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💫 Political Conservatism of 1920s wasn't ready to deal with the magnitude of the depression: Harding & Coolidge's approaches to the symptoms of the depression

★ Era of "Titans of Wallstreet" - became complacent, arguably

★ Politicians reluctant to acknoledge breadth of GD initially
★  Federal Reserve stayed on the sidelines on the topic of speculation
★  Spring of 1929 - car sales, steel production and construction declined

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💫 Speculation and Too Much Credit Buying

★ Federeal Reserve not doing much to regulate bank activity

★ Income inequality - only 1% of the population controlled the nation's wealth

★ Loss of Construction Jobs: 1920-1925 showed an increase in construction jobs followed by a decrease from 1926-1929, when companies could no longer pay their employees.

★ Decline in European exports - a previously robust market begins to die

★ Recent loss of war industry

★ High inflation and low taxes

★ Federal Reserve expanded credit and lowered the required reserve requirements for banks (under Harding and continued under Coolidge)

★  Low government spending (same as above)

★  MARKET CRASH OF 1929

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★ The people were much more willing to "live in the moment". Credit buying was overused when this mindset was adopted. Additionally, Stocks were inflated which created speculation in stocks and commodities. These two were the biggest economic factors that led to the Great Depression.

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★ FDR was charismatic. Whereas Prime Minister Bennett wasn't able to sell his New Deal proposal, FDR was.

★ His Fireside Chats swayed the people towards him

★  Emergency Banking Act: gave FED additional powers; took the U.S. off the gold standard

★ Economy Act: balancing budget

★ Agricultural Adjusment Agency (AAA): raised farm prices and gave subsidies to farmers

★ Glass-Steagall Banking Act:  prevented banks from underwriting securities and established the FDIC

★ National Recovery Act of 1933: established minimum wage, wage hours, and prevented child labor; industrial production rose 22%

★ Federal Emergency Relief Agency (FERA): gave loans to states for jobs, established the Civil Works Administration (CWA), and was declared unconstitutional by SCOTUS in 1935

★ ETC. - The effectiveness of these agencies has been debated. It led to the expansion of the federal government.

★ FDR created a court packing scheme meant to make the court susceptible to his proposals

★ New Deal opposed by conservatives

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★ Too dependent on U.S. economy - fragile economy

★ King vs. Bennett: Bennett wins because he promises aggressive action.

★ Bennett attempts to use "traditional" economic methods to stablelize economy

★ Higher tarriffs:  Increased tariffs 50% and allocated $20MM in relief projects

★ Labor Camps: Bennett's infamous Labor Camps would mark his administration's actions during the GD. Men often worked 44 hour weeks on scarce wages. Highly unliked - spurred union movements

★ Nearing the mid 1930s, Bennett attempted to propose his own New Deal; it didn't work out. It was too late for his administration to do anything. He was too closely tied to the failings that marked the initial period of his country's entrance into the GD.

★ King or Chaos: Seeing that public opinion was turning/had turned against Bennett, King took the opportunity to swoop in, so to speak. He promised the people direct action, something which he'd withheld years before.

★ Prime Minister King really didn't have any better ideas than he had in the 1930s.

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★ Causes: 1913, 2/3 investment UK, remainder U.S., France, Germany Powerful elites believed their own countries lacked educational and technological skills necessary Cientificos (Mexican economic liberals) promoted incentives for overseas investment- mining and railroads Supply of good were outstripping demand- leading to Depression

★ Approaches:

★Government regulation to stabilize local economies- set prices; established production levels

★IMPORT SUBSTITUTION INDUSTRIALIZATION: promote home grown industries to replace imported goods

★Bilateral trade agreements with industrialized countries

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IMPACT of the GREAT DEPRESSION on AFRICAN AMERICANS and WOMEN

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IMPACT of the GREAT DEPRESSION on AFRICAN AMERICANS and WOMEN

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★ African Americans: the 1920s  brought a stagnation in improvements. In Great Depression, 75% unemployed vs. 25% overall.

★ Black Cabinet advised FDR on African American issues

★ The GREAT MIGRATION moved African Americans to the North ÷ Little job availability in North as well ÷ Bright spot was Brotherhood of Sleeping Car Porters

★ Hispanic Americans: lowest paying jobs ÷ Latin American children not allowed to enroll in schools/ hospitals ÷ Mass move to urban areas

★  Women: worsening of circumstances and additional responsibility due to men going on the road to find work ÷ Most remained in traditional roles ÷ Married women working increased by 50%- reason was economic necessity; need for subsistence; maintain some type of lifestyle.

★ Women: survivalist entrepreneurship- black women were boarding houses and beauty parlors ÷ African American women were limited due to lack of capital investment ÷ New Deal gave women more oppty with Fed Govt jobs ÷ Eleanor Roosevelt is credited with increasing place for women in government

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The EFFECT of the GREAT DEPRESSION on the ARTS

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The EFFECT of the GREAT DEPRESSION on the ARTS

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★ The Great Depression and the Arts: Eleanor Roosevelt promoted both civil rights and the arts

★ FEDERAL GOVERNMENT AND THE ARTS ÷ Would create jobs ÷ Public Works Art Project- part of CWA- commissioning murals for buildings; Zimmerman Library on UNM

★ Treasury Relief Art Program ¡ FEDERAL PROJECT NUMBER ONE- 1935 ÷ Includes theater, music, writing, local culture ÷ Operated until 1939 ÷ Visual arts contributed more than 20K works of art; Rothko ÷ Farm Services Administration was source of iconic images of Great Depression

★ POPULAR CULTURE: movies, radio, music and literature ÷ Two themes- art that reflected the time or allowed escape ÷ The Lone Ranger, Superman, Dick Tracy ÷ Music- live acts on radio, folk, blues, jazz