Hiatus Update! – How Did We Not Know That
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Show Notes
Historical unemployment, widespread homelessness, stock market crashes, and failing crops characterized the American Great Depression; but could the immense suffering have actually been a good thing? In this episode Jac explains the start and end of the Great Depression, differences in the lives of people going through it, and the light on the other side.
Sources:
https://www.ducksters.com/history/us_1900s/great_depression.php
https://www.ducksters.com/history/us_1900s/first_new_deal.php
https://www.businessinsider.com/how-the-mob-crushed-it-during-the-great-depression-2015-6
https://www.biography.com/crime-figure/lucky-luciano
https://www.history.com/topics/great-depression/dust-bowl
https://www.history.com/topics/crime/mafia-in-the-united-states
https://www.cnbc.com/2020/04/30/us-weekly-jobless-claims.html
Transcript
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all right hello and welcome to how did
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we not know that my name is NAT I’m one
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of your co-hosts and I’m Jac I’m your
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other co-host and Jack doing a toast
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what we’re gonna be talking about on
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today’s episode first sure so with the
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coronavirus situation happening we’re
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having a lot of economic trouble
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including lots of job losses lots of
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crashes in the market and uncertainty so
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I thought it’d be interesting if we
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talked a little bit more about the Great
0:00:38.760,0:00:45.480
Depression and compared parallels not
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tell me what you know about the Great
0:00:45.480,0:00:58.859
Depression in elementary school you guys
0:00:56.190,0:01:02.309
covered the Great Depression sixth grade
0:00:58.859,0:01:05.610
that’s heavy I don’t know I feel like
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okay so from what I remember I always we
0:01:05.610,0:01:13.170
talked about like the New Deal a lot and
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then like yeah that like from what I
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know the New Deal like pulled us out of
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probably prove me wrong
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and then Oh like I just remember like
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hearing all about like how everyone lost
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their job and everyone’s like homeless
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oh also the musical annie’ like that set
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in the oh I didn’t know that so she’s
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like the Little Orphan Annie and then
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Daddy Warbucks okay I had no idea that
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that wasn’t I felt like it was like
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Roaring Twenties was like that maybe it
0:01:45.450,0:01:49.110
is the Great Depression
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you’re like Daddy Warbucks wouldn’t be
0:01:49.110,0:01:54.710
so cheery if it was depression so the
0:01:52.829,0:01:57.210
Great Depression is after World War one
0:01:54.710,0:02:01.110
yeah after World War one we have the
0:01:57.210,0:02:03.780
roaring 20s so here we have yeah and
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then before World War II exactly gotcha
0:02:03.780,0:02:10.959
so yeah that’s basically what I know it
0:02:05.700,0:02:13.420
was just the worst it was it was
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it’s not fun so my grandparents told me
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like how is it what we like the worst
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yeah so my grandparents are
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we’re gonna in like the United States in
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that generation so they would have
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migrated to the states from Italy and
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like the Czech Republic in like late
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1800s Early 1900s so my grandparents
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were going through it as children and a
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lot of the there’s like a legacy that a
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lot of people talk about that happened
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after the Great Depression that affected
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the upcoming generations and it’s so
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true
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I didn’t get to talk to my grandparents
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about what it was like growing up but I
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there a lot of things that they would do
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like my grandpa would store he didn’t
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trust the banks he would always store
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his money in his mattress like he legit
0:03:03.180,0:03:08.609
did that man thanks for collapsing right
0:03:06.510,0:03:11.370
exactly and he you know he lived through
