Welcome to Melissa Luttrell's E-Portfolio - About me
1914 --Assassination of Austrian Archduke Ferdinand- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
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ADDIN On June 28th, 1914 the Austrian Archduke Ferdinand was assassinated. The assassination of the Archduke by a revolutionary from Serbia, put in motion the bloodiest war the world has ever seen. Stock Market Closes- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
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ADDIN July 31st, 1914. With the outbreak of World War 1, the US was in a financial panic. Banks were under enormous pressure from people trying to exchange money for gold. This resulted in the stock market closing for four months. Aldric-Vreeland Act- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
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ADDIN To stop the financial crisis quickly, the US enabled the Aldric-Vreeland Act that allowed banks to issue emergency currency as a substitute for gold. This ended the financial crisis. The emergency funds accounted for one quarter of the public’s funds. British Blockade- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
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ADDIN In order to stop supplies from reaching Germany and its allies, Britain setup a naval blockade. With this blockade in effect, US exports to Germany fell to nearly zero. But US exports grew immensely with the Allied forces in Europe. France, Britain and others were importing food and munitions at high rising prices from the US. With the Europeans having to pay for all of these US imports, the American debt was wiped clean. They also incurred much debt from the US, which put the US as the holder of much of the world’s stock of gold. After the war was over, New York became the financial center of the world. 1915 --Germany sinks British ship- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
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ADDIN The US was still staying neutral in the war, but opinions of Germany quickly changed. Germany sank a British ship, Lusitania, which killed 1,198 people 124 of which were American. President Woodrow Wilson strongly warned Germany in letters, which for a short time moderated their use of submarine warfare. 1916 --Federal Aid Road Act of 1916 MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
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ADDIN Development of a nationwide highway system began. It was instrumental in extending and improving the country's road system. Prior to its passage (& for several decades afterward), the condition of many roads was deplorable. The 1916 Minnesota Miner’s strike against US Steel- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
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ADDIN Forty miners walked off the job on June 3, 1916 beginning the strike. The unorganized miners soon realized they needed help. Unlike the 1907 strike, this time the Western Federation of Miners was not interested in organizing the miners. Instead, the Industrial Workers of the World (IWW or Wobblies) responded, sending in some of their top organizers. Ironically, many of the strikebreakers from 1907 became instrumental in the 1916 strike.The 1916 strike was marked by violence and repression. Unlike 1907, strikebreakers were not as readily available and other tactics were employed to end the strike. The civil liberties of strikers were violated, mine guards and police used force to intimidate strikers, union leaders were jailed, economic pressure was exerted on merchants who extended credit to strikers, and the Oliver Iron Mining Company refused to negotiate with the strikers.The strike was called off on September 17, 1916. The miners did win some important short-range reforms from the mining company, but the company's anti-union attitude persisted for another quarter century. Federal Farm Loan Act- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
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ADDIN established 12 Federal Land Banks to provide long-term loans to farmers through cooperative borrowing groups. Woodrow Wilson elected President- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
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ADDIN Democrat Woodrow Wilson remained the 28th president for his 2nd term winning over Republican candidate Charles E. Hughes. 1917 --US Declares War- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
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ADDIN In a desperate attempt to defeat Britain, Germany returned to their unrestricted use of submarine warfare. Their hopes were to defeat the British before the involvement of the US. On April 17, 1917, The US declared war. Even though the US was only in the war for 19 months, they were part of numerous victories that would eventually lead to the surrender of Germany. US Draft- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
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ADDIN The US instituted a military draft which increased its forces from 179,000 to nearly 3 million by 1918. War Revenue Act- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
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ADDIN Congress passed the War Revenue Act, which increased income taxes to help pay for the war effort. The taxes accounted for 24.5% of the war expenditures. Congress preferred to borrow most of the money for a few reasons. President Woodrow Wilson believed that this war was like an investment. Making our world a safer place, and as such would be unfair to put the entire burden on just the current generations. Secondly he knew that if he raised takes too much, people would be less inclined to work therefor resulting in less taxes and less output. Borrowing took up 61.4% of the money needed to pay for the war effort. The last 14.1% came from printing new money, which causes inflation and is the reason they did not want to create too much new money. 18th Amendment proposed- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
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ADDIN The U.S. Senate proposed the Eighteenth Amendment on December 18, 1917 Espionage Act of 1917- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
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ADDIN passed on June 15, 1917. It was intended to prohibit interference with military operations or recruitment, to prevent insubordination in the military, and to prevent the support of U.S. enemies during wartime. Year of Strikes- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
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ADDIN 1917 was the year of strikes, about 4,450 of them. 1918 --Wartime Prohibition Act- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
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ADDIN On November 18, 1918, prior to ratification of the Eighteenth Amendment, the U.S. Congress passed the temporary Wartime Prohibition Act, which banned the sale of alcoholic beverages having an alcohol content of greater than 2.75 percent. (This act, which was intended to save grain for the war effort, was passed after the armistice ending World War I was signed on November 11, 1918.) Farm Mortgages in Foreclosure- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
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ADDIN The amount of farm mortgages that went into foreclosure went from 2.8 per 1,000 in 1918, to 3.8 in 1920, to 6.4 in 1921, to 11.2 in 1922, & to 14-17 for the remainder of the decade. Sedition Act of 1918- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
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ADDIN extended the espionage act and covered a broad range of offenses. 1919 --18th Amendment ratified- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
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ADDIN Having been approved by thirty-six states, the 18th amendment was ratified on January 16, 1919 Treaty of Versailles- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
