8 Stock Market Crash & Great Depression

The unable to see the future is a blessing and curse. If you knew what was waiting in the early 1930s, Americans would not have enjoyed the 1920s so much. But if you have a 20/20 vision that we can only gave to us, you probably could avoid pain. As seen in the previous chapter, the Industrial Revolution became ful l-fledged in the 1920s, and families and factories were connected to the expanded power network. New cars and trucks ran vertically and horizontally on roads and city networks, cultivating enough land for tractors to feed the earth. The United States is a leader in the world, and consumers satisfied new products and products.

No one blinked in the 1928 presidential election, when the Republican Party Herbert Hoover won the "chicken in all pots, a car in all garages." Not only did William McKinry's slogan of the full dinner pale in 1900 in 1900, but the permanent prosperity of Hoober was eventually the most famous for political history. What was the problem was the controversy at the time and after that. This is an important issue, as the United States continues, the country will be caused by economic turbulence and will continue to deal with it. In a long life, there is almost no possibility of avoiding such confusion. However, I believe that the problem is so complicated that it cannot present a solution or make a consensus diagnosis, and that people's opinions are very different. < SPAN> The unable to see the future is a blessing and curse. If you knew what was waiting in the early 1930s, Americans would not have enjoyed the 1920s so much. But if you have a 20/20 vision that we can only gave to us, you probably could avoid pain. As seen in the previous chapter, the Industrial Revolution became ful l-fledged in the 1920s, and families and factories were connected to the expanded power network. New cars and trucks ran vertically and horizontally on roads and city networks, cultivating enough land for tractors to feed the earth. The United States is a leader in the world, and consumers satisfied new products and products.

No one blinked in the 1928 presidential election, when the Republican Party Herbert Hoover won the "chicken in all pots, a car in all garages." Not only did William McKinry's slogan of the full dinner pale in 1900 in 1900, but the permanent prosperity of Hoober was eventually the most famous for political history. What was the problem was the controversy at the time and after that. This is an important issue, as the United States continues, the country will be caused by economic turbulence and will continue to deal with it. In a long life, there is almost no possibility of avoiding such confusion. However, I believe that the problem is so complicated that it cannot present a solution or make a consensus diagnosis, and that people's opinions are very different. The unable to see the future is a blessing and curse. If you knew what was waiting in the early 1930s, Americans would not have enjoyed the 1920s so much. But if you have a 20/20 vision that we can only gave to us, you probably could avoid pain. As seen in the previous chapter, the Industrial Revolution became ful l-fledged in the 1920s, and families and factories were connected to the expanded power network. New cars and trucks ran vertically and horizontally on roads and city networks, cultivating enough land for tractors to feed the earth. The United States is a leader in the world, and consumers satisfied new products and products.

No one blinked in the 1928 presidential election, when the Republican Party Herbert Hoover won the "chicken in all pots, a car in all garages." Not only did William McKinry's slogan of the full dinner pale in 1900 in 1900, but the permanent prosperity of Hoober was eventually the most famous for political history. What was the problem was the controversy at the time and after that. This is an important issue because the country will be in the economic turbulence and will continue to deal with it as long as the US civilization continues. In a long life, there is almost no possibility of avoiding such confusion. However, I believe that the problem is so complicated that it cannot present a solution or make a consensus diagnosis, and that people's opinions are very different.

Today's liberal and conservatives interpret the Great Depression of the 1930s as expected: Liberal faces argued that the government did not do sufficient things and the government tried to do it, and conservatives. The government claims that it has overdoed it and worsened the problem or caused it. For those who haven't noticed yet, we'll end up with a simple analysis, such as approaching the truth, solving the controversy, and presenting a simple prescription to prevent economic pain again. You will not be read. If the author had such an answer, he would be willing to solve the current problem of the world, won the Nobel Prize, and understood $ 1 billion a year. Economics is deployed in many movable parts that act on unpredictable people and events, and cannot be researched in a managed laboratory or returned to a simple graph. I understand that the leaders at the time were suffering, and even if we looked 20 years later, we would not agree on what to do with the recession. While our politicians and speakers give us ove r-simplified slogans and ideas, what is happening even if they are true experts in the "miserable science" (economics). I have a hard time understanding.

If there is one characteristic of this chapter of economic history, it is that many competitive explanations regarding the cause of the Great Depression are not mutual. Because they are not inconsistent with each other, we can take a slightly opposite, complete storm approach, and see the unfortunate combination of the worst economic collapse in the United States. In the next chapter, the Democratic Party's successor Franklin Roosevelt, how to deal with the depression and eventually break the United States in the late 1930s. Roosevelt's new transactions and controversy about it have set the basic parameters of the political and economic spectrum in the political spectrum from today's left to the righ t-wing. Here, we will verify how the situation and why it fallen into a descending spiral from 1929 to 33. < SPAN> Today's liberal and conservatives interpreted the Great Depression of the 1930s as expected: Liberal claims that the government did not do sufficient things and the government tried to do it. Conservatives argued that the government had overdoed it and worsened the problem or caused it. For those who haven't noticed yet, we'll end up with a simple analysis, such as approaching the truth, solving the controversy, and presenting a simple prescription to prevent economic pain again. You will not be read. If the author had such an answer, he would be willing to solve the current problem of the world, won the Nobel Prize, and understood $ 1 billion a year. Economics is deployed in many movable parts that act on unpredictable people and events, and cannot be researched in a managed laboratory or returned to a simple graph. I understand that the leaders at the time were suffering, and even if we looked 20 years later, we would not agree on what to do with the recession. While our politicians and speakers give us ove r-simplified slogans and ideas, what is happening even if they are true experts in the "miserable science" (economics). I have a hard time understanding.

If there is one characteristic of this chapter of economic history, it is that many competitive explanations regarding the cause of the Great Depression are not mutual. Because they are not inconsistent with each other, we can take a slightly opposite, complete storm approach, and see the unfortunate combination of the worst economic collapse in the United States. In the next chapter, the Democratic Party's successor Franklin Roosevelt, how to deal with the depression and eventually break the United States in the late 1930s. Roosevelt's new transactions and controversy about it have set the basic parameters of the political and economic spectrum in the political spectrum from today's left to righ t-rights. Here, we will verify how the situation and why it fallen into a descending spiral from 1929 to 33. Today's liberal and conservatives interpret the Great Depression of the 1930s as expected: Liberal faces argued that the government did not do sufficient things and the government tried to do it, and conservatives. The government claims that it has overdoed it and worsened the problem or caused it. For those who haven't noticed yet, we'll end up with a simple analysis, such as approaching the truth, solving the controversy, and presenting a simple prescription to prevent economic pain again. You will not be read. If the author had such an answer, he would be willing to solve the current problem of the world, won the Nobel Prize, and understood $ 1 billion a year. Economics is deployed in many movable parts that act on unpredictable people and events, and cannot be researched in a managed laboratory or returned to a simple graph. I understand that the leaders at the time were suffering, and even if we looked 20 years later, we would not agree on what to do with the recession. While our politicians and speakers give us ove r-simplified slogans and ideas, what is happening even if they are true experts in the "miserable science" (economics). I have a hard time understanding.

