In the 1920's what was everybody buying things with?
What sparked the start of the Great Depression?
The Stock Market Crash.
When did the stock market crash?
What percentage of the population had no savings?
Were the banks insured?
When was black Thursday and what happened?
October 24th, 1929. Stocks fell drastically. Brokers panicked and made margin calls but no one could pay.
When was black Tuesday and what happened?
October 29th, 1929. Stocks plummeted again. Value of market fell.People sold what was left to get more money.
By the end of October how much money had been lost?
$30 billion. This was in the space of 1 week.
What were some immediate effects of the crash?
Many lost their life savings in the market crash. banks and brokers called in loans but the american people had no money. hundreds of banks close.
What were the consequences f the banks closing?
There was no money to pay back loans+ empty savings accounts. Banks were not prepared for people to withdraw money at the same time. There was no bank insurance. 9 Million savings accounts vanished.
Who was Herbert Hoover?
The US President at the start of the Great Depression.
What was Hoovers philosphy? and what did he actually do about it.
"We'll make it" and he did nothing about it.
What happened to the farmers?
The prices of their crops went down and many farms were foreclosed.
What did people have to live in?
What was a shanty?
Were people had to live because they had no money. They were like shacks and tents of whatever they could find.
What did people have to line up for (in huge lines)?
Jobs, food, bread, pretty much anything.
What were the shanty towns nicknamed and why were they named that?
Hooverville. They were referred to as Hoovervilles because of President Hoover and his lack if help during the depression.
Who is FDR?
Franklin D Roosevelt. When he became president unemployment had increased by 7 million.
What did FDR instate?
The New Deal.
What was the dust bowl?
A drought in the south which lead to dust storms that destroyed crops. Crops turned to dust meaning there was no food sent out. Homes were buried. Fields were blown away. The south was in a state of emergency. The Dust Bowl was the #1 weather crisis of 20th century.
What country was hit harder than most countries?
Why did events overseas affect jobs in Australia?
The Australian economy was dependent on other countries, so when the American economy collapsed 2/3 of world trading stopped. All of a sudden 50,00 Australians were unemployed.
What was the 'susso' and who qualified for it?
The 'susso' was relief provided by the government. It was only available to the unemployed and truly destitute. It was sustenance payments and was given in the form of staples like bread and potatoes.
Who was hit the hardest by the Great Depression in Australian society? Why do you think this was the case?
Aboriginal people were hit the hardest because even before the depression they weren't treated well and were at the bottom of the community. They then went even further below.
Why was Germany hit so hard after the American economy collapsed?
Because america had been loaning money to Germany to pay off the reparations from the Treaty Of Versailles.
What was the German government called at the time?