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ADDIN signed on June 28th 1919. One of the peace treaties that ended WWI. It stipulated that Germany pay for all of their damages in the form of installment payments. The Wartime Prohibition Act took effect- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
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ADDIN June 30, 1919, with July 1, 1919, becoming known as the "Thirsty-First".Volstead Act- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
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AD0AaABpAGQAZABlAG4AIwBiAG8AbwBrAG0AYQByAGsAPQBNAE8AUgBFADcANAA2ADAAMAAyADkA
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ADDIN On October 28, 1919, Congress passed the Volstead Act, the popular name for the National Prohibition Act, over President Woodrow Wilson's veto. The act established the legal definition of intoxicating liquors as well as penalties for producing them. . 1919 Flapper- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
AG4AZQByAGkAYwAjAHQAbwBnAGcAbABlAG0AYQBjAHIAbwA9AE0ATwBSAEUAIwBzAGgAbwB3AHQA
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ADDIN Women who could smoke men's cigarettes, drink men's whiskey & play men's games. Another sign that women were demanding for equal rights. One of the starts of the Suffrage movement. Ponzi Scheme- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
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ADDIN named after Italian immigrant, Charles Ponzi. Started a fraudulent investment plan that would add this new term to the language. It promises high rates of return on investments in a very short amount of time. Then the schemer would use the investments of the new investors to pay the interest to the old investors & to those that wanted to cash in on their investments. 1920 --Recession- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
AG4AZQByAGkAYwAjAHQAbwBnAGcAbABlAG0AYQBjAHIAbwA9AE0ATwBSAEUAIwBzAGgAbwB3AHQA
ZQB4AHQAPQC6JSMAaABpAGQAZQB0AGUAeAB0AD0AvCUjAG0AYQByAGsAZQByAHMAaABvAHcAcwB0
AHkAbABlAD0AZABlAGYAYQB1AGwAdAAjAG0AYQByAGsAZQByAGgAaQBkAGUAcwB0AHkAbABlAD0A
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ADDIN from 1920-1921 there was a brief but severe recession after WWI to adjust the economy. Factors identified as potentially contributing to the downturn include: returning troops which created a surge in the civilian labor force, a decline in labor union strife, changes in fiscal and monetary policy, and changes in price expectations Government Balances the Budget- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
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ZQB4AHQAPQC6JSMAaABpAGQAZQB0AGUAeAB0AD0AvCUjAG0AYQByAGsAZQByAHMAaABvAHcAcwB0
AHkAbABlAD0AZABlAGYAYQB1AGwAdAAjAG0AYQByAGsAZQByAGgAaQBkAGUAcwB0AHkAbABlAD0A
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ADDIN During World War I, federal spending grows three times larger than tax collections. When the government cuts back spending to balance the budget in 1920, a severe recession results. However, the war economy invested heavily in the manufacturing sector, and the next decade will see an explosion of productivity... although only for certain sectors of the economy. 1st Commercial Radio Broadcast- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
AG4AZQByAGkAYwAjAHQAbwBnAGcAbABlAG0AYQBjAHIAbwA9AE0ATwBSAEUAIwBzAGgAbwB3AHQA
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AHkAbABlAD0AZABlAGYAYQB1AGwAdAAjAG0AYQByAGsAZQByAGgAaQBkAGUAcwB0AHkAbABlAD0A
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AD0AaABpAGQAZABlAG4AIwBiAG8AbwBrAG0AYQByAGsAPQBNAE8AUgBFADcAMQA5ADAANwA5ACMA
ADDIN KDKA in Pittsburgh became the first radio station to broadcast commercially. This had great effects on the country because it was the first time that they could get a sense of news that was happening now. In 1926 National Broadcast Company (NBC) was formed. In 1927 Columbia Broadcast System (CBS) was formed. By 1930 40% of American families owned radios, which had transformed the culture & political life of the nation. 1920's consumer credit- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
AG4AZQByAGkAYwAjAHQAbwBnAGcAbABlAG0AYQBjAHIAbwA9AE0ATwBSAEUAIwBzAGgAbwB3AHQA
ZQB4AHQAPQC6JSMAaABpAGQAZQB0AGUAeAB0AD0AvCUjAG0AYQByAGsAZQByAHMAaABvAHcAcwB0
AHkAbABlAD0AZABlAGYAYQB1AGwAdAAjAG0AYQByAGsAZQByAGgAaQBkAGUAcwB0AHkAbABlAD0A
ZABlAGYAYQB1AGwAdAAjAGwAaQBjAGUAbgBzAGUAZAA9AEYAYQBsAHMAZQAjAHMAdABhAHQAdQBz
AD0AaABpAGQAZABlAG4AIwBiAG8AbwBrAG0AYQByAGsAPQBNAE8AUgBFADcAMAA5ADcAOQA0ADIA
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ADDIN buy now, pay later. Rather than saving up cash or interest-earning assets to buy a consumer durable, a consumer could make a down payment, take immediate possession of the durable, and pay for it on the installment plan. The finance company that made the loan was protected because it had a claim on the durable & could repossess it if the buyer failed to make the requisite payment. Warren G. Harding elected President- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
AG4AZQByAGkAYwAjAHQAbwBnAGcAbABlAG0AYQBjAHIAbwA9AE0ATwBSAEUAIwBzAGgAbwB3AHQA
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AD0AaABpAGQAZABlAG4AIwBiAG8AbwBrAG0AYQByAGsAPQBNAE8AUgBFADUAMwAyADEANQA2ACMA
ADDIN Republican Warren G. Harding became the 29th US President winning over Democratic candidate James M. Cox. Openly dedicated to the principle that business should be free to grow without government's meddling or interfering. He also appointed men to the FTC who had little intention of enforcing the antitrust laws, either in letter or in spirit. Enforcement of Prohibition- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
AG4AZQByAGkAYwAjAHQAbwBnAGcAbABlAG0AYQBjAHIAbwA9AE0ATwBSAEUAIwBzAGgAbwB3AHQA
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AHkAbABlAD0AZABlAGYAYQB1AGwAdAAjAG0AYQByAGsAZQByAGgAaQBkAGUAcwB0AHkAbABlAD0A
ZABlAGYAYQB1AGwAdAAjAGwAaQBjAGUAbgBzAGUAZAA9AEYAYQBsAHMAZQAjAHMAdABhAHQAdQBz
AD0AaABpAGQAZABlAG4AIwBiAG8AbwBrAG0AYQByAGsAPQBNAE8AUgBFADIANwA0ADIANgAzADYA
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ADDIN Enforcing the 18th amendment & the Wartime prohibition act, the country went dry on January 17, 1920. In 1921 the government spent $6.3 million on enforcement of prohibition. By 1930 it was up to $13.4 million. Al Capone- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
AG4AZQByAGkAYwAjAHQAbwBnAGcAbABlAG0AYQBjAHIAbwA9AE0ATwBSAEUAIwBzAGgAbwB3AHQA
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AHkAbABlAD0AZABlAGYAYQB1AGwAdAAjAG0AYQByAGsAZQByAGgAaQBkAGUAcwB0AHkAbABlAD0A
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AD0AaABpAGQAZABlAG4AIwBiAG8AbwBrAG0AYQByAGsAPQBNAE8AUgBFADUAMAAwADkANQAxADAA
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ADDIN was an American gangster from the Chicago area that led a crime family dedicated to smuggling & bootlegging liquor & other illegal activities such as prostitution. During this time the homicide rate was 6.8%. The homicide rate was up to 8.4% in 1929. Jack "Legs" Diamond- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
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AHkAbABlAD0AZABlAGYAYQB1AGwAdAAjAG0AYQByAGsAZQByAGgAaQBkAGUAcwB0AHkAbABlAD0A
ZABlAGYAYQB1AGwAdAAjAGwAaQBjAGUAbgBzAGUAZAA9AEYAYQBsAHMAZQAjAHMAdABhAHQAdQBz
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ADDIN was an American gangster/bootlegger from the New York & Philadelphia area. Harlem Renaissance- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
AG4AZQByAGkAYwAjAHQAbwBnAGcAbABlAG0AYQBjAHIAbwA9AE0ATwBSAEUAIwBzAGgAbwB3AHQA
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ZABlAGYAYQB1AGwAdAAjAGwAaQBjAGUAbgBzAGUAZAA9AEYAYQBsAHMAZQAjAHMAdABhAHQAdQBz
AD0AaABpAGQAZABlAG4AIwBiAG8AbwBrAG0AYQByAGsAPQBNAE8AUgBFADUANAA0ADQANwAwADYA
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ADDIN Refers to a remarkable flowering in literature & the arts in the African American society. High school movement- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
AG4AZQByAGkAYwAjAHQAbwBnAGcAbABlAG0AYQBjAHIAbwA9AE0ATwBSAEUAIwBzAGgAbwB3AHQA
ZQB4AHQAPQC6JSMAaABpAGQAZQB0AGUAeAB0AD0AvCUjAG0AYQByAGsAZQByAHMAaABvAHcAcwB0
AHkAbABlAD0AZABlAGYAYQB1AGwAdAAjAG0AYQByAGsAZQByAGgAaQBkAGUAcwB0AHkAbABlAD0A