If there is one characteristic of this chapter of economic history, it is that many competitive explanations regarding the cause of the Great Depression are not mutual. Because they are not inconsistent with each other, we can take a slightly opposite, complete storm approach, and see the unfortunate combination of the worst economic collapse in the United States. In the next chapter, the Democratic Party's successor Franklin Roosevelt, how to deal with the depression and eventually break the United States in the late 1930s. Roosevelt's new transactions and controversy about it have set the basic parameters of the political and economic spectrum in the political spectrum from today's left to the righ t-wing. Here, we will verify how the situation and why it fallen into a descending spiral from 1929 to 33.

The downturn of endurance consumer goods, which led the industrial economy in the 1920s, had already decelerated when President Houver took office. For shelters such as food and clothing, leak products are home appliances, radio, and cars. From a salesman's point of view, durable consumer goods were so durable that they would not break quickly, and those who could buy it had already bought them. Manufacturers have not yet mastered planned obsolescence, as modern home appliance manufacturers and software companies (or Apple of iPhones®). For the working class, wages were improved in the 1920s, but did not grow as productivity or investment, so workers did not supply the necessary demand for production. The decrease in the total demand caused a recession before the fall of the stock market in October 1929. In other words, Henry Ford's intuition is that the income disparity means that poor workers cannot buy enough products to maintain the wealthy business, and that low wages are not always good for management. The idea was contrary to from a national perspective.

Another problem is that for those who can afford to buy products, the boom in the 1920s is a credi t-led one, and many appliances and cars (60 %) were purchased in the installment payment plan. The Buy Now Pay Later, a concept that is rarely known in many regions around the world, was a wel l-known word in the United States in the 1920s. In the late 1920s, when the economy fell into a recession, many consumers buy new products such as food and clothing to secure income for the installment of lon g-lasting products. I stopped. Strict loan conditions stipulated that if any payment was paid, all paid owners would be lost. Even after the great recession began, the employed family continued to repay all debts except for housing, and fueled the consumer finance industry, but contributed to the housing control. < SPAN> The deceleration of endurance consumer goods, which led the industrial economy of the 1920s, had already slowed down when President Houver took office. For shelters such as food and clothing, leak products are home appliances, radio, and cars. From a salesman's point of view, durable consumer goods were so durable that they would not break quickly, and those who could buy it had already bought them. Manufacturers have not yet mastered planned obsolescence, as modern home appliance manufacturers and software companies (or Apple of iPhones®). For the working class, wages were improved in the 1920s, but did not grow as productivity or investment, so workers did not supply the necessary demand for production. The decrease in the total demand caused a recession before the fall of the stock market in October 1929. In other words, Henry Ford's intuition is that the income disparity means that poor workers cannot buy enough products to maintain the wealthy business, and that low wages are not always good for management. The idea was contrary to from a national perspective.

Another problem is that for those who can afford to buy products, the boom in the 1920s is a credi t-led one, and many appliances and cars (60 %) were purchased in the installment payment plan. The Buy Now Pay Later, a concept that is rarely known in many regions around the world, was a wel l-known word in the United States in the 1920s. In the late 1920s, when the economy fell into a recession, many consumers buy new products such as food and clothing to secure income for the installment of lon g-lasting products. I stopped. Strict loan conditions stipulated that if any payment was paid, all paid owners would be lost. Even after the great recession began, the employed family continued to repay all debts except for housing, and fueled the consumer finance industry, but contributed to the housing control. The downturn of endurance consumer goods, which led the industrial economy in the 1920s, had already decelerated when President Houver took office. For shelters such as food and clothing, leak products are home appliances, radio, and cars. From a salesman's point of view, durable consumer goods were so durable that they would not break quickly, and those who could buy it had already bought them. Manufacturers have not yet mastered planned obsolescence, as modern home appliance manufacturers and software companies (or Apple of iPhones®). For the working class, wages were improved in the 1920s, but did not grow as productivity or investment, so workers did not supply the necessary demand for production. The decrease in the total demand caused a recession before the fall of the stock market in October 1929. In other words, Henry Ford's intuition is that the income disparity means that poor workers cannot buy enough products to maintain the wealthy business, and that low wages are not always good for management. The idea was contrary to from a national perspective.

Another problem is that for those who can afford to buy products, the boom in the 1920s is a credi t-led one, and many appliances and cars (60 %) were purchased in the installment payment plan. The Buy Now Pay Later, a concept that is rarely known in many regions around the world, was a wel l-known word in the United States in the 1920s. In the late 1920s, when the economy fell into a recession, many consumers buy new products such as food and clothing to secure income for the installment of lon g-lasting products. I stopped. Strict loan conditions stipulated that if any payment was paid, all paid owners would be lost. Even after the great recession began, the employed family continued to repay all debts except for housing, and fueled the consumer finance industry, but contributed to the housing control.

The only problem was the saturation and hig h-level consumer liabilities in the endurance consumer goods market. There was a housing bubble mainly due to the land bubble in Florida. In the 1920s, the construction of new housing exceeded the population increase rate of 25 %, and the residential carriers could not catch up with the supply. Meanwhile, immigrants were stepped on by the immigration law in 1924. Racial discrimination has been found to be high, as foreign excursion has adversely affected the housing industry. The housing owner faced a higher payment with a mortgage loan, which is shorter than the general 15 or 30 years of mortgages today, because the installment plan of the endurance consumer goods was indifferent. It was no wonder that the construction was sluggish until the latter half of 1928.

Later, in the late 1920s, drought began to suffer agriculture. Many of the farmers in the southern plains, which invested in new lands and facilities in the wheat boom after World War I, were overwhelming because European agriculture had not yet recovered from the war. When the dust bowl occurred between 1930 and 31, he had already had a debt. Like agriculture, in the 1920s neither mining and textile industry to grow as much as other industries. However, coal contributed to electricity as it had supplied steam in the 19th century. However, it is currently a boiler fuel that converts the power of steam into electricity (nuclear power plants also convert steam at nuclear energy into electricity).

For some time, the success of the assembly lin e-type industry has compensated for the sluggish agricultural sector, but capitalism has a periodic. The boom, which lasted for a long time, must have gained momentum and collapsed. Moreover, this recession was international, especially Germany, who had been unable to get out of the huge debt excavated by the Allies after World War I. Central Europe's emerging industrial countries were temporarily organized in the mi d-1920s, but have been struggling since 1929. New nations, which were cut out of the former Austrian Hungarian Empire, at the Versailles Conference, such as Poland and Czechoslovakia, were also sluggish. < SPAN> Durable Consumer Lands and hig h-level consumer liabilities were not the only problem. There was a housing bubble mainly due to the land bubble in Florida. In the 1920s, the construction of new housing exceeded the population increase rate of 25 %, and the residential carriers could not catch up with the supply. Meanwhile, immigrants were stepped on by the immigration law in 1924. Racial discrimination has been found to be high, as foreign excursion has adversely affected the housing industry. The housing owner faced a higher payment with a mortgage loan, which is shorter than the general 15 or 30 years of mortgages today, because the installment plan of the endurance consumer goods was indifferent. It was no wonder that the construction was sluggish until the latter half of 1928.