0:03:08.609,0:03:14.819
a few recessions too because this was a
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big one and I think most people aren’t
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familiar with the dates with the Great
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Depression but the stock market crashed
0:03:18.359,0:03:25.530
in 1929 and it didn’t hit the bottom so
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that’s the first crash is 1929 the
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bottom that the stocks were gonna crash
0:03:27.299,0:03:33.359
to didn’t happen till 1933 so that’s
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like four years of it just going down
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like not not going up at all everything
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just keeps going down um and then it
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didn’t get recovered until about the mid
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nineteen fifty so then the stock right
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has never came back up to what they were
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for like my gosh yeah like 20 years
0:03:48.480,0:03:55.169
almost 20 years um
0:03:50.370,0:03:59.549
over 20 years yeah over 20 years dude um
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also another another thing I remember
0:03:59.549,0:04:02.370
about the Great Depression is one of the
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American Girl dolls
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kit kit whatever her name is she’s from
0:04:05.090,0:04:11.629
she’s the Great Depression doll really a
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kid I’m gonna like kit was like the most
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privileged it’s just American Girl doll
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know cuz I watched the movie and like
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she heard like dad like lost his job and
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they’re like so poor and she just like
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make money for the family or something I
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had no idea literally okay American Girl
0:04:26.010,0:04:30.449
dolls I remember it like a childhood
0:04:28.979,0:04:32.010
friend through an American Girl doll
0:04:30.449,0:04:34.289
party and she was like the richest one
0:04:32.010,0:04:36.539
out of ice and her doll was kid like
0:04:34.289,0:04:37.380
that was her doll so I just assumed it
0:04:36.539,0:04:39.240
was
0:04:37.380,0:04:43.680
no chi was definitely the most basic
0:04:39.240,0:04:43.889
American Girl doll okay okay serves her
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right
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just kidding okay so we’re yes so like
0:04:47.580,0:04:52.320
my grandpa would you know store money
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and his mattress he didn’t trust the
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banks went through a lot of recessions
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and
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then oh yeah their victory guard Victory
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Gardens I think that might be being
0:05:02.060,0:05:05.690
correct term because I think that’s
0:05:03.110,0:05:09.440
Gardens they started after the war which
0:05:05.690,0:05:11.180
could be it but um for their World War
0:05:09.440,0:05:14.060
one I think they had Victory Gardens but
0:05:11.180,0:05:15.590
my grandpa always grew his own food like
0:05:14.060,0:05:17.480
of course they like would go to stores
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too but they always like gardening was
0:05:17.480,0:05:22.520
big and I still love gardening but that
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was really really big and also to my on
0:05:22.520,0:05:27.440
my grandpa side we were like Midwest
0:05:25.670,0:05:29.390
farmers I think he worked in like the
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industry for a little bit but this is
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getting into like my family history
0:05:30.830,0:05:36.770
lesson it’s a Great Depression but I
0:05:32.630,0:05:39.440
mean it had an impact on people to this
0:05:36.770,0:05:43.490
day and so many of the older generations
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like South I well now that’s like
0:05:43.490,0:05:48.580
starting to happen again like all the
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seeds if you can’t buy seeds anywhere oh
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yeah because they’re snatching them up
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to go hurting me now and then they’re
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also like buying chickens and like oh
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it’s Apes coming first full circle yeah
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I mean yeah I’ve been interesting I
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think we’re in a really interesting
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unprecedented time as they say yeah so I
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just like to go into the Great
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Depression I what would you say would be
0:06:14.930,0:06:18.890
like the start of the Great Depression
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do you have an idea so it’s like after
0:06:18.890,0:06:25.040
the war World War one and like everyone
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comes back in like the whole world is
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like all shook up and like isn’t it like