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AD0AaABpAGQAZABlAG4AIwBiAG8AbwBrAG0AYQByAGsAPQBNAE8AUgBFADIAMAA4ADMANQA0ACMA
ADDIN Percentage of children age 17 that graduated from high school increased from 16.2% in 1920 up to 27% in 1928 & up to 48.2% in 1938. The increase was due to the rate of return from going to high school was extremely high. Also communities were willing to build & staff high schools so that the children & grandchildren of the people living there would have more economic & social opportunities. This was especially true in the Midwest, in states such as Iowa & Nebraska. Economic Distress in Agriculture- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
AG4AZQByAGkAYwAjAHQAbwBnAGcAbABlAG0AYQBjAHIAbwA9AE0ATwBSAEUAIwBzAGgAbwB3AHQA
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AHkAbABlAD0AZABlAGYAYQB1AGwAdAAjAG0AYQByAGsAZQByAGgAaQBkAGUAcwB0AHkAbABlAD0A
ZABlAGYAYQB1AGwAdAAjAGwAaQBjAGUAbgBzAGUAZAA9AEYAYQBsAHMAZQAjAHMAdABhAHQAdQBz
AD0AaABpAGQAZABlAG4AIwBiAG8AbwBrAG0AYQByAGsAPQBNAE8AUgBFADcAMAA0ADUAMwA0ADAA
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ADDIN Many farmers, especially in the Midwest, had incurred fixed indebtedness at what turned out to be the wrong time. Land values had risen sharply between 1910 & 1920; at the height of the boom, the best lands in Iowa & Illinois sold for as much as $500 an acres- a fantastically high figure for the time. In those 10 years, many high-grade farms doubled in value. To buy such high-priced properties, farmers borrowed heavily. WWI added to the boom as many farmers rushed to increase the acreage they had under cultivation to take advantage of what they realized would be a temporary rise in prices. Long-term debt rose from $3.2 billion in 1910 to $8.4 billion in 1920 & reached a high of nearly $11 billion in 1923. The amount of farm mortgages that went into foreclosure went from 2.8 per 1,000 in 1918, to 3.8 in 1920, to 6.4 in 1921, to 11.2 in 1922, & to 14-17 for the remainder of the decade. . War Finance Corporation- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
AG4AZQByAGkAYwAjAHQAbwBnAGcAbABlAG0AYQBjAHIAbwA9AE0ATwBSAEUAIwBzAGgAbwB3AHQA
ZQB4AHQAPQC6JSMAaABpAGQAZQB0AGUAeAB0AD0AvCUjAG0AYQByAGsAZQByAHMAaABvAHcAcwB0
AHkAbABlAD0AZABlAGYAYQB1AGwAdAAjAG0AYQByAGsAZQByAGgAaQBkAGUAcwB0AHkAbABlAD0A
ZABlAGYAYQB1AGwAdAAjAGwAaQBjAGUAbgBzAGUAZAA9AEYAYQBsAHMAZQAjAHMAdABhAHQAdQBz
AD0AaABpAGQAZABlAG4AIwBiAG8AbwBrAG0AYQByAGsAPQBNAE8AUgBFADUAOAA4ADQAOQAwACMA
ADDIN A government corporation in the United States created to give financial support to industries essential for World War I, and to banking institutions that aided such industries. It continued to give support to various efforts during the interwar period. The corporation was created by a Congressional act of April 5, 1918, and abolished on July 1, 1939. .Rich getting richer, Poor getting poorer- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
AG4AZQByAGkAYwAjAHQAbwBnAGcAbABlAG0AYQBjAHIAbwA9AE0ATwBSAEUAIwBzAGgAbwB3AHQA
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AHkAbABlAD0AZABlAGYAYQB1AGwAdAAjAG0AYQByAGsAZQByAGgAaQBkAGUAcwB0AHkAbABlAD0A
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AD0AaABpAGQAZABlAG4AIwBiAG8AbwBrAG0AYQByAGsAPQBNAE8AUgBFADUANgA4ADMAMgAyADMA
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ADDIN Share of disposed income received by the top 1% of the population increased from 11.8% in 1920 to 18.9% in 1929.. Ponzi scheme shut down- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
AG4AZQByAGkAYwAjAHQAbwBnAGcAbABlAG0AYQBjAHIAbwA9AE0ATwBSAEUAIwBzAGgAbwB3AHQA
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AHkAbABlAD0AZABlAGYAYQB1AGwAdAAjAG0AYQByAGsAZQByAGgAaQBkAGUAcwB0AHkAbABlAD0A
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AD0AaABpAGQAZABlAG4AIwBiAG8AbwBrAG0AYQByAGsAPQBNAE8AUgBFADYAMQA0ADEAMgAxADIA
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ADDIN In August of 1920 Federal agents shut down Charles Ponzi's scam.Nineteenth Amendment ratified- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
AG4AZQByAGkAYwAjAHQAbwBnAGcAbABlAG0AYQBjAHIAbwA9AE0ATwBSAEUAIwBzAGgAbwB3AHQA
ZQB4AHQAPQC6JSMAaABpAGQAZQB0AGUAeAB0AD0AvCUjAG0AYQByAGsAZQByAHMAaABvAHcAcwB0
AHkAbABlAD0AZABlAGYAYQB1AGwAdAAjAG0AYQByAGsAZQByAGgAaQBkAGUAcwB0AHkAbABlAD0A
ZABlAGYAYQB1AGwAdAAjAGwAaQBjAGUAbgBzAGUAZAA9AEYAYQBsAHMAZQAjAHMAdABhAHQAdQBz
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ADDIN Prohibits any United States citizen from being denied the right to vote on the basis of sex. It was ratified on August 18, 1920. The Constitution allows the states to determine the qualifications for voting, and until the 1910s most states disenfranchised women. The amendment was the culmination of the women's suffrage movement in the United States, which fought at both state and national levels to achieve the vote. 1921 --The Automobile Industry Boom- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
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AHkAbABlAD0AZABlAGYAYQB1AGwAdAAjAG0AYQByAGsAZQByAGgAaQBkAGUAcwB0AHkAbABlAD0A
ZABlAGYAYQB1AGwAdAAjAGwAaQBjAGUAbgBzAGUAZAA9AEYAYQBsAHMAZQAjAHMAdABhAHQAdQBz
AD0AaABpAGQAZABlAG4AIwBiAG8AbwBrAG0AYQByAGsAPQBNAE8AUgBFADEAOQA2ADEANAA4ADAA
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ADDIN annual production of automobiles reaches 1.5 million. It continues to grow, reaching production of 4.8 million by the end of the decade. Percentage of American families owning an automobile grew from 26% in 1920 to 60% in 1930. . Railroads were returned to private ownership- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
AG4AZQByAGkAYwAjAHQAbwBnAGcAbABlAG0AYQBjAHIAbwA9AE0ATwBSAEUAIwBzAGgAbwB3AHQA
ZQB4AHQAPQC6JSMAaABpAGQAZQB0AGUAeAB0AD0AvCUjAG0AYQByAGsAZQByAHMAaABvAHcAcwB0
AHkAbABlAD0AZABlAGYAYQB1AGwAdAAjAG0AYQByAGsAZQByAGgAaQBkAGUAcwB0AHkAbABlAD0A
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AD0AaABpAGQAZABlAG4AIwBiAG8AbwBrAG0AYQByAGsAPQBNAE8AUgBFADgANwA1ADEAMAA1ADIA
IwA=
ADDIN Federal Highway Act of 1921- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
AG4AZQByAGkAYwAjAHQAbwBnAGcAbABlAG0AYQBjAHIAbwA9AE0ATwBSAEUAIwBzAGgAbwB3AHQA
ZQB4AHQAPQC6JSMAaABpAGQAZQB0AGUAeAB0AD0AvCUjAG0AYQByAGsAZQByAHMAaABvAHcAcwB0
AHkAbABlAD0AZABlAGYAYQB1AGwAdAAjAG0AYQByAGsAZQByAGgAaQBkAGUAcwB0AHkAbABlAD0A
ZABlAGYAYQB1AGwAdAAjAGwAaQBjAGUAbgBzAGUAZAA9AEYAYQBsAHMAZQAjAHMAdABhAHQAdQBz
AD0AaABpAGQAZABlAG4AIwBiAG8AbwBrAG0AYQByAGsAPQBNAE8AUgBFADkANAAwADAAMgA0ADkA
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ADDIN amended the original law by requiring the secretary of agriculture to give preference to states that had designated a system of highways to receive federal aid. The designated system was to constitute the "primary" roads of the state & was not to exceed 7% of the state's total highway mileage. Incidentally, Congress appropriated as much money for a single year's construction (1922) as it had for all of the preceding 5 years. . Emergency Immigration Act of 1921- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
AG4AZQByAGkAYwAjAHQAbwBnAGcAbABlAG0AYQBjAHIAbwA9AE0ATwBSAEUAIwBzAGgAbwB3AHQA
ZQB4AHQAPQC6JSMAaABpAGQAZQB0AGUAeAB0AD0AvCUjAG0AYQByAGsAZQByAHMAaABvAHcAcwB0
AHkAbABlAD0AZABlAGYAYQB1AGwAdAAjAG0AYQByAGsAZQByAGgAaQBkAGUAcwB0AHkAbABlAD0A
ZABlAGYAYQB1AGwAdAAjAGwAaQBjAGUAbgBzAGUAZAA9AEYAYQBsAHMAZQAjAHMAdABhAHQAdQBz
AD0AaABpAGQAZABlAG4AIwBiAG8AbwBrAG0AYQByAGsAPQBNAE8AUgBFADUAMwAyADUAMAA2ADIA
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ADDIN This set up a quota system in 1921 to establish a maximum number of people who could enter the US from each foreign country to 3% of the number of people of that nationality residing in the US in 1910. This occurred until the 1960s. . Herbert Hoover appointed Secretary of Commerce- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
AG4AZQByAGkAYwAjAHQAbwBnAGcAbABlAG0AYQBjAHIAbwA9AE0ATwBSAEUAIwBzAGgAbwB3AHQA
ZQB4AHQAPQC6JSMAaABpAGQAZQB0AGUAeAB0AD0AvCUjAG0AYQByAGsAZQByAHMAaABvAHcAcwB0
AHkAbABlAD0AZABlAGYAYQB1AGwAdAAjAG0AYQByAGsAZQByAGgAaQBkAGUAcwB0AHkAbABlAD0A
ZABlAGYAYQB1AGwAdAAjAGwAaQBjAGUAbgBzAGUAZAA9AEYAYQBsAHMAZQAjAHMAdABhAHQAdQBz
AD0AaABpAGQAZABlAG4AIwBiAG8AbwBrAG0AYQByAGsAPQBNAE8AUgBFADgAMwA2ADYAMAA1ADMA
IwA=
ADDIN 3rd US secretary of Commerce until her becomes president in 1928. . Joint Commission of Agricultural Inquiry created- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