Later, in the late 1920s, drought began to suffer agriculture. Many of the farmers in the southern plains, which invested in new lands and facilities in the wheat boom after World War I, were overwhelming because European agriculture had not yet recovered from the war. When the dust bowl occurred between 1930 and 31, he had already had a debt. Like agriculture, in the 1920s neither mining and textile industry to grow as much as other industries. However, coal contributed to electricity as it had supplied steam in the 19th century. However, it is currently a boiler fuel that converts the power of steam into electricity (nuclear power plants also convert steam at nuclear energy into electricity).

For some time, the success of the assembly lin e-type industry has compensated for the sluggish agricultural sector, but capitalism has a periodic. The boom, which lasted for a long time, must have gained momentum and collapsed. Moreover, this recession was international, especially Germany, who had been unable to get out of the huge debt excavated by the Allies after World War I. Central Europe's emerging industrial countries were temporarily organized in the mi d-1920s, but have been struggling since 1929. New nations, which were cut out of the former Austrian Hungarian Empire, at the Versailles Conference, such as Poland and Czechoslovakia, were also sluggish. The only problem was the saturation and hig h-level consumer liabilities in the endurance consumer goods market. There was a housing bubble mainly due to the land bubble in Florida. In the 1920s, the construction of new housing exceeded the population increase rate of 25 %, and the residential carriers could not catch up with the supply. Meanwhile, immigrants were stepped on by the immigration law in 1924. Racial discrimination has been found to be high, as foreign excursion has adversely affected the housing industry. The housing owner faced a higher payment with a mortgage loan, which is shorter than the general 15 or 30 years of mortgages today, because the installment plan of the endurance consumer goods was indifferent. It was no wonder that the construction was sluggish until the latter half of 1928.

Later, in the late 1920s, drought began to suffer agriculture. Many of the farmers in the southern plains, which invested in new lands and facilities in the wheat boom after World War I, were overwhelming because European agriculture had not yet recovered from the war. When the dust bowl occurred between 1930 and 31, he had already had a debt. Like agriculture, in the 1920s neither mining and textile industry to grow as much as other industries. However, coal contributed to electricity as it had supplied steam in the 19th century. However, it is currently a boiler fuel that converts the power of steam into electricity (nuclear power plants also convert steam at nuclear energy into electricity).

For some time, the success of the assembly lin e-type industry has compensated for the sluggish agricultural sector, but capitalism has a periodic. The boom, which lasted for a long time, must have gained momentum and collapsed. Moreover, this recession was international, especially Germany, who had been unable to get out of the huge debt excavated by the Allies after World War I. Central Europe's emerging industrial countries were temporarily organized in the mi d-1920s, but have been struggling since 1929. New nations, which were cut out of the former Austrian Hungarian Empire, at the Versailles Conference, such as Poland and Czechoslovakia, were also sluggish.

Skills in the familiar stock market, stock market outside the wack. Stocks are small slices of companies that anyone can buy if they are not private, (in this context, this context is like public works. It does not mean being operated by the government). For example, Steve Jobs did not own Apple private. He ran a company owned by millions of shareholders. The stock market is important because many Americans retire after retirement payments invested in 401 (k), IRA, or stocks and bonds. Even those who can't escape the effects of market fluctuations, as they were demonstrated during the great recession.

Comparison of past Sillar PER (blue) and profit per share (red)

The stock market in 1929 was definitely a speculative bubble, in contrast to the true bullish market based on growth (on the contrary, the weak price drops). The stock price was higher than the past average, even if the normal stock price rate (per) was deceptively deceptive, the amount earned by the company over the past decade, even if the normal stock rate (per) was deceptively deceptive. 。 On the other hand, corruption has increased market volatility. A small wealthy group artificially lifts the price and "draws a picture." Pool operators provide small stocks to the media and lemore mill, and sell them before the price drops, so that they are substantially free with Pumps and Dumps, which handle small stocks. I was able to do it. In 2010, the Securities and Exchange Commission tried to regulate at least cipher and fake blockchai n-related companies. Services like Crypto Call Brazenly move the price for a fee. The opposite is to buy it before starting, as Henry Ford did to buy a minority investor in the previous chapter, after shorting and lowering the price. Wall stret

Employees of the Waldoff Hotel use Ticker and Stock Exchange boards (in 1918, the Ministry of Army-the National Public Bunkan

In history, there are no organizational crime organizations or counterfeiters who have found a shaking that is more profitable as stock prices. Al Capone returned to Chicago in the 1920s and was able to make a legal profit in Wall Street, but why he worked hard to drink and make an illegal living. 。 Capone had to control the law with competitors and laws in Tommy's thugs, while managing a huge distribution network. On the contrary, the pool owners only prepared some clever rumors, put their fingers on the cigar, poured their fingers, and beat each other. Jesse Liva More was the worst "player", along with General Motors founder William Durant. People knew what was happening, and that the players were paying newspaper companies and printing news about the company, but small investors still pushed their prices and sold them. I wanted to have no money. The impact of pool companies on small investors was not as negative. It was like a chai r-picking game. If I had a chair every time the music stopped (if I already sold stocks), it would not be a problem.

In the late 1920s, the entire market was a chai r-taking game that was not dominated by any pool. In fact, many operators were the biggest victims. Durant died pathetic. The speculators hoped that if the price would rise regardless of the interests of the company, other investors would pay more, but other investors, such as modern economists, "no n-rational uplifting. I just rushed to what I called (familiar). The lessons that the bubble collapse can also be learned earlier than the latter half of life. Playing the gum is likely to cover the face with pink sticky sticky without bursting. < SPAN> There are no organizational crime organizations or counterfeiters who have found a shaking that is more profitable as stock operations in history. Al Capone returned to Chicago in the 1920s and was able to make a legal profit in Wall Street, but why he worked hard to drink and make an illegal living. 。 Capone had to control the law with competitors and laws in Tommy's thugs, while managing a huge distribution network. On the contrary, the pool owners only prepared some clever rumors, put their fingers on the cigar, poured their fingers, and beat each other. Jesse Liva More was the worst "player", along with General Motors founder William Durant. People knew what was happening, and that the players were paying newspaper companies and printing news about the company, but small investors still pushed their prices and sold them. I wanted to have no money. The impact of pool companies on small investors was not as negative. It was like a chai r-picking game. If I had a chair every time the music stopped (if I already sold stocks), it would not be a problem.

