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The Great Crash

The Great Depression began with the stock market crash of 1929, marked by Black Tuesday, leading to widespread economic hardship and high unemployment. President Herbert Hoover's initial cautious response evolved as the crisis deepened, resulting in public works programs but ultimately failing to alleviate the situation. The period lasted until 1941, characterized by bankrupt businesses, bank failures, and millions of Americans suffering from homelessness and hunger.

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17 views2 pages

The Great Crash

The Great Depression began with the stock market crash of 1929, marked by Black Tuesday, leading to widespread economic hardship and high unemployment. President Herbert Hoover's initial cautious response evolved as the crisis deepened, resulting in public works programs but ultimately failing to alleviate the situation. The period lasted until 1941, characterized by bankrupt businesses, bank failures, and millions of Americans suffering from homelessness and hunger.

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aceisonthecase6
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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26

CHAPTER

The Great Depression (1929–1941)


Section 1 The Great Crash
I
VOCABULARY
bankrupt unable to pay debts
public works projects built by the government for public use
SUMMARY
By the end of the 1920s, there were signs Potomac River, Hoover used the army to
that the economy was failing. However, force veterans to leave. Many people were
1 most Americans were not aware of any
problems. Then, in 1929, there was a crash,
shocked by the use of force. By 1932,
Americans wanted a new leader.
or a severe fall in prices, in the stock mar-
ket. It began when a few investors sold
FDR
stocks because they thought that the pros- CAUSES
perity of the 1920s might be over. More
people began selling their stocks, and stock • Factories and farms produce more
prices fell. Soon people panicked and tried goods than people can buy.
to sell before prices fell even further. So • Banks make loans that borrowers
many people lost their fortunes on October cannot pay back.
29 that it was called Black Tuesday.
The stock market crash marked the • After the stock market crash, many

iiifit
beginning of a period of economic hard businesses cannot find people who
times known as the Great Depression. will invest in their growth.
This period lasted until 1941. (See chart.)
Factories cut back on production and laid
off workers. Many businesses declared that THE GREAT DEPRESSION
they were bankrupt. The unemployment money
rate rose very high. Many Americans had
no money to buy food or pay rent. homeless
No
President Herbert Hoover responded EFFECTS
cautiously. He did not believe that the gov- • Many banks fail.
ernment should help businesses directly.
• Many businesses and factories fail.
At first, he tried to restore confidence by

3
predicting better times. When the hard • Millions of Americans are out of work.
times continued, Hoover took other steps.
• Many are homeless and hungry.
He set up public works programs. Still,
the depression deepened. When the Bonus • Families break up and people suffer.
Army camped in a tent city along the
© Pearson Education, Inc.

REVIEW
Answer the following questions on a separate sheet of paper.
1. How did the reaction of President Hoover to the depression change over time?
2. Chart Skills What were two causes of the Great Depression?

140 ★ Chapter 26/Section 1


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businesses
to the economy when businesses crash
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backbone
the stock market crashes which makes stock
___________________________________________________________________________________
buyers crain and take out loans theycunt backup
___________________________________________________________________________________%
Due to businesses not howh money prices fell
___________________________________________________________________________________
so
___________________________________________________________________________________
more consumory could
buyproduct to
preent
___________________________________________________________________________________
overconsumption
___________________________________________________________________________________%
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first he
had how then he
Question%#1:%___________________________________________________________________%
used violence
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the strike mama cant
Question%#2:%___________________________________________________________________%
Overproduction
__________________________________________________________________________________%
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