AG4AZQByAGkAYwAjAHQAbwBnAGcAbABlAG0AYQBjAHIAbwA9AE0ATwBSAEUAIwBzAGgAbwB3AHQA
ZQB4AHQAPQC6JSMAaABpAGQAZQB0AGUAeAB0AD0AvCUjAG0AYQByAGsAZQByAHMAaABvAHcAcwB0
AHkAbABlAD0AZABlAGYAYQB1AGwAdAAjAG0AYQByAGsAZQByAGgAaQBkAGUAcwB0AHkAbABlAD0A
ZABlAGYAYQB1AGwAdAAjAGwAaQBjAGUAbgBzAGUAZAA9AEYAYQBsAHMAZQAjAHMAdABhAHQAdQBz
AD0AaABpAGQAZABlAG4AIwBiAG8AbwBrAG0AYQByAGsAPQBNAE8AUgBFADQAMwAwADUAMwAzADgA
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ADDIN They reported that farm troubles were the result of general business depression & a decline in exports & recommended measures to help cooperative marketing associations, improve credit facilities & extend the Department of Agriculture's research activities.. 1922 --National Agricultural Conference- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
AG4AZQByAGkAYwAjAHQAbwBnAGcAbABlAG0AYQBjAHIAbwA9AE0ATwBSAEUAIwBzAGgAbwB3AHQA
ZQB4AHQAPQC6JSMAaABpAGQAZQB0AGUAeAB0AD0AvCUjAG0AYQByAGsAZQByAHMAaABvAHcAcwB0
AHkAbABlAD0AZABlAGYAYQB1AGwAdAAjAG0AYQByAGsAZQByAGgAaQBkAGUAcwB0AHkAbABlAD0A
ZABlAGYAYQB1AGwAdAAjAGwAaQBjAGUAbgBzAGUAZAA9AEYAYQBsAHMAZQAjAHMAdABhAHQAdQBz
AD0AaABpAGQAZABlAG4AIwBiAG8AbwBrAG0AYQByAGsAPQBNAE8AUgBFADgAOAA3ADQAMgA2ADIA
IwA=
ADDIN Secretary of Agriculture Henry C. Wallace advocated a more radical approach to solving the problems of the farmers. In its report, the idea of "parity" for agriculture was first made explicit, & the slogan "Equality for Agriculture" was offered. It was argued that agriculture was entitled to its fair share of the national income & that this would be achieved if the ratio of the prices farmers received to the prices they paid was kept equal to the ratio that had prevailed from 1910 to 1914. Capper-Volstead law- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
AG4AZQByAGkAYwAjAHQAbwBnAGcAbABlAG0AYQBjAHIAbwA9AE0ATwBSAEUAIwBzAGgAbwB3AHQA
ZQB4AHQAPQC6JSMAaABpAGQAZQB0AGUAeAB0AD0AvCUjAG0AYQByAGsAZQByAHMAaABvAHcAcwB0
AHkAbABlAD0AZABlAGYAYQB1AGwAdAAjAG0AYQByAGsAZQByAGgAaQBkAGUAcwB0AHkAbABlAD0A
ZABlAGYAYQB1AGwAdAAjAGwAaQBjAGUAbgBzAGUAZAA9AEYAYQBsAHMAZQAjAHMAdABhAHQAdQBz
AD0AaABpAGQAZABlAG4AIwBiAG8AbwBrAG0AYQByAGsAPQBNAE8AUgBFADMANQA2ADEAMAA0ADQA
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ADDIN made farmers exempt from prosecution for violations of antitrust laws. 1923 --Unemployment rates were good- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
AG4AZQByAGkAYwAjAHQAbwBnAGcAbABlAG0AYQBjAHIAbwA9AE0ATwBSAEUAIwBzAGgAbwB3AHQA
ZQB4AHQAPQC6JSMAaABpAGQAZQB0AGUAeAB0AD0AvCUjAG0AYQByAGsAZQByAHMAaABvAHcAcwB0
AHkAbABlAD0AZABlAGYAYQB1AGwAdAAjAG0AYQByAGsAZQByAGgAaQBkAGUAcwB0AHkAbABlAD0A
ZABlAGYAYQB1AGwAdAAjAGwAaQBjAGUAbgBzAGUAZAA9AEYAYQBsAHMAZQAjAHMAdABhAHQAdQBz
AD0AaABpAGQAZABlAG4AIwBiAG8AbwBrAG0AYQByAGsAPQBNAE8AUgBFADcAOAA3ADAAOQAwADcA
IwA=
ADDIN 1923-1929 unemployment averaged about 5.1% Federal Intermediate Credit Act- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
AG4AZQByAGkAYwAjAHQAbwBnAGcAbABlAG0AYQBjAHIAbwA9AE0ATwBSAEUAIwBzAGgAbwB3AHQA
ZQB4AHQAPQC6JSMAaABpAGQAZQB0AGUAeAB0AD0AvCUjAG0AYQByAGsAZQByAHMAaABvAHcAcwB0
AHkAbABlAD0AZABlAGYAYQB1AGwAdAAjAG0AYQByAGsAZQByAGgAaQBkAGUAcwB0AHkAbABlAD0A
ZABlAGYAYQB1AGwAdAAjAGwAaQBjAGUAbgBzAGUAZAA9AEYAYQBsAHMAZQAjAHMAdABhAHQAdQBz
AD0AaABpAGQAZABlAG4AIwBiAG8AbwBrAG0AYQByAGsAPQBNAE8AUgBFADUANwAwADQANQA2ADIA
IwA=
ADDIN provided for 12 intermediate credit banks that would rediscount agricultural paper for commercial banks & other lending agencies. France & Belgium occupy Germany- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
AG4AZQByAGkAYwAjAHQAbwBnAGcAbABlAG0AYQBjAHIAbwA9AE0ATwBSAEUAIwBzAGgAbwB3AHQA
ZQB4AHQAPQC6JSMAaABpAGQAZQB0AGUAeAB0AD0AvCUjAG0AYQByAGsAZQByAHMAaABvAHcAcwB0
AHkAbABlAD0AZABlAGYAYQB1AGwAdAAjAG0AYQByAGsAZQByAGgAaQBkAGUAcwB0AHkAbABlAD0A
ZABlAGYAYQB1AGwAdAAjAGwAaQBjAGUAbgBzAGUAZAA9AEYAYQBsAHMAZQAjAHMAdABhAHQAdQBz
AD0AaABpAGQAZABlAG4AIwBiAG8AbwBrAG0AYQByAGsAPQBNAE8AUgBFADYAOQAwADEANwA4ADAA
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ADDIN in 1923 French & Belgian troops occupied the Ruhr Valley because Germany had failed to make its schedule payments of compensate for the damages caused by German forces during WWI. Florida Land Boom- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
AG4AZQByAGkAYwAjAHQAbwBnAGcAbABlAG0AYQBjAHIAbwA9AE0ATwBSAEUAIwBzAGgAbwB3AHQA
ZQB4AHQAPQC6JSMAaABpAGQAZQB0AGUAeAB0AD0AvCUjAG0AYQByAGsAZQByAHMAaABvAHcAcwB0
AHkAbABlAD0AZABlAGYAYQB1AGwAdAAjAG0AYQByAGsAZQByAGgAaQBkAGUAcwB0AHkAbABlAD0A
ZABlAGYAYQB1AGwAdAAjAGwAaQBjAGUAbgBzAGUAZAA9AEYAYQBsAHMAZQAjAHMAdABhAHQAdQBz
AD0AaABpAGQAZABlAG4AIwBiAG8AbwBrAG0AYQByAGsAPQBNAE8AUgBFADQAMwAyADQANQAyADkA
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ADDIN It was claimed for example that a property in Palm Beach, FL, that sold for $800k in 1923 was broken into lots that were resold for $1.5 million, & that by 1925 the land was worth $4 million. The boom was based on fundamentals- FL's wonderful climate & the decline in travel costs brought about by the automobile. Florida banks, aided by lax bank regulations, provided much of the capital. President Harding dies- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
AG4AZQByAGkAYwAjAHQAbwBnAGcAbABlAG0AYQBjAHIAbwA9AE0ATwBSAEUAIwBzAGgAbwB3AHQA
ZQB4AHQAPQC6JSMAaABpAGQAZQB0AGUAeAB0AD0AvCUjAG0AYQByAGsAZQByAHMAaABvAHcAcwB0
AHkAbABlAD0AZABlAGYAYQB1AGwAdAAjAG0AYQByAGsAZQByAGgAaQBkAGUAcwB0AHkAbABlAD0A
ZABlAGYAYQB1AGwAdAAjAGwAaQBjAGUAbgBzAGUAZAA9AEYAYQBsAHMAZQAjAHMAdABhAHQAdQBz
AD0AaABpAGQAZABlAG4AIwBiAG8AbwBrAG0AYQByAGsAPQBNAE8AUgBFADMAMAA0ADYAMwA4ADAA
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ADDIN On August 2, 1923 President Harding dies from a heart attack. The then Vice President Calvin Coolidge takes office until he himself is elected President in 1928 1924 --Dawes Plan- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
AG4AZQByAGkAYwAjAHQAbwBnAGcAbABlAG0AYQBjAHIAbwA9AE0ATwBSAEUAIwBzAGgAbwB3AHQA
ZQB4AHQAPQC6JSMAaABpAGQAZQB0AGUAeAB0AD0AvCUjAG0AYQByAGsAZQByAHMAaABvAHcAcwB0
AHkAbABlAD0AZABlAGYAYQB1AGwAdAAjAG0AYQByAGsAZQByAGgAaQBkAGUAcwB0AHkAbABlAD0A
ZABlAGYAYQB1AGwAdAAjAGwAaQBjAGUAbgBzAGUAZAA9AEYAYQBsAHMAZQAjAHMAdABhAHQAdQBz
AD0AaABpAGQAZABlAG4AIwBiAG8AbwBrAG0AYQByAGsAPQBNAE8AUgBFADEANwA3ADUAOQA3ADcA
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ADDIN named after the head of the commission that proposed the plan, Charles G. Dawes. France & Belgium left the Ruhr, Germany was given more time to pay its reparations, and a large loan, mostly from the US, was floated to help Germany restore its economy & makes its debt payments. Calvin Coolidge elected president- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
AG4AZQByAGkAYwAjAHQAbwBnAGcAbABlAG0AYQBjAHIAbwA9AE0ATwBSAEUAIwBzAGgAbwB3AHQA
ZQB4AHQAPQC6JSMAaABpAGQAZQB0AGUAeAB0AD0AvCUjAG0AYQByAGsAZQByAHMAaABvAHcAcwB0
AHkAbABlAD0AZABlAGYAYQB1AGwAdAAjAG0AYQByAGsAZQByAGgAaQBkAGUAcwB0AHkAbABlAD0A
ZABlAGYAYQB1AGwAdAAjAGwAaQBjAGUAbgBzAGUAZAA9AEYAYQBsAHMAZQAjAHMAdABhAHQAdQBz
AD0AaABpAGQAZABlAG4AIwBiAG8AbwBrAG0AYQByAGsAPQBNAE8AUgBFADkAMgAyADYANQAzADkA
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ADDIN Republican Calvin Coolidge is elected to be the 30th President of the US. Winning over Democratic candidate John W. Davis & Progressive candidate Robert M. La Follette, Sr. 1925 --Decline in construction- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
AG4AZQByAGkAYwAjAHQAbwBnAGcAbABlAG0AYQBjAHIAbwA9AE0ATwBSAEUAIwBzAGgAbwB3AHQA
ZQB4AHQAPQC6JSMAaABpAGQAZQB0AGUAeAB0AD0AvCUjAG0AYQByAGsAZQByAHMAaABvAHcAcwB0
AHkAbABlAD0AZABlAGYAYQB1AGwAdAAjAG0AYQByAGsAZQByAGgAaQBkAGUAcwB0AHkAbABlAD0A
ZABlAGYAYQB1AGwAdAAjAGwAaQBjAGUAbgBzAGUAZAA9AEYAYQBsAHMAZQAjAHMAdABhAHQAdQBz
AD0AaABpAGQAZABlAG4AIwBiAG8AbwBrAG0AYQByAGsAPQBNAE8AUgBFADgAOAAxADkANQAxADMA
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ADDIN One of the drags to the economy was the decline in construction both in residential & non-residential. The decline began in 1925 & continued onward. From1925-1927 it was a gentle slide, from 1928 on it was a marked decline. 1926 --Ford Model T discontinued- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
AG4AZQByAGkAYwAjAHQAbwBnAGcAbABlAG0AYQBjAHIAbwA9AE0ATwBSAEUAIwBzAGgAbwB3AHQA
ZQB4AHQAPQC6JSMAaABpAGQAZQB0AGUAeAB0AD0AvCUjAG0AYQByAGsAZQByAHMAaABvAHcAcwB0