In the late 1920s, the entire market was a chai r-taking game that was not dominated by any pool. In fact, many operators were the biggest victims. Durant died pathetic. The speculators hoped that if the price would rise regardless of the interests of the company, other investors would pay more, but other investors, such as modern economists, "no n-rational uplifting. I just rushed to what I called (familiar). The lessons that the bubble collapse can be learned earlier than the latter half of life. Playing the gum is likely to cover the face with pink sticky sticky without bursting. In history, there are no organizational crime organizations or counterfeiters who have found a shaking that is more profitable as stock prices. Al Capone returned to Chicago in the 1920s and was able to make a legal profit in Wall Street, but why he worked hard to drink and make an illegal living. 。 Capone had to control the law with competitors and laws in Tommy's thugs, while managing a huge distribution network. On the contrary, the pool owners only prepared some clever rumors, put their fingers on the cigar, poured their fingers, and beat each other. Jesse Liva More was the worst "player", along with General Motors founder William Durant. People knew what was happening, and that the players were paying newspaper companies and printing news about the company, but small investors still pushed their prices and sold them. I wanted to have no money. The impact of pool companies on small investors was not as negative. It was like a chai r-picking game. If I had a chair every time the music stopped (if I already sold stocks), it would not be a problem.

In the late 1920s, the entire market was a chai r-taking game that was not dominated by any pool. In fact, many operators were the biggest victims. Durant died pathetic. The speculators hoped that if the price would rise regardless of the interests of the company, other investors would pay more, but other investors, such as modern economists, "no n-rational uplifting. I just rushed to what I called (familiar). The lessons that the bubble collapse can also be learned earlier than the latter half of life. Playing the gum is likely to cover the face with pink sticky sticky without bursting.

Investors in the 1920s were deceived by the classic word "this time is different", called "the most dangerous words in Wall Street." "The stock price has reached a high plateau forever," said a wel l-known Economicist, an Economician, an Ale University. RCA could not make a radio at the speed of just matching demand. The Internet caused the same excess in the 1990s, which resembled, but not so miserable in 2000. Such a growth theory is not completely wrong in the long term. Since the market revolution began in the late 18th century, overall productivity and growth have been rising so far. However, ignoring the actual profitability of the company, it is unlikely that stock prices (such as PER) will rise unlimited in the short term. In such a case, adjustment, also called a bubble burst, is inevitable. A similar adjustment occurred in the real estate boom in the early 21st century. When asked if it was a speculative bubble at the time, the real estate agent said, "God will not make any more land." It may not be, but that does not mean that the cost of housing does not increase indefinitely compared to wages and living expenses, and the bubble collapsed in 2008 (although Austin had only a slight disorder. )

J. P. Morgan was shot in 1903 by Edward Styken. This photo is famous for its light reflected from the armrests. < SPAN> Investors in the 1920s have been deceived by the classic word "this time is different" called "the five most dangerous words in Wall Street." "The stock price has reached a high plateau forever," said a wel l-known Economicist, an Economician, an Ale University. RCA could not make a radio at the speed of just matching demand. The Internet caused the same excess in the 1990s, which resembled, but not so miserable in 2000. Such a growth theory is not completely wrong in the long term. Since the market revolution began in the late 18th century, overall productivity and growth have been rising so far. However, ignoring the actual profitability of the company, it is unlikely that stock prices (such as PER) will rise unlimited in the short term. In such a case, adjustment, also called a bubble burst, is inevitable. A similar adjustment occurred in the real estate boom in the early 21st century. When asked if it was a speculative bubble at the time, the real estate agent said, "God will not make any more land." It may not be, but that does not mean that the cost of housing does not increase indefinitely compared to wages and living expenses, and the bubble collapsed in 2008 (although Austin had only a slight disorder. )~J. P. Morgan was shot in 1903 by Edward Styken. This photo is famous for its light reflected from the armrests. Investors in the 1920s were deceived by the classic word "this time is different", called "the most dangerous words in Wall Street." "The stock price has reached a high plateau forever," said a wel l-known Economicist, an Economician, an Ale University. RCA could not make a radio at the speed of just matching demand. The Internet caused the same excess in the 1990s, which resembled, but not so miserable in 2000. Such a growth theory is not completely wrong in the long term. Since the market revolution began in the late 18th century, overall productivity and growth have been rising so far. However, ignoring the actual profitability of the company, it is unlikely that stock prices (such as PER) will rise unlimited in the short term. In such a case, adjustment, also called a bubble burst, is inevitable. A similar adjustment occurred in the real estate boom in the early 21st century. When asked if it was a speculative bubble at the time, the real estate agent said, "God will not make any more land." It may not be, but that does not mean that the cost of housing does not increase indefinitely compared to wages and living expenses, and the bubble collapsed in 2008 (although Austin had only a slight disorder. )

J. P. Morgan was shot in 1903 by Edward Styken. This photo is famous for its light reflected from the armrests.

His achievements were that President Herbert Houver acknowledged the difference between growth and speculation, urging the Great Bank family like J. P. Morgan to be enthusiastic. Prior to that, Hoover, who was the Secretary of Commerce under President Warren Harding, warned that stock speculation was becoming indispensable. He asked the writer to summarize the dangers of the bubble in Wall Street. A fear that such a story caused a panic, he told Hoober all at once to close his piehole. Hoober was rarely helped by the Federal Reserve Council (Fed) and the Ministry of Finance. The Fed prompted the next president to raise the interest rate of investment banks (6 % at the time) to suppress the "dangerous dangerous" gambling, but did not do anything but did nothing. Morgan advocated Houver to apprentice his predecessor's Harding and Calvin Coulidge and concentrated on his job. Hoover later appealed to the Governor of New York to do something to do, but did not hear it. Some readers may be worried about this. As mentioned in the next chapter, it was no other Roosevelt that took this chaos on Pennsylvanian Street 1600 and took over the White House as a successor to Hoober.

Andrew Melon, 1921, Trinity Court Studios, Pittsburg, Pennsylvania

Andrew Melon, President Houber's Finance Secretary, worked under Harding and Couridge, contributing to the booming of Wall Street's deregulation. Melon, which was finished in the steel and banking industry, also reduced taxes from a high level during World War I, and was a little successful in the early days of a reduction in national debt. However, Melon and the Federal Trade Commission have allowed speculators to invest in a margin of 90 % of the shares of the shares from a broker. In other words, the speculator could invest in a high price of 90 % of the face value from the broker. However, when the stock price dropped, the broker expanded the loan, and the investors had extra funds. When the stock price dropped by 10 %, Brokers sold stocks and demanded their investors for their loans. With the spread of margin trading, a decline in the market had a chain effect.

But brokers encouraged their clients to borrow, allowing them to invest more, and the brokers received commission. These clients were not just rich old white men like Morgan and Rich Uncle Pennybags from the game Monopoly™. For the first time in the history of the market, investors included middle-class Americans. Its leader was Charles Mitchell of National City Bank (now Citi), whose bank became the world's largest issuer of securities and pioneered the sale of stocks to small investors, forerunner of what we now know as mutual funds. Citi also contributed to the 2008-2009 financial crisis, but atoned for its sins by helping to finance the transatlantic telegraph cable in 1866 and the Panama Canal in 1904.~By 1929, more money was being lent to investors and earned interest than all the cash in circulation in the country. An investment boom came, and people went to movie theaters to simply sit and watch the "Big Board" (New York Stock Exchange) copy, which read from Edison's title, go up and down (such institutions had recently become popular in China). Astrologer Evangeline Adams, a supposed descendant of John Quincy Adams, offered investment advice in a regular column. Cruise ships in the Atlantic gave minute-by-minute updates. It was almost like today, but now with the right one you can track prices down to the millisecond. In 2012, a fiber-optic cable was laid between New York and Chicago. The history of "citizen investors" dates back to World War I, when the government stimulated interest in securities among the middle class by selling low-value Liberty Bonds. After the war, companies like AT& amp; T liquidated their shares at low unit prices, allowing small investors to buy them. In addition, companies began offering stock purchase plans, but labor unions were uncomfortable with such plans, which they saw as a ploy to gain workers.

