What themes stood out most to you in the assigned readings and lecture this week? What questions did the lectures and readings raise for you? Please post your responses in the comment section below.
The theme that stood out most to me this week was the success/failure of Herbert Hoover in responding to the Great Depression. Most of his efforts to fix the depression ending up worsening conditions or worsening the cycle of poverty that was taking hold of the United States at the time. That being said, it seems strange that such failed efforts could have laid the groundwork for Roosevelt's much more successful response later on.
The theme that stood out to me was the impact of the agricultural issues on the great depression. Many of Hoover's major policies to combat the depression focused on addressing the farm surpluses. He bought the excess to manage prices and instituted the Smoot tariff. I also thought it was interesting that many of the urban unemployed flocked to the agriculture of the south and west at the same time that farmers were struggling the most. The inequity between big farmers and small scale sharecroppers marked one of the major issues that caused the depression. The thing I was left wondering was how Hoover's change from rugged individualism represented the change in attitude of the nation.
One of the most important things that I've realized about the great depression is the multi-faceted nature of the causes and the actual issues themselves. The description of the great depression as a cyclical process, involving workers who are laid off, who cannot buy consumer goods, who then urge companies to produce less, which in turn yields less money, forcing companies to lay off more workers, is a very complex issue that has no real clear answer. Hoover's policies, while seemingly and historically ineffective, have much more complex implications; they were hardly effective in exacting real results, but they laid the groundwork for many of the policies implemented later. Also, the complex (and frankly flat-out confusing) habit of overspeculation of stocks caused some of the issues to be even more heightened, as this fake wealth was circulating and offering a false sense of security. One thing that I found lacking was how the US great depression differed from the depression overseas, mainly in the Weimar Republic, or other European countries. I guess that is my question: how does the economic climate of the entire world influence many of the economic policies implemented by the government during the depression? And how did the complex issues translate to other nations?
A theme that stood out to me this week was the extent that the Great Depression impacted America. Most obviously, the economic hardships ruined people's lives and Hoover's programs didn't exactly provide immediate help. The social results of the Great Depression also surprised me. The movement of people in search of jobs, both from cities to farms and from farms to cities, was something that puzzled me. The entire economy was in shambles, only true desperation could drive so many people to leave their homes to pursue this non-existent job. This really hammered home how tragic the conditions in the United States were at the time.
A theme that struck me this week was Hoover's response to the Great Depression and America's perception of him. In order to combat the effects of the depression, Hoover raised tariffs, started public works projects to create jobs, bought farmers surpluses, and gave funds to the wealthy to trickle down to the bottom. Unfortunately, these programs didn't do very well as banks closed, millions in checking and savings were lost, and unemployment reached 25%, 13 million workers, by 1933. Americans nicknamed shantytowns outside major cities, "Hoovervilles," mocking the president. While many are quick to jump to conclusions and say that Hoover failed, some also say that he laid the groundwork for FDR and his New Deal. My question for this week is: Was Hoover's failure to combat the depression his fault or just a result of the current situation and limitations?
The theme that stood out to me most this week was how American's fear of foreigners and socialism clouded their judgement into making them believe these people were dangerous. The case of Sacco and Venzetti is an example of how they used the legal system to get these people off the streets and into prison. The no nothing party also formed attempting to get rid of Irish immigrants in the U.S.
A theme that stood out to me this week was the extent in which Hoover impacted the Great Depression and America as a whole. Obviously, most of his programs didn't help and actually made things a whole lot worse. However, his ideas had value to them.his ideas and programs ended laying the groundwork FDR and his new deal programs. My question is how exactly did they lay the groundwork?
A theme that stood out this week is the overvaluation of stocks that led to the Stock Market Crash. As people in this time were buying stocks with credit and not real money, there was an overvaluation in the number of stocks that were bought. This, and many other factors, led to the Stock Market Crash in 1929. By 1933, the unemployment rate in the US was 25%, 9000 banks failed and depositors in banks lost $2.5 million in their savings. My question is how was the fact that stocks were bought with credit completely missed? On the outside, this looks like somewhat of a simple fact and something that shouldn't be missed in the valuation process.
One theme that stood out to me this week was the way in which government policy worsened the Great Depression, and how misaligned government budget objectives were with consumer welfare. Another interesting topic is the way in which the Great Depression shaped the economic history of the US through regulations imposed to prevent another Depression. One question I had this week was how comparable (if at all) were the government actions after the Great Depression to the ones we saw in the recent recession and housing crisis?