AHkAbABlAD0AZABlAGYAYQB1AGwAdAAjAG0AYQByAGsAZQByAGgAaQBkAGUAcwB0AHkAbABlAD0A
ZABlAGYAYQB1AGwAdAAjAGwAaQBjAGUAbgBzAGUAZAA9AEYAYQBsAHMAZQAjAHMAdABhAHQAdQBz
AD0AaABpAGQAZABlAG4AIwBiAG8AbwBrAG0AYQByAGsAPQBNAE8AUgBFADQANQAwADkAMAA2ADYA
IwA=
ADDIN due to loss of market share to more stylish, although more expensive, competitors. Revenue Act of 1926- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
AG4AZQByAGkAYwAjAHQAbwBnAGcAbABlAG0AYQBjAHIAbwA9AE0ATwBSAEUAIwBzAGgAbwB3AHQA
ZQB4AHQAPQC6JSMAaABpAGQAZQB0AGUAeAB0AD0AvCUjAG0AYQByAGsAZQByAHMAaABvAHcAcwB0
AHkAbABlAD0AZABlAGYAYQB1AGwAdAAjAG0AYQByAGsAZQByAGgAaQBkAGUAcwB0AHkAbABlAD0A
ZABlAGYAYQB1AGwAdAAjAGwAaQBjAGUAbgBzAGUAZAA9AEYAYQBsAHMAZQAjAHMAdABhAHQAdQBz
AD0AaABpAGQAZABlAG4AIwBiAG8AbwBrAG0AYQByAGsAPQBNAE8AUgBFADcAMgA1ADkAOAAxADEA
IwA=
ADDIN reduced inheritance and personal income taxes, cancelled many excise imposts, and ended public access to federal income tax returns. The act was applicable to incomes for 1925 and thereafter. Bank closure peak- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
AG4AZQByAGkAYwAjAHQAbwBnAGcAbABlAG0AYQBjAHIAbwA9AE0ATwBSAEUAIwBzAGgAbwB3AHQA
ZQB4AHQAPQC6JSMAaABpAGQAZQB0AGUAeAB0AD0AvCUjAG0AYQByAGsAZQByAHMAaABvAHcAcwB0
AHkAbABlAD0AZABlAGYAYQB1AGwAdAAjAG0AYQByAGsAZQByAGgAaQBkAGUAcwB0AHkAbABlAD0A
ZABlAGYAYQB1AGwAdAAjAGwAaQBjAGUAbgBzAGUAZAA9AEYAYQBsAHMAZQAjAHMAdABhAHQAdQBz
AD0AaABpAGQAZABlAG4AIwBiAG8AbwBrAG0AYQByAGsAPQBNAE8AUgBFADcAMgA5ADYANwA2ADMA
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ADDIN Large number of banks closing each year. In 1926 it reached its peak of 975 banks closing. The Federal Reserve concluded that these banks (mostly small banks in rural areas) were plagued by bad management, unrealistic loans to farmers made during the war boom, & increased competition due to the rise of the automobile. The Great Miami Hurricane- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
AG4AZQByAGkAYwAjAHQAbwBnAGcAbABlAG0AYQBjAHIAbwA9AE0ATwBSAEUAIwBzAGgAbwB3AHQA
ZQB4AHQAPQC6JSMAaABpAGQAZQB0AGUAeAB0AD0AvCUjAG0AYQByAGsAZQByAHMAaABvAHcAcwB0
AHkAbABlAD0AZABlAGYAYQB1AGwAdAAjAG0AYQByAGsAZQByAGgAaQBkAGUAcwB0AHkAbABlAD0A
ZABlAGYAYQB1AGwAdAAjAGwAaQBjAGUAbgBzAGUAZAA9AEYAYQBsAHMAZQAjAHMAdABhAHQAdQBz
AD0AaABpAGQAZABlAG4AIwBiAG8AbwBrAG0AYQByAGsAPQBNAE8AUgBFADYANAAzADkANAA0ADcA
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ADDIN a category 4 hurricane devastated Miami which was the heart of the Florida Land Boom. This along with a disappointing winter season put an end to the FL Land boom. 1927 --McNary–Haugen Farm Relief Act MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
AG4AZQByAGkAYwAjAHQAbwBnAGcAbABlAG0AYQBjAHIAbwA9AE0ATwBSAEUAIwBzAGgAbwB3AHQA
ZQB4AHQAPQC6JSMAaABpAGQAZQB0AGUAeAB0AD0AvCUjAG0AYQByAGsAZQByAHMAaABvAHcAcwB0
AHkAbABlAD0AZABlAGYAYQB1AGwAdAAjAG0AYQByAGsAZQByAGgAaQBkAGUAcwB0AHkAbABlAD0A
ZABlAGYAYQB1AGwAdAAjAGwAaQBjAGUAbgBzAGUAZAA9AEYAYQBsAHMAZQAjAHMAdABhAHQAdQBz
AD0AaABpAGQAZABlAG4AIwBiAG8AbwBrAG0AYQByAGsAPQBNAE8AUgBFADcAOQAzADIAMQA0ADAA
IwA=
ADDIN passed by congress but was vetoed by President Calvin Coolidge. 1928 --Herbert Hoover elected President- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
AG4AZQByAGkAYwAjAHQAbwBnAGcAbABlAG0AYQBjAHIAbwA9AE0ATwBSAEUAIwBzAGgAbwB3AHQA
ZQB4AHQAPQC6JSMAaABpAGQAZQB0AGUAeAB0AD0AvCUjAG0AYQByAGsAZQByAHMAaABvAHcAcwB0
AHkAbABlAD0AZABlAGYAYQB1AGwAdAAjAG0AYQByAGsAZQByAGgAaQBkAGUAcwB0AHkAbABlAD0A
ZABlAGYAYQB1AGwAdAAjAGwAaQBjAGUAbgBzAGUAZAA9AEYAYQBsAHMAZQAjAHMAdABhAHQAdQBz
AD0AaABpAGQAZABlAG4AIwBiAG8AbwBrAG0AYQByAGsAPQBNAE8AUgBFADMAMAA1ADIANwA1ADUA
IwA=
ADDIN Republican Herbert Hoover becomes the 31st US President winning over Democratic candidate Al Smith. . McNary–Haugen Farm Relief Act- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
AG4AZQByAGkAYwAjAHQAbwBnAGcAbABlAG0AYQBjAHIAbwA9AE0ATwBSAEUAIwBzAGgAbwB3AHQA
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IwA=
ADDIN passed by congress but was vetoed by President Calvin Coolidge for the 2nd time. Revenue Act of 1928- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
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ADDIN lowered tax on corporations & the authority of the joint committee on taxation was extended to the review of all refunds or credits of any income, war-profits, excess-profits, or estate or gift tax in excess of $75,000. In addition, the Act required the Joint Committee to make an annual report to the Congress with respect to such refunds and credits, including the names of all persons and corporations to whom amounts are credited or payments are made, together with the amounts credit or paid to each. Since 1928, the threshold for review of large tax refunds has been increased from $75,000 to $2 million in various steps and the taxes to which such review applies has been expanded. Other than that, the Joint Committee's responsibilities under the Internal Revenue Code have remained essentially unchanged since 1928 The Great Bull Market- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
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ADDIN stock market boom Construction begins on the Chrysler Building- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
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ADDIN took the title of the world's tallest building from the Woolworth Building. Had the title from May 27th, 1930 (completion) - April 30th, 1931. Power Shift- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
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ADDIN After issues with the free gold standard, a shift of power within the Federal Reserve system came into play. Benjamin Strong, president of the Federal Reserve Bank of New York and dominator of the system, died this year. After this occurrence, the Federal Reserve Board in Washington tried to assert its authority by resisting pressures from New York. This power took its toll in the 1930’s, when the New York bank pushed for more expansionary monetary policies and the Federal Reserve Board resisted for internal political reasons. 1929 --Crashing Worry- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
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ADDIN Stock prices were rising significantly. Some investors and government officials became uneasy about the high prices. Hoover and Federal Reserve officials were worrying about excessive speculation and the danger of a crash. Stock Market Crash- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
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ADDIN October 1929 Stock market crashes, marking the end of six years of unparalleled prosperity for most sectors of the American economy. The crash begins on October 24 (Black Thursday). By October 29, stock prices will plummet and banks will be calling in loans. By mid-November stock prices had fallen to about one-half of what they had been in august. The stock market crashed. Usually declines in the stock market do not affect businesses too much, but this one did. The crash was of such magnitude that it caused a domino effect with everything else. The prices had risen so much that there was worry of a crash, and there was. The paycheck rises- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
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ADDIN the wages of nonfarm employees rose by 23% compared to the wages in 1919 Agricultural Marketing Act of 1929- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
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ADDIN established the Federal Farm Board to encourage the formation of cooperative marketing associations and to establish "stabilization corporations" to be owned by the cooperatives, which would use a $500 million fund to carry on price support operations. Federal Reserve raises its discount rate- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
AG4AZQByAGkAYwAjAHQAbwBnAGcAbABlAG0AYQBjAHIAbwA9AE0ATwBSAEUAIwBzAGgAbwB3AHQA
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ADDIN the rate was raised from 4.5% to 5.5% on august 9th. This was due to the growing concern about the growing speculation on Wall Street. Brokerage houses were lending money to their customers so they could buy stocks, & the brokerage houses were in turn borrowing from the banks in the form of call loans- loans that had to be repaid on demand, when "called" in. Young plan- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
