HIST 2013 Lecture Notes - Lecture 14: National Industrial Recovery Act, Franklin D. Roosevelt, National Recovery Administration
5 Oct 2016
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The roaring 1920s and great depression: great depression, hoover, Hoover went up against al smith who was a catholic, against the klan. October 24, 1929 the stock market crashed and it did again which began the great depression. No one knew the economy was on a downward slide because stock prices were artificially high. Also caused banking crisis and hurt construction companies. Wages started declining and middle class was losing purchasing power. Caused economy not to do as well. Federal aid weakens the sturdiness of our national character. Hoover was a bad public speaker and got terrified. Major government bail-out of banks and big businesses. Only small number and only for certain amount of time. We didn"t go hungry, but we lived lean . National income: 87. 8 b (1929) to 40. 2 b (1933) Can"t afford to hire people or ship them.