Hollywood mogul and October Crash financier Joseph Kennedy (JFK's father) is reported to have said that when the shiny boy gave him the stock tip, he knew it was time to buy. And he did just that, taking advantage of the downturn and selling his stocks, then selling out in a short time. Other big investors were also beginning to wonder if the rally was over by mid-summer 1929, including Jesse Livermore, who had put more than $100 million into the coming crash. Unfortunately, selling and short selling (betting against the market) was as contagious as the market, with too much "smart money" panicking at the same time, hoping to jump ship before it sank. Initially, "organized support," led by New York Stock Exchange Vice Chairman Richard Whitney and CEOs of major banks, bought blue-chip stocks, pushing up stock prices as they had done in the 1907 panic. Mitchell, Durant, the Morgans and Rockefellers participated in "Black Thursday" on October 24th, buying up enough stocks to correct the crash and cause a rally by late afternoon. Yale's Fisher said the market had "just gone through some crazy margin calls." By Friday, things were looking up, and bankers were pressuring President Hoover to make a statement about how undervalued stocks were. He refused, but said: "The basic business of this country - the production and distribution of goods - is on a sound and prosperous basis. But unlike 1907, the bankers' net purchases were not enough, and by the weekend many had decided it was time to hold on to what wealth they could and sell out.

On Monday and on "Black Tuesday" the market continued to fall, dropping 36% from the middle of the previous week. Simply put, there were far more sellers than buyers. The big banks that had been propping up the market last Thursday also began liquidating their own portfolios, even as they increased lending to keep the market afloat. The Federal Reserve's regional banks (Chapter 5) bought overdue loans to put cash back into the system. Exhausted brokers across the country spent days trying to overcome the volume of trades. Some trades never filled, while others sold their entire portfolios multiple times. Chicago police braced for riots as gangsters absorbed huge losses in their margin accounts. The margin trades that sparked the boom were further fueled by brokers selling when stocks fell 10% and calling back loans, setting off the chain effect described above. Leveraged investments by the big trusts magnified the problem, and consumers who had invested in trusts instead of buying individual companies lost everything. Many mutual funds also invested in each other and bought back stocks with their customers' money.

"December 1929, Finis, by William Kemp Starrett

But it was not immediately clear that the country was in a deep and prolonged depression. The New York Times predicted that the crash would cause a drop in consumer spending on luxury goods but not much else, underestimating the impact on middle and working classes in America. Similar depressions had happened before, and most people assumed that a correction would be made quickly. Most businesses were still healthy, and automakers signaled their depression by cutting prices, with a Ford Roadster dropping from $450 to $435. Now, at least, stocks were being sold on sound fundamental earnings, not on speculation. Barron's noted that stocks were now being sold on "the hopes and romances of the past." Smart money that had exited the market in the crash jumped back in to take advantage of the apparent bargains. At the end of 1929, The Times announced the year's biggest story: Richard Byrd's solo flight to Antarctica. Byrd regularly sent stock prices to his station in Little America, Antarctica.

In the early 1930s, the market recovered somewhat, and many commentators believed that this depression would not be as bad as the previous depression of 1921. When several bankers and theologians met with President Hoover in June 1930 to discuss the depression, the president proudly said, "Gentlemen, you are 60 days too late. The depression is over." However, the worst was yet to come, and most of the Great Depression, misunderstood as the "Crash of 1929," occurred slowly and painfully between 1930 and 1932. By 1932, the Dow Jones Industrial Average had plummeted an overall 89% from its 1929 peak, although the initial drop in October 1929 was only 25%. This did not cause the sudden recession of October 1987, as did the subsequent market corrections of 2000, 2008, and 2020. Economist J. K. Galbraith later wrote of the apparent recovery and temporary market rally, "Nothing could have been more ingeniously designed to maximize suffering and to spare as few as possible from the common misery." Galbraith more famously said, "The function of economic forecasting is to make astrology look respectable."~The Wall Street crash caused banking and consumer spending to be as disruptive as it is today, when the average American owns 66% of the stocks on the New York Stock Exchange and the Nasdaq Stock Exchange. The 1929 crash did not outright cause the Great Depression because only 10% of Americans were invested in the market, but it reduced consumer spending, created panic that exacerbated the ongoing recession, reduced corporate wealth and damaged future prospects, and contributed to the banking crisis. In short, the crash complicated and amplified the ongoing depression, weakening the banks that had direct and indirect investments in the stock market. Banks were the key link between the stock market and the general public.

But of that 10%, millions of investors, both wealthy and middle class, went bad within a matter of months. Remember Clarence Birdeye from the previous chapter? He sold his frozen food business and put all his money into stocks just before the crash. British politician Winston Churchill had put most of his money into the market. Even though a full-blown recession was underway before "Black Tuesday," the depression reduced consumer spending. The market crashed and crashed until 1932. Because companies depend on investments for capital (shareholders' shares) and not just profits, the depression meant they would not be able to generate much cash in the future. And because companies invested in other companies, the crash further depleted their capital. As asset values ​​plummeted and lending rates rose, companies could no longer borrow money easily from banks. Market selling is especially difficult for companies that depend on capital, like banks. Most investors hesitated to invest after the October crash, despite the low prices, due to continued uncertainty. One could also consider that consumer spending was also rejecting the idea.

Moreover, banks became reluctant to lend to businesses and each other in such an uncertain environment, and new growth-enhancing projects were halted. As a result, a normal business cycle did not occur, and a new boom began. Banks that provided funds to consumers for investment investments lost much of the funds they lent and some of their loans to businesses when the recession began. As a result, banks reduced their lending to other businesses, individuals, and small businesses. Banks also invest depositors' funds in the stock market, and this sector grew from 5% to 12% in the late 1920s. The difference between the interest that banks pay their customers and the interest they earn on their customers' funds through investments and high-interest long-term loans is how banks make profits. Traditionally, small regional banks and savings and loan banks make profits from the spread between the interest they pay to customers on long-term loans and savings accounts. Investment banks, on the other hand, as the name suggests, took on greater risk. In the early 1930s, anxious customers rushed to withdraw their savings, but as in any era, most of the depositors' funds were invested or borrowed, and there was no cash in the banks' vaults.

Monetary Policy Congress created the Federal Reserve in 1913 to stabilize financial markets, but did not act decisively enough to save the banks in 1930 as people hoarded money. It initially lowered interest rates until 1930, but did not engage in sustained quantitative easing, which bought bonds and other assets to pump cash into the banking system, as seen in 2009-2014. In 1927, Benjamin Strong, president of the New York branch of the Federal Reserve Bank of America, promoted just such low interest rates to help pay off Britain and France's war debts against America, fueling a bullish stock market by giving Wall Street what the French call "petit coup de whisky" (a scotch of Scotch). Low interest rates meant more cash circulating in stock investments. But Strong died in 1928 from complications of tuberculosis and morphine addiction, and the Fed withdrew from its loose monetary policy. As a result, interest rates on floating-rate stock credit loans rose, contributing to the market collapse (fixed-rate loans have the same interest rate once taken out, regardless of future fluctuations).