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ADDIN named after the head of the commission, Owen Young. Germany's reparation payments were scaled back. Construction begins on the Empire State Building- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
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ADDIN took the title of the world's tallest building from the Chrysler Building. Had the title from 1931(completion)-1970 1930 --Smoot-Hawley Tariff Act- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
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ADDIN June 17th, 1930- raise tariffs on over 20,000 imported goods to record levels. With imports forming only 6 percent of the GNP, the 40 percent tariffs work out to an effective tax of only 2.4 percent per citizen. Even this is compensated for by the fact that American businesses are no longer investing in Europe, but keeping their money stateside. The consensus of modern economists is that the tariff made only a minor contribution to the Great Depression in the U.S., but a major one in Europe. The Smoot-Hawley tariff was passed. It raised tariffs on a wide array of goods, especially agricultural products. High tariffs were believed to make it more difficult for other countries to earn money needed to buy U.S. exports. Because of this, other countries started raising their tariffs, and trading declined. Fortunately, trading wasn’t as important at that particular time as it is now. Start of Unprecedented DepressionMechanical refrigeration steps in- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
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ADDIN annual production of refrigerator=1 million. Even though only 8% of American families relied on mechanical refrigeration in 1930, the days of the "ice man" were numbered. 1931 --New York's Bank of United States collapses- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
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ADDIN December 1931. At the time of the collapse, the bank had over $200 million in deposits, making it the largest single bank failure in the nation's history. It was the largest failure, measured by deposits, in the history of the United States. It was an ordinary bank, but some people believed that it had a particularly close association with the government. Because of its location, fears arose that the heart of the nation’s financial system was in danger. Government Bonds- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
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ADDIN Charles S. Hamlin wrote an entry in his diary explaining how the Open Market Committee voted 11 to 1 against open-market purchases of government bonds, which would have helped the banking system. The governors of the regional banks could not grasp the magnitude of the crisis, and Governor Meyer of the Federal Reserve Board was worried about inflation. More Bank Failures- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
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ADDIN The Kreditanstalt (a major bank in Vienna) failed. Because gold was the base of monetary supply in most industrial countries, events like this convinced people all over the world that it was time to convert paper claims to gold into the real thing. 1932 --Federal Home Loan Bank Act- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
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ADDIN enacted July 22, 1932. Passed in order to lower the cost of home ownership. It established the Federal Home Loan Bank Board to charter and supervise federal savings and loan institutions. It also created the Federal Home Loan Banks which lend to S&Ls in order to finance home mortgages. Franklin D. Roosevelt elected President- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
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ADDIN Democrat Franklin D. Roosevelt became the 32nd US President winning over Republican (current President) Herbert Hoover. FDR would be the only president to hold 3 terms in the presidential office. Glass-Steagall Act of 1932- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
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ADDIN It was the first time that currency (non-specie, paper currency etc.) was permitted to be allocated for the Federal Reserve System. It was passed in February 1932 in an effort to stop deflation and expanded the Federal Reserve's ability to offer rediscounts on more types of assets such as government bonds as well as commercial paper. Reconstruction Finance Corporation- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
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ADDIN established and chartered by the US Congress in 1932. It was modeled after the War Finance Corporation of World War I. The agency gave $2 billion in aid to state and local governments and made loans to banks, railroads, mortgage associations and other businesses. The loans were nearly all repaid. It was continued by the New Deal and played a major role in handling the Great Depression in the United States and setting up the relief programs that were taken over by the New Deal in 1933 Fed Notes- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
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ADDIN The Federal Reserve Board argued that its power to purchase bonds was limited by the requirement. The Fed notes had to be backed 40% by gold and 60% by either gold or eligible paper. The amount was argued that it was too small to be able to have substantial open-market purchases. 1933 --First New Deal- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
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ADDIN The new deal was domestic programs to help the economics during the great depression and it involved laws passed by congress and by the president Franklin Roosevelt. Roosevelt told the American people that the new deals will focus on the three R's; relief, recover, reform. The new deals came into two parts, first and second. The first new mostly involve farmers, diverse groups, and all that demanded help for economical support. President Roosevelt announces bank holiday- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
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ADDIN After years of deflation, Roosevelt took office but at that time, the financial system had ceased to function. As one of his first acts, he announced a nationwide bank holiday beginning on March 6, 1933. This meant that all banks in the country would be closed for one week. Then, they would inspect each bank, and reopen it if it were “sound”.. Emergency Banking Act- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
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ADDIN passed on March 9, 1933. This act allows only Federal Reserve-approved banks to operate in the United States of America. By April President Roosevelt, under the Emergency Banking Act, orders the nation off of the gold standard Civilian Conservation Corps (CCC) is established- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
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ADDIN The Civilian Conservation Corps employed and housed young unmarried men to refurbish national parks and other activities that are similar. They pay them in cash but it was not enough so they had to create other work for the unemployment. At the same time Roosevelt was implementing general natural resource conservation program. This program didn't just help the poor and unemployed but it had other benefits like improved physical conditions, continued need for careful planning, heightened morale, increased appreciation and awareness for the outdoors and natural resources, and programs for veterans and Native Americans. Federal Emergency Relief Administration- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
