў Ў К $ТС јъ ъ ъ ъ ъ ъ ъ ъ @ B B B B B B $Й йŒf Ўъ ъ ъ ъ ъ f ‚ ЎЎъ ъ { ‚ ‚ ‚ ъ :Ўъ Ўъ @ ‚ ъ @ ‚ О‚ @ ЎЎ@ ъ о WћПзТТьЎ $ ^@ @ ‘ 0С @ e‚ e@ ‚ ТТЎЎЎЎйCrash, Depression & Response KEY THEMES & ISSUES 1. Causes of the Crash & Depression fiscal problems structural problems international factors 2. Symptoms of the Depression 3. Hoover’s response The Wall Street Crash Black Tuesday, 29 October 1929 End of the Speculation “Boom” Roots of Crash in 1920s ‘Boom,’ 1 Fiscal Problems Uneven distribution of 1920s’ ‘prosperity’ Andrew Mellon’s tax cuts for rich Over-reliance on Credit Inadequate regulation of banks & stock exchange Federal Reserve Board Irresponsible, illegal, & unregulated speculators Florida land boom & bust Roots of Crash in 1920s ‘Boom’, 2 Structural Problems Overproduction Agricultural Distress Transitional Moment in US Economy Relative Decline of Old Heavy Industries New consumer industries relatively underdeveloped International Factors 1920s: US is creditor nation, but Europe can’t repay debt Trade with Europe is precarious Crash ruins European Economies Dawes Plan, 1924 Young Plan, 1929 US Restrictive Tariffs/Protectionism Fordney-McCumber Tariff, 1922 Hawley-Smoot Tariff, 1928 Signs of the Depression Bank failures Deeper agriculture crisis Suicides Migration to find work Songs of the Depression Woodie Guthrie, “Washington Talkin’ Blues” “The dust came on, & the price went down, so I didn’t have the money when the bank came around…” “Good land, you can grow anything you plant if you can get the moisture.” “Went looking for a job, but the man said ‘no’ so I hit the skids on the old skid row” “Been to Arizona, been to California too, found the people was plenty but the jobs are few…ain’t no money changing hands, just people changing places.” Herbert Hoover Herbert Hoover “The Great Engineer” Progressive Credentials 1915: Belgian Relief Operation 1920s: Urges FRB to tighten up fiscal/stock market regulations Post-1927 Mississippi Flood: Agricultural Relief Program; Federal Farm Board Hoover’s Response, 1 Hoover is traditionally vilified for a ‘do-nothing’ attitude in the face of hardship of depression The Bonus Marchers, 1932 Initially reluctant to intervene because: Believed depression would be short Believed economy would correct itself Preferred industry “agreements” to govt. regulations Reluctant to abandon conventional laissez-faire wisdoms on the economy. Republican power had rested on leaving business alone Hoover’s Response, 2 1930-2: Hoover increases government intervention Govt. buys wheat & cotton to raise farm prices 1931: National Credit Corporation to bolster banks 1932: Reconstruction Finance Corporation to help firms in trouble 1930-2: Spends $3bn on public works to create employment FDR criticized this ‘deficit spending’ in 1932 campaign Conclusions 1. The seeds of the Crash and the depression which followed were sown in the years of ‘boom’. 