The Fed raised interest rates to 6% to cool the booming stock market, restricting credit and making bonds more attractive. In 1930, as expected, they lowered interest rates after the crash. However, in 1931, the Fed abandoned its previous policy of price stability in favor of maintaining the gold standard, which led to a 30% decline in cash by 1932. This was undoubtedly a mistake. However, their monetary tightening policy was consistent with the British and other central banks in Europe who, fearing inflation, pegged their currency to gold bullion (rather than currency because gold bullion was easier for governments and central banks to control). The British reverted to the original sterling (pound) gold standard before World War I, which led to gold shortages and the depletion of American gold coins. Meanwhile, France hoarded gold and refused to sell it. Winston Churchill, Chancellor of the Exchequer (equivalent to the Chairman of the Federal Reserve Board of the United States), reverted to the pre-war gold standard and tied the British pound to gold, but this had disastrous results. The pound was overvalued, coal could not be exported, and unemployment and strikes ensued. When criticized as the worst Prime Minister in history, Churchill replied that he was "prepared to agree." Economist Sebastian Mallaby writes:

The Fed struggled through a downward spiral of depressions, stock markets, and early bank failures. In 1930, the Fed cut interest rates from 6% to 2. 5%, but raised them again in 1931 from 1. 5% to 3. 5% to protect gold. They feared that foreign countries would trade dollars for gold and the supply would dry up. The gold standard, which pegged gold to pre-World War I currency levels, was too low (the U. S. held 40 cents of gold for every dollar of cash), leading to a straight jacket and stifling growth. The Fed initially protected banks with loose monetary policy, but abandoned it in 1931-32 to protect gold and because of irrational fears of inflation. Of the 25, 000 banks in the U. S. in 1929, the Fed raised interest rates to 6% to cool the booming stock market, restricting credit to make bonds more attractive. In 1930, as expected, it lowered interest rates after the crash. But in 1931, the Fed abandoned its previous price stability policy in favor of maintaining the gold standard, which led to a 30% decline in cash by 1932. This was undoubtedly the wrong move. But their monetary tightening policy was in line with Britain and other central banks in Europe who feared inflation and pegged their currencies to gold bullion (rather than currency because gold bullion was easier for governments and central banks to control). Britain reverted to the original sterling gold standard before World War I, leading to gold shortages and the depletion of American gold coins. Meanwhile, France hoarded gold and refused to sell it. Winston Churchill, Chancellor of the Exchequer (equivalent to the chairman of the U. S. Federal Reserve), reverted to the prewar gold standard and tied the British pound to gold, with disastrous results: the pound was overvalued, coal could not be exported, and unemployment and strikes occurred. When criticized for being the worst prime minister in history, Churchill replied, "I was prepared to agree." Economist Sebastian Mallaby writes:

The Fed had struggled through a downward spiral of recession, stock markets, and early bank failures. In 1930, the Fed lowered interest rates from 6% to 2. 5%, but raised them again in 1931 from 1. 5% to 3. 5% to protect gold. They feared that foreign countries would trade dollars for gold and the supply would dry up. The gold standard, which pegged gold at pre-World War I currency levels, was too low (the U. S. held 40 cents of gold for every dollar of cash), resulting in a straight jacket and stifling growth. The Fed initially protected banks with loose monetary policy, but abandoned it in 1931-32 to protect gold and because of irrational fears of inflation. Of the 25, 000 U. S. banks in 1929, the Fed raised interest rates to 6% to cool the booming stock market, restricting credit and making bonds more attractive. In 1930, as expected, it lowered interest rates after the crash. In 1931, however, the Fed abandoned its previous policy of price stability in favor of maintaining the gold standard, which led to a 30% decline in cash by 1932. This was undoubtedly a mistake. However, their monetary tightening policy was consistent with the British and other European central banks, who feared inflation and pegged their currency to gold bullion (rather than currency because gold bullion was easier for governments and central banks to control). Britain reverted to the original sterling (pound) gold standard before World War I, which led to gold shortages and the depletion of American gold coins. Meanwhile, France hoarded gold and refused to sell it. Winston Churchill, Chancellor of the Exchequer (equivalent to the chairman of the US Federal Reserve Board), reverted to the pre-war gold standard and tied the British pound to gold, but this had disastrous consequences. The pound was overvalued, coal could not be exported, and unemployment and strikes occurred. When criticized for being the worst prime minister in history, Churchill replied, "I was prepared to agree." Economist Sebastian Mallaby writes:

The Fed struggled through a downward spiral of depression, stock market, and early bank failures. In 1930, the Fed cut interest rates from 6% to 2. 5%, but raised them again in 1931 from 1. 5% to 3. 5% to protect gold. They feared that foreign countries would trade dollars for gold and the supply would dry up. The gold standard, which pegged gold at pre-World War I currency levels, was too low (the United States held 40 cents of gold for every dollar of cash), resulting in a straight jacket that stifled growth. The Fed initially protected banks with loose monetary policy, but abandoned it in 1931-32 to protect gold and because of irrational fears of inflation. Of the 25, 000 banks in the United States in 1929,

In the Great Depression, 80 million collapsed with many companies and farms. As seen in Chapter 5, the United States, which supported Andrew Jackson's concept more than Alexander Hamilton's concept, has exceeded the founding of the 1913 Federal Reserve (Fed) since 1833. The system was adopted. While many small banks were lent to most of the funds to local companies and farms that were confused by dust bowls (dust headbands) (details will be described later), larg e-scale banks with branches in the local area are recessions. You may have dealt with. In contrast, in Canada, which was following Hamilton, banks did not collapse in the 1930s. The rest were only what the parliament and Hoover could do to the bank using the reconstruction financial corporation described later. The monetary tightening policy of the Federal Reserve (Fed) was not the cause of the depression, nor did it help to relieve the depression. Prior to the FedB, private financial institutions like J. P. Morgan supplied fluid and prevented panic. After the crash, the Fed was not the same because the Fed was tied to the gold standard system.

