73. The unorganized wage earners and disorganized farmers did not share in the prosperity of the 1920's
74. The Agricultural Market Act of 1929 was designed to help farmers by creating co-ops, set up the Federal Farm Board - which gave money to farm organizations that needed it.
75. In 1930 the Farm Board created the Grain Stabilization Corporation and the Cotton Stabilization Corporation, with a goal of bolstering sagging prices by buying surpluses of crops - resulted in wheat prices dropping to 57 cents and cotton to 5 cents.
76. The Hawley - Smoot Tariff of 1930 was designed to assist the farmers. After the lobbyists' efforts, it acquired 1000 amendments - and turned out to be the highest protective tariff during times of peace. It raised the average duty from 38.9% to 60%.
77. The Negative effects of Hawley-Smoot:
a) on foreigners - Badly hurt them by the rising tariff duties
b) Reversed the world's reasonable tariff trend
c) Helped plunge America - and the world - into depression
d) Forced America further into economic isolationism
e) The economic isolationism played into the hands of Hitler
78. The Catastrophic crash came on October 29, 1929 - That day 16,410,030 shares of stocks were sold. Stock holders lost $ 40 billion in paper value.
79. In relation to the rest of the world, America's depression was the worst.
80. Jobs became non existent for millions of Americans.
81. The collapse of thousands of banks each year affected ordinary Americans by carrying down their life savings.
Now on to Jacob's blog.
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