The Great Depression

The Great Depression

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  • In 1929, there was a huge stock market crash that made people lose their jobs and resulted in a loss of paper wealth.
  • One of the causes of the Great Depression is the Banking and Money policies during this time. People would buy stuff on margin and pay the companies back later.
  • buy on margin- only pay 10% now
  • Since the companies were not making their money, they could no longer afford to keep their business going. The companies went into liquidation. 
  • In the New Deal, farmers would be payed to destroy some of their crops to help the overproduction problem. 
  • Another main effect of the Great Depression is overproduction. There were too many products which made them go down in value. 
  • There was a great plow-up that persuaded farmers to plow the native grass for wheat. They used dryland farming to preserve the soils moisture. Then they covered the fields with a thin layerof dust.
  • The results from this were unexpected. There was an extreme drought and roots were not able to hold down. Winds picked up and took everything like seeds and crops with it. This started the Dust Bowl. 
  • Political decisions also influenced the Great Depression. The governmet decided to put a 50% tariff on imports.
  • To re-gain money in the economy, Leon Phillips encouraged the idea of balanced budget. This forbidding the government from spending in excess of taxes collected.
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