New York Relief Association (1929), Wikipedia Commons

Ben Barnanki, chairman of the Federal Reserve (Fed), from 2006 to 2014, was a historian of the Great Depression and criticized the Fed policy from 1931 to 32 years. Not only did he lack cash during the Great Depression, but he invited a situation that economist J. M. Keynes was called a fluid trap because the bank did not lend his funds. On the other hand, hard money advocates do not make such adjustments after the government has returned in the late 1920s, unless the government abandoned money during World War I. I claim that it will be. Regarding the differences between hard money and fabrit money, consensus is not obtained among economists, but in the early 20th century, indecisive activation and cancellation of the United States and Britain have failed. See. < SPAN> In the Great Depression, 80 million collapsed with many companies and farms. As seen in Chapter 5, the United States, which supported Andrew Jackson's concept more than Alexander Hamilton's concept, has exceeded the founding of the 1913 Federal Reserve (Fed) since 1833. The system was adopted. While many small banks were lent to most of the funds to local companies and farms that were confused by dust bowls (dust headbands) (details will be described later), larg e-scale banks with branches in the local area are recessions. You may have dealt with. In contrast, in Canada, which was following Hamilton, banks did not collapse in the 1930s. The rest were only what the parliament and Hoover could do to the bank using the reconstruction financial corporation described later. The monetary tightening policy of the Federal Reserve (Fed) was not the cause of the depression, nor did it help to relieve the depression. Prior to the FedB, private financial institutions like J. P. Morgan supplied fluid and prevented panic. After the crash, the Fed was not the same because the Fed was tied to the gold standard system.

New York Relief Association (1929), Wikipedia Commons~Ben Barnanki, chairman of the Federal Reserve (Fed), from 2006 to 2014, was a historian of the Great Depression and criticized the Fed policy from 1931 to 32 years. Not only did he lack cash during the Great Depression, but he invited a situation that economist J. M. Keynes was called a fluid trap because the bank did not lend his funds. On the other hand, hard money advocates do not make such adjustments after the government has returned in the late 1920s, unless the government abandoned money during World War I. I claim that it will be. Regarding the differences between hard money and fabrit money, consensus is not obtained among economists, but in the early 20th century, indecisive activation and cancellation of the United States and Britain have failed. See. In the Great Depression, 80 million collapsed with many companies and farms. As seen in Chapter 5, the United States, which supported Andrew Jackson's concept more than Alexander Hamilton's concept, has exceeded the founding of the 1913 Federal Reserve (Fed) since 1833. The system was adopted. While many small banks were lent to most of the funds to local companies and farms that were confused by dust bowls (dust headbands) (details will be described later), larg e-scale banks with branches in the local area are recessions. You may have dealt with. In contrast, in Canada, which was following Hamilton, banks did not collapse in the 1930s. The rest were only what the parliament and Hoover could do to the bank using the reconstruction financial corporation described later. The monetary tightening policy of the Federal Reserve (Fed) was not the cause of the depression, nor did it help to relieve the depression. Prior to the FedB, private financial institutions like J. P. Morgan supplied fluid and prevented panic. After the crash, the Fed was not the same because the Fed was tied to the gold standard system.

New York Relief Association (1929), Wikipedia Commons

Ben Barnanki, the chairman of the Federal Reserve (Fed), from 2006 to 2014, was a historian of the Great Depression and criticized the Fed policy from 1931 to 32 years. Not only did he lack cash during the Great Depression, but he invited a situation that economist J. M. Keynes was called a fluid trap because the bank did not lend his funds. On the other hand, hard money advocates do not make such adjustments after the government has returned in the late 1920s, unless the government abandoned money during World War I. I claim that it will be. Regarding the differences between hard money and fabrit money, consensus is not obtained among economists, but in the early 20th century, indecisive activation and cancellation of the United States and Britain have failed. See.

Financial distress issues in markets and banks, coupled with declining consumer confidence, lead to economic contraction and recession. A recession can also be seen as a downward spiral. When workers lose confidence in the economy, consumer spending falls, which in turn causes other companies to lay off workers, who then also cut back on their consumer spending, and so on. The rise of capitalism means that the same process works in reverse, snowballing into a positive one. In these cases, you don't hear comments about how good the economy is, but at least their listening ratings are complaining about how bad it is to downsize to some extent. A severe recession is now called a depression, but thankfully in the US, the term hasn't worn the dust since the 1930s. One of the reasons for this is the aggressive policies of the Federal Reserve, importing cash by buying up bank assets and, more drastic, writing off liabilities from bank books to the point of effectively "printing money". President Hoover actually suggested the term depression because he thought it might ease people's nerves better than the traditional 19th century panics of 1819, 1857, 1873, 1893, and 1907. The Killjoy Meter didn't improve much, but the term stuck.~An uptrend is when prices don't rise or fall, and inflation doesn't usually occur. In the 1930s, prices fell about 25% but wages fell 40%. From the borrower's perspective, the downside of deflation is that the real value of debt goes up because wages fall and the value of the dollar rises (a dollar can go "further" and buy more groceries). The opposite of an inflationary rise is that debt falls in real terms relative to wages as a currency value. For this reason, governments sometimes intentionally print money to create inflation in order to reduce the impact of their debt. However, in some environments, consumers don't spend because they always think that if they hold on to their money, it will be worth more later. Why buy a car this month if it will be cheaper next month? You can see why fluctuations like these led to the creation of the Federal Reserve in 1913 to keep the currency as stable as possible.

By the early 1930s, the effects of layoffs, inventories, and declines in consumer spending were worse than ever before in American history.

25% of household heads lost their jobs without unemployment insurance (the gray line in the graph above is before the Bureau of Labor Statistics measurement). Cleveland recorded a 50% unemployment rate. Minority unemployment was even worse. African American household heads faced a 50% unemployment rate. 44% of mortgages expired as property values ​​fell 25%. To put this in perspective, in the most recent real estate-linked Great Recession of 2008-2009, the foreclosure rate was over 1/4 that rate.

"Children of Democracy: An immigrant family living in a trailer in the field. No sanitation, no water. They came from Amarillo, Texas" by Dorothea Lange, Bureau of Agricultural Economics, November 1940.

As the new Model A piled up, Henry Ford introduced the one-piece flathead V-8 in 1932 to jump-start the economy. This early "hot rod" engine helped at least some outlaws like Bonnie and Clyde escape the law. They also made it as easy to steal cars as horses, because the new electric starter allowed enterprising thieves to bypass the ignition lock and hook up the engine without a key. Gangster John Dillinger wrote Ford a letter of thanks for the V-8 (police were on the back foot during the depression, when tax revenues also fell). Unfortunately, the groundbreaking eight-stroke wasn't enough to revive the struggling economy.

In the 1930s, America experienced its first net immigration in history. Unemployed workers lit fires to work in their garages and committed crimes to get into prison where they could stay warm and eat. People released from prison asked to be put back in prison. Condom sales increased as the birth rate fell. Divorce rates also fell because they cost money, as do children, but father abandonment rates increased.

1936, Dallas, South Dakota, Dust Bowl

A drought called a dust bowl, which worsens the situation, has suffered Great Plains, from Texas Pulgan Handle to State of Canada. With the end of World War I in Europe, the stormed countries in the war have finally recovered, and in the late 1920s, the rainfall in the United States decreased, which reduced the wheat market. By 1929, the Soviet Union exported wheat to Europe at the pr e-war level. Eventually, exports of wheat ranged from $ 1 to 25 cents per buschel. When the Europeans first pioneered the Great Plains in the late 19th century, the developers spread the pseud o-scientific rumors that plowing would return the water under the soil surface and rain. "Rain follows cultivation!" Was their motto. Of course, this is not a fact. Later, the appearance of the internal combustion tractor has made the farmers plow more, and over the natural grass that supported the soil while walking around the plains, "wrong side. "On top" is left. In this case, the performance of the tractor, the decline in wheat prices, and the deterioration of drought overlap, and technology and nature were unfortunate. Hugh Hammond Bennett, a soil conservative scholar, foreseeing the problem, but his warning was not heard when wheat prices were soaring. Bennett has led the Natural Resources Conservation Service.

