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The USA in Depression, 1929 to 33
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In October 1929 the stock market crashed. Over the next three years the USA sank into the Great Depression.
The Wall Street Crash
Share prices had risen far above the real value of companies.
In October 1929 panic selling began; prices collapsed.
People who had borrowed to buy shares were ruined, and many banks failed, wiping out savings.
In October 1929 panic selling began; prices collapsed.
People who had borrowed to buy shares were ruined, and many banks failed, wiping out savings.
The Depression
Businesses closed, and unemployment rose to about a quarter of the workforce by 1933.
Farmers lost their land; homeless people built shanty towns called 'Hoovervilles'.
There were bread lines and soup kitchens.
Farmers lost their land; homeless people built shanty towns called 'Hoovervilles'.
There were bread lines and soup kitchens.
Hoover's response
President Herbert Hoover believed in limited government action and hoped the economy would recover itself. He did take some steps, but they were not enough.
In 1932 the Bonus Army of First World War veterans marched on Washington; they were driven out by troops.
Hoover lost the 1932 election to Franklin D. Roosevelt.
In 1932 the Bonus Army of First World War veterans marched on Washington; they were driven out by troops.
Hoover lost the 1932 election to Franklin D. Roosevelt.
Why did the Bonus Army damage Hoover?
- Unemployed veterans camped in Washington to ask for early payment of their bonus.
- Troops drove them out with tear gas and burned their camp.
- This made Hoover look cruel and helped Roosevelt win.
Answer: The use of troops against veterans made Hoover look heartless.
October 1929: the Wall Street Crash ruined investors and caused bank failures. Unemployment reached about a quarter of workers; Hoovervilles appeared. Hoover's limited action failed; the Bonus Army (1932) was driven out by troops, and he lost to Roosevelt.
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