2. A mixture of immediate local causes, international factors & deeper structural problems in the US economy combined to create the depression. 3. Herbert Hoover may have been unjustly treated by many historians for his handling of the crisis. 4 Hoover did manage to break – albeit tentatively and reluctantly – with the laissez-faire tradition of non-intervention and thereby set some of the precedents associated with Roosevelt’s New Deal. BSpƒЉЬд(@Cп ь —ЄОћїютюжюжюбЭћ6]CJaJ6CJOJQJ]^J5CJOJQJ\^JCJOJQJ^J5\CJ6aJ62Vh~–—ЕЖЫЬт BSЂКЛы5Np„§ѓѓѓѓѓѓѓѓѓѓ§ёё§§ёёёёёёёёёё§§ „h„˜ў^„h`„˜ўОў„“ЉЫѕ)*+A{›КЛЬно#?@AC[jk…†Ї§§ћћћћћ§љљљљљљљљљљљљљ§љљљљљљљЇЈРыL — ю † ‡ – І М д ѓ 3 €  – љ  > a ‡ Н ; < Q ‚ Б §§ћћћћћ§§ћћћћћћ§§ёёёёёёё§§ёё „h„˜ў^„h`„˜ўБ ф &_—˜Є”јОѕѕѕѕѓѓѕѕѕѕ „h„˜ў^„h`„˜ў #0PАа/ Ар=!А"А# $ %А i8@ёџ8 NormalCJ_HaJmH sH tH L@L Heading 11$7$8$@&H$5CJ0OJQJ\aJ0Z@Z Heading 2!„„ђў1$7$8$@&H$^„`„ђўCJOJQJ^JaJZZ Heading 3!„I„џ1$7$8$@&H$^„I`„џCJOJQJ^JaJRR Heading 4!„„„Lџ1$7$8$@&H$^„„`„Lџ OJQJ^JZZ Heading 5!„ь„Lџ1$7$8$@&H$^„ь`„LџCJOJQJ^JaJZZ Heading 6!„T„Lџ1$7$8$@&H$^„T`„LџCJOJQJ^JaJ<A@ђџЁ< Default Paragraph FontО *џџџџ2Vh~–—ЕЖЫЬт BSЂКЛы5Np„“ЉЫѕ)*+A{›КЛЬно#?@AC[jk…†ЇЈРыL—ю†‡–ІМдѓ3€–љ>a‡Н; Q ‚ Б ф & _ — Є  ” ј Р 0€€0€€0€€0€€0€€0€€0€€0€€0€€0€€0€€0€€0€€0€€0€€0€€0€€0€€0€€0€€0€€0€€0€€0€€0€€0€€0€€0€€0€€0€€˜0€€˜0€€š0€€˜0€€˜0€€0€€0€€0€€0€€0€€0€€0€€0€€0€€0€€0€€0€€0€€0€€0€€0€€0€€0€€0€€0€€0€€0€€0€€0€€0€€0€€0€€0€€0€€0€€ 0€€0€€0€€0€€0€€0€€0€€ 0€€0€€0€€0€€0€€0€€0€€0€€ 0€€0€€0€€0€€0€€0€€0€€ 0€€0€€0€€0€€0€€О„ЇБ ООРЦмтINР X^jt€2Н Ц п ” з Р 3333333џџ Brian WardPC:\My Documents\UF Teaching\AMH2020\Lecture Presentations\Crash & Depression.docџ@€ћ ћ №!‚ћ ћ О @џџUnknownџџџџџџџџџџџџG‡:џTimes New Roman5€Symbol3& ‡:џArialA& ‡ŸArial Narrow"Aˆ№аh[•rF`•rFз б№ЅРxxƒ2ц 2ƒ№пџџCrash, Depression & Response Brian Ward Brian Wardўџ р…ŸђљOhЋ‘+'Гй0ˆ˜РЬрьј ( D P \hpx€фCrash, Depression & Response Miras Brian WarderiariaNormala Brian Warde3iaMicrosoft Word 9.0 @^аВ@2ŠaОзТ@ZПзТз ўџ еЭеœ.“—+,љЎ0 hp|„Œ” œЄЌД М цф,ц   Crash, Depression & Response Title ўџџџўџџџ !"#$%&ўџџџ()*+,-.ўџџџ§џџџ1ўџџџўџџџўџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџRoot Entryџџџџџџџџ РFр ПзТ3€1TableџџџџџџџџџџџџeWordDocumentџџџџџџџџ%*SummaryInformation(џџџџDocumentSummaryInformation8џџџџџџџџџџџџ'CompObjџџџџjObjectPoolџџџџџџџџџџџџр ПзТр ПзТџџџџџџџџџџџџўџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџўџ џџџџ РFMicrosoft Word Document MSWordDocWord.Document.8є9Вq