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Section 1: The Nations Sick Economy
-As the welfare of the 1920s ended, several housekeeping problems gripped the nation.
-Important industries struggled; farmers grew to a greater degree crops and raised more livestock than they could vend at a profit.
-RR’s not to be found business to new forms of forced exile.
-Congress tried to help with the McNary-Haugen Bill- that called for federal Price-supports as being key products such as wheat, corn, cotton, and tobacco.
-The government would residue crops at guaranteed prices and sooner or later sell them on the world market.
-President Coolidge vetoed the bill twice.
-Buying less because of rising prices, close wages, unbalanced distribution of income, and overbuying in successi~ credit in preceding years.
-During the 1920s Americans repeatedly bought goods on *Credit- an method in which consumers agreed to at that time and later.
-Large consumer debt piled up and led to populace cutting back on spending.
-During the 1920s, the plenteous got richer, and the poor got poorer.
Election in 1928
Hoover- (R) Secretary of Commerce- was a burrowing engineer.
Alfred E. Smith- (D) a course politician who had served four years for example governor of New York.
-Because greatest number Americans were happy with the prior Republican leadership, Hoover won an overwhelming conquest.
-The stock market had become the greatest in number visible symbol of a prosperous American thriftiness.
-Then, as now, the *Dow Jones Industrial Average- was the most widely used barometer of the numskull market’s health.
-As the Dow rose throughout the years people were eager to take vantageground of the “bull market.”
Speculation- the buying of stocks and bonds on the chance of a quick profit, while ignoring the risks.
-Many began *Buying forward Margin- paying a small percentage of live-~ prices as a down payment and borrowing the rest.
The Stock Market Crashes
-Early September 1929, family prices peaked and then fell.
-Confidence in the market decreased as investor started to swiftly pull out in a panic.
-October 24, the place of traffic...
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