the great depression
teapot domeIn Teapot Dome Wyoming, huge oil scandal due to patronage on President Hoover's behalf.
Albert B. Fall was secretary of the Interior and close friends with many oil executives. Fall took reservers from the U.S. Navy and gave them to the Interior Department. Fall then secretly leased the land to two private oil companies the public called this the Teapot Dome Oil Scandal. Fall was later found guilty of bribery and became the U.S.'s first American to be convicted of a felony while holding a cabinet post.
Sinclair was one of Fall's oil companies that he loaned the Teapot oil to. Harry Sinclair was also friends of Fall and were issued without competitive bidding.
ways hoover fought the depressionHoover believed in "rugged individualism" which was the idea that people should succeed through their own efforts, this worked in WWI but ultimately failed during the Great Depression.
One of the ways Hoover fought the Great Depression was through tariffs on foreign goods. This was the highest tariff on foreign goods and stopped the U.S. from buying goods and foreign countries to stop buying U.S. goods.
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the dust bowlThe Dust Bowl is where parts of Kansas, Oklahoma, Texas, New Mexico and Colorado were covered in dust.
The Dust Bowl hit major farming states which helped with the starvation aspect of the Great Depression. Because many of the farms were drowning in dust crops died and the prices for food increased while the economy fell.
Many cities and towns were hit by the Dust Bowl. Little grass and few trees were left to hold the topsoil down, wind scattered the top soil and exposed the grit and sand underneath.
Many families lost everything in the dust storms, so they decided to pick up and move. Most of the farmers and sharecroppers traveled west on Route 66to California. These migrants were known as Okies found work as farmhands but others continued to wander in search of work.
buying on the marginBuying on the Margin means paying a small percentage of a stocks price as a down payment and borrowing the rest.
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The Boulder Dam (AKA Hoover Damn) was part of Hoover's 700 million dollar public works program. This dam was 726 feet tall and 1,244 feet long, the worlds second largest dam. The construction of the dam employed 21,000 people and took five years to build.
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Unrestrained buying and selling of stocks fueled the stock markets upward spiral.. But when the market crashed everyone was frantically trying to sell their stocks. People tried to sell their stocks becasue many of them bought their shares on the margin and lost so much money that there was no way of them paying back their debt.
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NOt everyone lost money on the stock market, only the wealthier people but even they didn't understand that they were involving themselves in speculation and the government did nothing to discourage such buying.
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black tuesdayBlack Tuesday happened on October 29, 1929 which was five days after the stock market crash. The bottom had fallen out of the market and the nations confidence.
On October 29th the banks floded with people trying to get their money out in fear that there would be no money left in their accounts. Later President franklin Roosevelt set up the FDIC where it protected bank deposit so people would not loose their money again.
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core american valuesNationalism was shown through peoples belief in America that things would get better and that it could only get better.
Persistance is shown by people not giving up on their families and working hard to make those dollars and living without heat or electricity thinking that times will get better and it can't get worse. Americans showed the ability to change by taking any jobs that they were offered even though they may not have been skilled at them. |
change from previous era The change from the 1920's is that people don't have a lot of money and are not very happy with life. People are loosing their houses and are unable to pay for food let alone the luxuries of the time before.
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