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I. Economic Troubles
A. Weakening Businesses
1. Housing Construction & Automobile Manufacturing
2. Decreasing need for natural resources brings an economic 'slump' to mining and lumber.
B. Farmers in Peril
1. Consumer demand for agricultural products in the 1920s led farmers to borrow funds for crop
expansion.
2. Collapse of consumerism and overproduction depresses prices. Farmers cannot repay loans.
3. Any aid from the government in the form of 'price-supports' was dashed when Pres. Coolidge vetoed
the proposal twice.
C. Consumer Debt & Spending Failing
1. Farmers and the general population spend less.
a. Overwhelmed by debt.
b. Falling wages, job loss, rising prices as vendors try to makeup for reduced spending.
2. Most consumer credit was to be paid back in installments over time. The Depression made it
impossible for millions of Americans.
D. Disproportionate Distribution of Wealth: The rich get richer. The poor get poorer. A fraction of the nation's
population hold a majority of the wealth.
Materials/Sources: Refer to the course calendar for additional assignments and pertinent due dates.
-The Century: America's Time