At the time of being known as a dust bowl, the pitch of the loose surface encountered a huge storm of soil. The color of the soil (for example, red is from Texas), the source of the storm was found, and a large amount of dust came out of the lungs for months. The animals wandered or suffocated when dust filled the nostrils. The 1934 storm blown from the midwest to the east, and the soil was dumped into the Atlantic Ocean, warning politicians the seriousness of the problem. The stormy electricity with the storm died, and the plague of Jack Rabbit and Grasshoppers increased the misery. The Hirahara historian Donald Worderter says, from a "spiritual" house that does not hear discouraged words to the leader of the Santa Fe (train), which carries a delicious grain mountain to Chicago. Finally, the dust turned into an empty sock that flew up to the height of the eaves. " "

A sandstorm approaching a spearman (April 1935, photographed by the United States Ocean Beauty Agency

The Dust Bowl of 1930-36 destroyed thousands of uninsured farms in the Texas Panhandle and Oklahoma. In some lucky cases, neighbors gathered at penny auctions when banks sold foreclosed land. Armed neighbors bid low and intimidated bidders, allowing the original owners to buy the farms cheaply. But the drought didn't help much. Plains Indians such as the Kiowa and Comanche stayed on their allotments, plundering the land in their already dire poverty, while many of the whites stayed put. Desperate Okies loaded up with tenants from Arkansas and southern Missouri and headed for the desert valleys of California to work as seasonal laborers. About one-third of the farmers left the Dust Bowl region, some for the Pacific Northwest and western Canada. With such a surplus of labor, exploitative California farmers paid horribly low wages, and police eventually stemmed the flow at the border, arresting immigrants for vagrancy if they entered the country with less than $50. There was a silver lining to the red, black, and brown clouds of immigrants.

"Broken bones, sick babies, car trouble!" Dorothea Lange, 1937, Library of Congress~In most textbooks, the Okies (broadly defined) faded from view after the Great Depression, with only brief mentions of Bakersfield country musicians like Merle Haggard, Buck Owens, and Dwight Yoakam. But they had a lasting impact on demographics. For most of the second half of the 20th century, the population of Southerners born in Los Angeles was greater than the entire population of many Southern states. They voted Democratic during the 1930s depression and the New Deal, and found jobs in the defense industry, including aviation, during World War II. But once they had money in their pockets, politics changed. In the more prosperous postwar years, especially in Orange County and then throughout the Sunshine State, they catapulted a conservative revolution in American politics, launching the careers of Richard Nixon (R) and Ronald Reagan (R). The children of desperate immigrants in the 1930s helped launch the Reagan Revolution, which we will discuss in Chapter 20.~The opposite version of the United States (most) and the economist have had a hard time finding a solution. It is a natural urge to buy American products to protect employment. Part of the 2009 Democratic Party's economic stimulation measures include such a clause, and Donald Trump promised to abolish and rework the trade agreement, and won the 2016 election with sem i-protectionism. 。 Joe Biden supported Barak Obama's overseas regulations on federal government purchases. In 1930, the Republican Party enacted a more extreme bill and passed the highest protection tariff since 1828.~Import tax 60 %. Other business leaders and scholars opposed the law and asked Houver to activate veto. Henry Ford spent the night in the White House and tried to persuade Hoober. Morgan's House of Representatives claimed that he had pleaded his hands and knees and begging Hoover to sign.

New York Times about Smoot Holy Customs

However, he signed the Smoot Holy Customs Law, despite the reserve of Hoober. Hoober called the bill "evil, aggressive, and unpleasant," but only 53 votes passed the Senate, and 64 votes (67 % of 96 votes) were required to overturn the veto. So Hoover should have activated veto. The results were as expected, as expected, as it helped farmers to help farmers and prevent deflation. However, other nations were retaliated in retaliation tariffs on exports in the United States, causing a trade war. The world's trade decreased by more than 66 % in the first year, deepening the recession in all countries. The International Federation was trying to negotiate a tarpidation on a truce to prevent the crisis from deteriorating the crisis. The politicians selected in the election do not always make a big decision. Many economists believe that protectionism during the Great Depression was a ridiculous mistake. Smooth Holy not only harms the global economy, but also reduced international cooperation when the world needed constructive exchange between nations. There is an old proverb: "If things do not cross the border, the army crosses the border." It may be too simplified, but at least there is a truth. < SPAN> The opposite version of the United States (most) leaders and economists struggled to find a solution. It is a natural urge to buy American products to protect employment. Part of the 2009 Democratic Party's economic stimulation measures include such a clause, and Donald Trump promised to abolish and rework the trade agreement, and won the 2016 election with sem i-protectionism. 。 Joe Biden supported Barak Obama's overseas regulations on federal government purchases. In 1930, the Republican Party enacted a more extreme bill and passed the highest protection tariff since 1828.

Import tax 60 %. Other business leaders and scholars opposed the law and asked Houver to activate veto. Henry Ford spent the night in the White House and tried to persuade Hoober. Morgan's House of Representatives claimed that he had pleaded his hands and knees and begging Hoover to sign.

New York Times about Smoot Holy Customs

However, he signed the Smoot Holy Customs Law, despite the reserve of Hoober. Hoober called the bill "evil, aggressive, and unpleasant," but only 53 votes passed the Senate, and 64 votes (67 % of 96 votes) were required to overturn the veto. So Hoover should have activated veto. The results were as expected, as expected, as it helped farmers to help farmers and prevent deflation. However, other nations were retaliated in retaliation tariffs on exports in the United States, causing a trade war. The world's trade decreased by more than 66 % in the first year, deepening the recession in all countries. The International Federation was trying to negotiate a tarpidation on a truce to prevent the crisis from deteriorating the crisis. The politicians selected in the election do not always make a big decision. Many economists believe that protectionism during the Great Depression was a ridiculous mistake. Smooth Holy not only harms the global economy, but also reduced international cooperation when the world needed constructive exchange between nations. There is an old proverb: "If things do not cross the border, the army crosses the border." It may be too simplified, but at least there is a truth. The opposite version of the United States (most) and the economist have had a hard time finding a solution. It is a natural urge to buy American products to protect employment. Part of the 2009 Democratic Party's economic stimulation measures include such a clause, and Donald Trump promised to abolish and rework the trade agreement, and won the 2016 election with sem i-protectionism. 。 Joe Biden supported Barak Obama's overseas regulations on federal government purchases. In 1930, the Republican Party enacted a more extreme bill and passed the highest protection tariff since 1828.

Import tax 60 %. Other business leaders and scholars opposed the law and asked Houver to activate veto. Henry Ford spent the night in the White House and tried to persuade Hoober. Morgan's House of Representatives claimed that he had pleaded his hands and knees and begging Hoover to sign.

New York Times about Smoot Holy Customs