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Great Depression
Question | Answer |
---|---|
Immediate Cause of THE GREAT DEPRESSION | The Stock Market Crash of OCTOBER 29, 1929 |
The Great Depression | ruined many investors, hurt companies and reduced faith in banks |
Investors | had been buying stocks "on margin" = spending more money than you can afford with the chance of making a FAST BUCK |
LONG-TERM causes of The Great Depression | Failure of the BANKING system; underconsumption |
Effects of The Great Depression | severe economic crisis from 1929 until WWII (1939-1945); very high unemployment; homelessness (Hoovervilles); poverty and bank failures |
Pres. Herbert Hoover | 31st president from 1929-1933 |
Pres. Hoover | blamed for the Depression; his belief that the government should NOT give aid to the needy reduced the nation's faith in government |
Pres. Hoover | Rugged Individualism |
Dust Bowl | the terrible drought that hit the Great Plains and resulted in the Okies moving to California because of the lack of alternative job opportunities |