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ADDIN was the new name given by the Roosevelt Administration to the Emergency Relief Administration (ERA) which President Herbert Hoover had created in 1932. FERA was established as a result of the Federal Emergency Relief Act. FERA's main goal was alleviating household unemployment by creating new unskilled jobs in local and state government. From May 1933 until it closed in December, 1935, FERA gave states and localities $3.1 billion. FERA provided work for over 20 million people and developed facilities on public lands across the country. President Franklin Roosevelt appoints Harry L. Hopkins as its chief administrator. By the end of his first day on the job, Hopkins has issued grants totaling more than $5 million. Agricultural Adjustment Act- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
AG4AZQByAGkAYwAjAHQAbwBnAGcAbABlAG0AYQBjAHIAbwA9AE0ATwBSAEUAIwBzAGgAbwB3AHQA
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AHkAbABlAD0AZABlAGYAYQB1AGwAdAAjAG0AYQByAGsAZQByAGgAaQBkAGUAcwB0AHkAbABlAD0A
ZABlAGYAYQB1AGwAdAAjAGwAaQBjAGUAbgBzAGUAZAA9AEYAYQBsAHMAZQAjAHMAdABhAHQAdQBz
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ADDIN The Agricultural Adjustment Act raise the farming prices by restricting the supplies of a farm, paying farmers to not plant certain crops, and restricting the total acreage of certain plants. The restricting the total acreage of crops is also known as “acreage allotment”. The Agricultural Adjustment Act increased the role of the Civilian Conservation Corps. National Industrial Recovery Act- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
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ZABlAGYAYQB1AGwAdAAjAGwAaQBjAGUAbgBzAGUAZAA9AEYAYQBsAHMAZQAjAHMAdABhAHQAdQBz
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ADDIN authorize the President to regulate industry in an attempt to raise prices after severe deflation and stimulate economic recovery. It also established a national public works program known as the Public Works Administration. This was one of the most dramatic advances in government intervention. The NIRA was to raise prices and wages, reducing work hours, and preventing price cuts. This was an agreement between the each industry to set minimum wage, limit outputs, and minimum prices while establishing maximum work hours. Federal Deposit Insurance Corporation was established- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
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ADDIN Gold hoarding was ended and everyone had to turn their monetary gold over to the Federal Reserve in exchange for some other currency. Then, the Federal Deposit Insurance Corporation was established to insure bank deposits. Within six months after that, almost all of the nation’s commercial banks were covered, so then people didn’t have to worry about losing their money in a bank. 1935 --Works Progress Administration- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
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ZABlAGYAYQB1AGwAdAAjAGwAaQBjAGUAbgBzAGUAZAA9AEYAYQBsAHMAZQAjAHMAdABhAHQAdQBz
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ADDIN (renamed in 1939 as the Work Projects Administration; WPA) was the largest and most ambitious New Deal agency, employing millions of unemployed people (mostly unskilled men) to carry out public works projects, including the construction of public buildings and roads. In much smaller but more famous projects the WPA employed musicians, artists, writers, actors and directors in large arts, drama, media, and literacy projects The Second New Deal- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
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ADDIN Any worker that was unable to work for any other reason besides an industrial accident would experience a severe loss of income. For this reason many workers that were unable to work for any other reason had to rely on what savings they had, help from relatives or close friends, organized charities, and state and local government. The federal government tried to expand its relief efforts rapidly and from their efforts many Americans were convinced on ethical and economical grounds of the need for a permanent federal plan to cope with severe losses of income. A few leaders in government, business and academics had all stated that a program of social and unemployment insurance was desperately needed. Social Security Act- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
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ADDIN After four years of economic disaster, the social security act had almost no opposition in getting through legislature. The act provided a federal old age and survivor insurance program that was based on the workers’ payments of one percent of earnings up to $3,600. The act also provided assistance to aged dependent children that were in need as well as the blind people. Amendments made to the act later on added more groups of people that received the benefits. The Social Security Act was structured as an insurance plan, meaning that the worker would contribute half and the employer would contribute the half of the premium. This resulted in lower wages for the workers over time. In the long run the government had thought that presenting the act, as an insurance program instead of a welfare program would boost its popularity since welfare programs had a bad reputation at the time. They were wrong because the insurance idea didn’t last very long at all. An amendment to the act in 1939 converted the system into one where payments were not saved but transferred to those receiving the Social Security checks, kind of like a pay as you go system. The American people quickly accepted social security and although there was much controversy over the Social Security system, no one denied that it was necessary. 1936 --Franklin D. Roosevelt elected President- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
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AD0AaABpAGQAZABlAG4AIwBiAG8AbwBrAG0AYQByAGsAPQBNAE8AUgBFADkAOAAyADgAMgA3ADkA
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ADDIN Democrat Franklin D. Roosevelt was re-elected for 2nd term, winning over Republican candidate Alf Landon. Faults- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
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ADDIN The political climate was blamed for the depression. President Roosevelt had disapproved “the royalists of the economic order”, who apparently opposed government intervention in economic affairs. There were many changes that happened that affected the depression, but politics were blamed the most. 1937 --High Hopes- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
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ADDIN Total manufacturing output had exceeded the rate of 1929, and recovery seemed to be going well. Along with pricing and unemployment decreases, the fiscal and monetary policy also played a role in causing the downturn in the economy. Government officials were convinced that full employment and inflation were just around the corner. Expenditures for relief and public works were cut and new taxes, such as Social Security, were imposed. Increase in industrial1939 -- production- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
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ADDIN America anticipates an increase in industrial production for war material. America begins producing excess materials to supply Europe during the war. America decreases quality to increase quantity. However, America’s decision to mass produce proves to be an excellent idea. In addition, this is similar to 1916 when America made large profit by producing materials and shipping them off to Europe who was at war. US declares War- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
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AD0AaABpAGQAZABlAG4AIwBiAG8AbwBrAG0AYQByAGsAPQBNAE8AUgBFADcANQAwADcAMwA5ADUA
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ADDIN World War II was officially declared on September 1st 1940 --Franklin D. Roosevelt elected President- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
AG4AZQByAGkAYwAjAHQAbwBnAGcAbABlAG0AYQBjAHIAbwA9AE0ATwBSAEUAIwBzAGgAbwB3AHQA
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AHkAbABlAD0AZABlAGYAYQB1AGwAdAAjAG0AYQByAGsAZQByAGgAaQBkAGUAcwB0AHkAbABlAD0A
