American History Tellers - The Great Depression - The Crash | 1

The Great Depression - The Crash | 1

02/20/19 • 37 min

17 Listeners

The Roaring Twenties came to a screeching halt on October 29, 1929, with the collapse of the U.S. stock market. A year earlier, president Herbert Hoover had coasted to victory by promising the American people “a chicken for every pot” and “a car in every backyard.” Lured by the promise of skyrocketing markets, many first-time investors got caught up in margin trading, borrowing money to make bigger stock purchases than they could actually afford. It was a foolproof way to make money, so long as stock prices kept rising.

But then, on the morning of Tuesday, October 29, more than sixteen million shares changed hands on the floor of the New York Stock Exchange. By the market’s close, investors had lost tens of billions of dollars — and kicked off a decade that would reshape American institutions, even as labor unrest, racial tensions, and the dark shadow of nativism pushed back from all sides.

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Does History Repeat Itself? | 4

"Those who do not remember history are condemned to repeat it." On today’s show, we’ll consider what lessons we can draw from history, and what lessons we can’t. David Greenberg, a professor of history and media studies at Rutgers University, joins us to discuss how to connect the events of the past to the events of today. We’ll also talk about his latest book “Republic of Spin: An Inside History of the American Presidency,” which explores the history of political messaging inside the White House. Plus, Jesse James and this day in history.

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The Great Depression - Brother, Can You Spare a Dime | 2

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Factories have shut down, banks have failed, and millions are out of work. As the Depression worsens, public opinion sours toward President Hoover.

Hoover’s allies attempt to counter criticism of the President by galvanizing anti-foreigner attitudes. They devise a scheme to frighten immigrants from Mexico and other countries with the specter of mass immigration raids in the hopes they’ll leave the country on their own, as hundreds of thousands do.

Meanwhile, an unemployed cannery worker from Portland, Oregon leads tens of thousands of World War I veterans on a march to Washington, D.C., to demand payment of wartime bonuses. A deadly showdown looms as this “Bonus Army” wears out its welcome in the capital.

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