1928 Hoover stressed how prosperous America was. Hoover won the election. Investment in the stock market. Speculators borrowed from banks. 1929 Stock market crash. Shares went down investors panicked. Speculators couldn't repay borrowed money. Wall
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Farmers suffered badly
Demand went down. Exports 10bn (1929) to 3bn (1932). Cost more to take the animals to market than what you could sell them for. Bankruptcy. Dust bowl, over farming. 2.5 migrated to west cost: very little there either.
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Hoover's weak response to the depression
Hoover: Helping yourself. Tax cuts and encouragement of high wages. Taxes on overseas goods: just reduced international trade. 'Do nothing' president. Bonus Marchers.
Demand went down. Exports 10bn (1929) to 3bn (1932). Cost more to take the animals to market than what you could sell them for. Bankruptcy. Dust bowl, over farming. 2.5 migrated to west cost: very little there either.
Back
Farmers suffered badly
Card 3
Front
Hoover: Helping yourself. Tax cuts and encouragement of high wages. Taxes on overseas goods: just reduced international trade. 'Do nothing' president. Bonus Marchers.
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