- Herbert Hoover was the 31st president of the United States, whose term was notably marked by the stock market crash of 1929 and the beginnings of the Great Depression.
- National Origins Act of 1924 was a law that severely restricted immigration by establishing a system of national quotas that blatantly discriminated against immigrants from southern and eastern Europe and virtually excluded Asians. The policy stayed in effect until the 1960s.
on October 29, 1929 also known as Black Tuesday, was the day that the stock market crashed. The main reasons the market crashed was: buying on margin, margin call, speculation, and credit.
Buying on margin: people would buy stocks with borrowed money. Speculation: people would buy stocks for a very low price and Hooke to sell high to make a quick profit. Margin call: a demand by a broker that an investor deposit further cash or securities to cover possible losses Credit: people would buy things that they couldn't afford right then, but they would still buy it and pay it off later. |
there are 4 main causes of the Great Depression: the dust dowl, easy credit, uneven distribution, and unbalanced foreign trade.
The dust bowl was a period of sever dust storms in the Great Plains. Easy credit: perople were tempted to live well beyond their means and did just that by, buying things on credit and paying for them later. Uneven distribution of wealth: there were rich people and poor people but there was no middle class. The rich made up less then 1%. |
the bonus army was the veterans from WW1 that were demanding their bonus checks for fighting in the war. The checks were going to come out in 1945 but when the Great Depression happened they demanded to have them earlier. They marched and rioted until Hoover told one of his men to take care of them, the man through tear gas at them to make them leave. This lead people to hate Hoover even more.
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people had to build little shacks on the outside of the towns where they lived they called this Hooverville because they believed he caused the depression. They also pulled their pockets out of their pants to show they had no money they called these Hoover flags. People couldn't afford blankets or fabric so they used newspaper as covers and called them hooverblankets.
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