The theme that stood out most to me this week was the success/failure of Herbert Hoover in responding to the Great Depression. Most of his efforts to fix the depression ending up worsening conditions or worsening the cycle of poverty that was taking hold of the United States at the time. That being said, it seems strange that such failed efforts could have laid the groundwork for Roosevelt's much more successful response later on.
ReplyDeleteThe theme that stood out to me was the impact of the agricultural issues on the great depression. Many of Hoover's major policies to combat the depression focused on addressing the farm surpluses. He bought the excess to manage prices and instituted the Smoot tariff. I also thought it was interesting that many of the urban unemployed flocked to the agriculture of the south and west at the same time that farmers were struggling the most. The inequity between big farmers and small scale sharecroppers marked one of the major issues that caused the depression. The thing I was left wondering was how Hoover's change from rugged individualism represented the change in attitude of the nation.
ReplyDeleteOne of the most important things that I've realized about the great depression is the multi-faceted nature of the causes and the actual issues themselves. The description of the great depression as a cyclical process, involving workers who are laid off, who cannot buy consumer goods, who then urge companies to produce less, which in turn yields less money, forcing companies to lay off more workers, is a very complex issue that has no real clear answer. Hoover's policies, while seemingly and historically ineffective, have much more complex implications; they were hardly effective in exacting real results, but they laid the groundwork for many of the policies implemented later. Also, the complex (and frankly flat-out confusing) habit of overspeculation of stocks caused some of the issues to be even more heightened, as this fake wealth was circulating and offering a false sense of security. One thing that I found lacking was how the US great depression differed from the depression overseas, mainly in the Weimar Republic, or other European countries. I guess that is my question: how does the economic climate of the entire world influence many of the economic policies implemented by the government during the depression? And how did the complex issues translate to other nations?
ReplyDeleteA theme that stood out to me this week was the extent that the Great Depression impacted America. Most obviously, the economic hardships ruined people's lives and Hoover's programs didn't exactly provide immediate help. The social results of the Great Depression also surprised me. The movement of people in search of jobs, both from cities to farms and from farms to cities, was something that puzzled me. The entire economy was in shambles, only true desperation could drive so many people to leave their homes to pursue this non-existent job. This really hammered home how tragic the conditions in the United States were at the time.
ReplyDeleteA theme that struck me this week was Hoover's response to the Great Depression and America's perception of him. In order to combat the effects of the depression, Hoover raised tariffs, started public works projects to create jobs, bought farmers surpluses, and gave funds to the wealthy to trickle down to the bottom. Unfortunately, these programs didn't do very well as banks closed, millions in checking and savings were lost, and unemployment reached 25%, 13 million workers, by 1933. Americans nicknamed shantytowns outside major cities, "Hoovervilles," mocking the president. While many are quick to jump to conclusions and say that Hoover failed, some also say that he laid the groundwork for FDR and his New Deal. My question for this week is: Was Hoover's failure to combat the depression his fault or just a result of the current situation and limitations?
ReplyDeleteThe theme that stood out to me most this week was how American's fear of foreigners and socialism clouded their judgement into making them believe these people were dangerous. The case of Sacco and Venzetti is an example of how they used the legal system to get these people off the streets and into prison. The no nothing party also formed attempting to get rid of Irish immigrants in the U.S.
ReplyDeleteA theme that stood out to me this week was the extent in which Hoover impacted the Great Depression and America as a whole. Obviously, most of his programs didn't help and actually made things a whole lot worse. However, his ideas had value to them.his ideas and programs ended laying the groundwork FDR and his new deal programs. My question is how exactly did they lay the groundwork?
ReplyDeleteThis comment has been removed by the author.
ReplyDeleteA theme that stood out this week is the overvaluation of stocks that led to the Stock Market Crash. As people in this time were buying stocks with credit and not real money, there was an overvaluation in the number of stocks that were bought. This, and many other factors, led to the Stock Market Crash in 1929. By 1933, the unemployment rate in the US was 25%, 9000 banks failed and depositors in banks lost $2.5 million in their savings. My question is how was the fact that stocks were bought with credit completely missed? On the outside, this looks like somewhat of a simple fact and something that shouldn't be missed in the valuation process.
ReplyDeleteOne theme that stood out to me this week was the way in which government policy worsened the Great Depression, and how misaligned government budget objectives were with consumer welfare. Another interesting topic is the way in which the Great Depression shaped the economic history of the US through regulations imposed to prevent another Depression. One question I had this week was how comparable (if at all) were the government actions after the Great Depression to the ones we saw in the recent recession and housing crisis?
ReplyDelete