problems hoover Flashcards
1
Q
unemployment:
A
industrial and farm production fell 40%
wages fell 60%
1,200 people being made unemployed everday
deliberately setting fire to forests
2
Q
farmers:
A
unable to pay morgages, banks tried to seize homes but when sheriffs came to land, often met by angry farmers with pitchforks
1 in 20 evicted
3
Q
business men:
A
couldn’t afford to pay back loans and went bankrupt, they were very confident they were going to succeed and taken out large loans to expand businesses
Dec 1930: bank of USA in New York failed with 400,000 investors and total 10,000 banks closed and 100,000 companies went bankrupt
tried selling apples or polishing shoes, suicide 23,000 per year