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AD0AaABpAGQAZABlAG4AIwBiAG8AbwBrAG0AYQByAGsAPQBNAE8AUgBFADcANAA4ADQAMQAyADAA
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ADDIN Franklin Roosevelt is elected to an unprecedented third term as president, defeating Wendell Willkie. FDR's victory is seen as proof of the nation's support of his war policies. Roosevelt lobbies Congress to pass the Lend-Lease Act, which will aid Britain in its struggle to fend off Germany. National Defense Advisory Committee- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
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ADDIN appointed May 1940 by President Franklin D. Roosevelt to serve the then reestablished Council of National Defense (created by Congress 1916); consisted of commissioners in charge of industrial production, raw materials, employment, farm products, transportation, price stabilization, consumer protection. Roosevelt tried rhetoric to stop businesses from increasing prices using patriotism as the appeal. However, if the business would not listen Roosevelt would make prices increase illegal. In May, President Roosevelt organized the National Defense Advisory Committee to try and get agreements from specific key business to stop raising prices. This did not work. Labor Force Changes- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
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ADDIN During wartime minorities entered the work force to fill jobs left by soldiers. Poor whites and African Americans moved from southern farm, into industrial towns. The war changed role of women in the labor force. 1941 --Office of Price Administration and Civilian Supply- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
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ZQB4AHQAPQC6JSMAaABpAGQAZQB0AGUAeAB0AD0AvCUjAG0AYQByAGsAZQByAHMAaABvAHcAcwB0
AHkAbABlAD0AZABlAGYAYQB1AGwAdAAjAG0AYQByAGsAZQByAGgAaQBkAGUAcwB0AHkAbABlAD0A
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AD0AaABpAGQAZABlAG4AIwBiAG8AbwBrAG0AYQByAGsAPQBNAE8AUgBFADEAMQAwADIAMQAyADUA
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ADDIN Roosevelt created OPA (Office of Price Administration and Civilian Supply) to stop prices from increasing. Eventually a price ceiling was put on most products creating an artificial shortage. OPA was then required to decline all businesses requesting a price increase except in “extremely limited circumstance.” As a result many products began diminishing in quality. It led to black markets and eliminated lower-priced items as companies would only produce high-priced items because they could earn more revenue. Moreover, the government began ration certain goods. They created tickets which would allow the person to buy a certain product. By 1946, all price controls sanctioned by OPA were discontinued by an exceedingly widespread decision. Lend-Lease act- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
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ADDIN The Lend – Lease act was established by President Roosevelt. The United Sates began paying for the arms send to Britain and other allies during World War Two. This name was created to distract Americans from the fact that the US was paying for Britain’s weapons. Empire of Japan attacks Pearl Harbor- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
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ADDIN December 7 the Empire of Japan attacked Pearl Harbor. Germany quickly declared war on the United States after the attack. The American people were fully committed to the war after the attack as a result President Roosevelt declared war against the Axis powers. Americans begin to mass produce weapons to win the war with excess firepower. 1942 --U.S. meets its goal of excess firearms- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
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ADDIN The ammunitions production is greater than Germany and Japan combined. By 1944 the United States was producing over 100,000 planes per year! Japanese Americans placed in inturnment camps- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
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ADDIN Racial bigotry occurred. 110,000 Japanese Americans were forced to leave their homes. Placed in internment camps until 1945 and forced to sell farms and other businesses at “Fire Sale.” 1943 --Employees injured on the job increase- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
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AHkAbABlAD0AZABlAGYAYQB1AGwAdAAjAG0AYQByAGsAZQByAGgAaQBkAGUAcwB0AHkAbABlAD0A
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AD0AaABpAGQAZABlAG4AIwBiAG8AbwBrAG0AYQByAGsAPQBNAE8AUgBFADEANAA2ADYAMAA1ADAA
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ADDIN The amount of employees injured on the job increase by an alarming rate of over five million. However, more men and women were working increased hours in dangerous positions. Taxes pay for war- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
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ADDIN The US relied heavily on taxes to pay for the war. As a result, deducting money from payroll for income taxes was announced. “Take-home pay” became a widely used term. Smith–Connally Act- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
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AD0AaABpAGQAZABlAG4AIwBiAG8AbwBrAG0AYQByAGsAPQBNAE8AUgBFADQANQA2ADIANAAxACMA
ADDIN also called the War Labor Disputes Act. Passed on June 25, 194 over President Roosevelt’s Veto. The Act allowed the federal government to seize and operate industries threatened by or under strikes that would interfere with war production, and prohibited unions from making contributions in federal elections 1944 --Federal government increased spending- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
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AD0AaABpAGQAZABlAG4AIwBiAG8AbwBrAG0AYQByAGsAPQBNAE8AUgBFADIAMwAwADYAOQAyADAA
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ADDIN During the war the federal government increased spending. The largest spending took place in 1944 when the government spent $722.5 billion which was about 52.3 % of total GNP. Servicemen's Readjustment Act of 1944- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
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ADDIN known informally as the G.I. Bill, was a law that provided a range of benefits for returning World War II veterans. Benefits included low-cost mortgages, low-interest loans to start a business, cash payments of tuition and living expenses to attend college, high school or vocational education, as well as one year of unemployment compensation. It was available to every veteran who had been on active duty during the war years for at least ninety days and had not been dishonorably discharged; combat was not required. By the end of the program in 1956, roughly 2.2 million veterans had used the G.I. Bill education benefits in order to attend colleges or universities, and an additional 6.6 million used these benefits for some kind of training program. GDP reaches its maximum peak Taft–Hartley Act1947 --- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
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ADDIN restricts the activities and power of labor unions In order to protect individual workers by public policies. The Act was originally vetoed by President Truman. 1950 --Women in the workforce- MACROBUTTON MORE ?TQBvAHIAZQBBAGQAZABpAG4AIwB2AGUAcgBzAGkAbwBuAD0ANAAuADIAIwB0AHkAcABlAD0AZwBl
AG4AZQByAGkAYwAjAHQAbwBnAGcAbABlAG0AYQBjAHIAbwA9AE0ATwBSAEUAIwBzAGgAbwB3AHQA
ZQB4AHQAPQC6JSMAaABpAGQAZQB0AGUAeAB0AD0AvCUjAG0AYQByAGsAZQByAHMAaABvAHcAcwB0
AHkAbABlAD0AZABlAGYAYQB1AGwAdAAjAG0AYQByAGsAZQByAGgAaQBkAGUAcwB0AHkAbABlAD0A
ZABlAGYAYQB1AGwAdAAjAGwAaQBjAGUAbgBzAGUAZAA9AEYAYQBsAHMAZQAjAHMAdABhAHQAdQBz
AD0AaABpAGQAZABlAG4AIwBiAG8AbwBrAG0AYQByAGsAPQBNAE8AUgBFADYANQA4ADUAOQA1ADIA
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ADDIN 13.8 percent of married women participated in the work force. A decade later had increased to 21.6 percent as a result of changes in attitude. ................
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