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the whole world economy it’s like
0:06:29.690,0:06:38.180
plummeting and then right no am I wrong
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um so the thing is ok I’m just gonna get
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right into it so there is a lot of
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debate on from economist and historian
0:06:44.450,0:06:47.720
as to what the actual cause of the Great
0:06:46.340,0:06:49.130
Depression was I don’t think there was
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one single cause there are actually
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multiple things going on so just set the
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stage we finish World War one America is
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on the winning side so all the other
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countries that are on the losing side
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like Germany they’re suffering a lot
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because they lost so now they’re getting
0:07:02.690,0:07:05.670
there I think they have like a lot of
0:07:03.650,0:07:08.700
fines and stuff don’t quote me on that
0:07:05.670,0:07:10.880
they’re getting punished a bit too hard
0:07:08.700,0:07:13.800
which we find out later in World War two
0:07:10.880,0:07:15.750
but since America won we’re doing well
0:07:13.800,0:07:17.000
and so we enter the period of the
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Roaring Twenties
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when Prohibition was going on but also
0:07:22.290,0:07:26.910
there are lots of technological
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innovations during this time and the
0:07:26.910,0:07:30.990
emergence of credit happens so you could
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buy things in installments and credits
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so the concept of borrowing money
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started to exist and with that also more
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people started in getting into stocks
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because you could now borrow this money
0:07:43.260,0:07:48.210
and put that in the stock market because
0:07:46.080,0:07:51.030
it kept going up so there’s no risk that
0:07:48.210,0:07:52.620
you couldn’t pay it off right so during
0:07:51.030,0:07:55.950
this time every like the economy’s
0:07:52.620,0:07:58.530
booming everyone’s like it’s great great
0:07:55.950,0:08:04.280
gatsby having a good time throwing some
0:07:58.530,0:08:04.280
parties so high school exactly yeah and
0:08:04.580,0:08:08.510
yeah meanwhile
0:08:10.090,0:08:14.140
some of the background stuff that was
0:08:12.070,0:08:16.950
happening though was that a lot of
0:08:14.140,0:08:21.190
companies weren’t being honest about
0:08:16.950,0:08:23.320
their like company evaluation right so
0:08:21.190,0:08:24.820
like those the stock prices that you’re
0:08:23.320,0:08:27.430
getting are showing that everything’s
0:08:24.820,0:08:29.050
going up but some companies are being
0:08:27.430,0:08:31.600
dishonest about stock prices too so you
0:08:29.050,0:08:32.710
couldn’t like expect that they were
0:08:31.600,0:08:34.810
gonna crash
0:08:32.710,0:08:39.630
lots of economy and this that I am
0:08:34.810,0:08:39.630
probably not explaining correctly but
0:08:39.690,0:08:43.630
yeah a lot of stuff was happening also
0:08:41.890,0:08:46.030
in addition to technological innovation
0:08:43.630,0:08:48.190
because we have basically two different
0:08:46.030,0:08:49.240
types of suffering everyone suffered but
0:08:48.190,0:08:51.130
there’s two different types of suffering
0:08:49.240,0:08:53.560
during the Great Depression there’s like
0:08:51.130,0:08:57.250
the city folk who experienced it one way
0:08:53.560,0:08:59.140
and then people in the Midwest or the
0:08:57.250,0:09:01.180
Great Plains in the country who also
0:08:59.140,0:09:04.660
experienced it a different way so in the
0:09:01.180,0:09:06.070
city a lot of the suffering was coming
0:09:04.660,0:09:10.560
from the fact that the stock market
0:09:06.070,0:09:10.560
crashed and the bank started to fail and
0:09:11.580,0:09:15.810
yeah there is no food to because you
0:09:13.500,0:09:18.510
can’t grow food in the city so then
0:09:15.810,0:09:20.910
there’s just so much and isn’t that like
0:09:18.510,0:09:23.519
a huge like homeless yeah a lot of
0:09:20.910,0:09:25.800
people because you let me see if I can
0:09:23.519,0:09:29.010
explain this very eloquently but yeah a
0:09:25.800,0:09:31.829
lot of people similar to lik what our
0:09:29.010,0:09:35.790
economy worried about today when the
0:09:31.829,0:09:38.880
banks failed okay so people go to the
0:09:35.790,0:09:41.760
beach and they take out like loans on
0:09:38.880,0:09:44.040
credit to go invest into the stock
0:09:41.760,0:09:47.459
market the stock market kept going up
0:09:44.040,0:09:49.649
and it was over evaluated so once
0:09:47.459,0:09:52.470
eventually it started to slow down and
0:09:49.649,0:09:54.600
then we had the like a crash it’s called
0:09:52.470,0:09:56.310
the black Tuesday crash and that was
0:09:54.600,0:09:59.730
just when it dropped like something like
0:09:56.310,0:10:03.360
23 points don’t call me on that and from
0:09:59.730,0:10:05.790
then the way economies work is like it
0:10:03.360,0:10:09.060
contracts when consumer spending slows
0:10:05.790,0:10:10.980
down so everyone whose money’s were in
0:10:09.060,0:10:12.870
like whose money is in the stock market
0:10:10.980,0:10:16.770
let’s say you bought a stock at like 100
0:10:12.870,0:10:18.810
and once it crashes it goes down to 50
0:10:16.770,0:10:20.550
so now you’re at a loss so then everyone
0:10:18.810,0:10:22.320
starts pulling their money out because
0:10:20.550,0:10:25.709
you took out let’s say you took out like
0:10:22.320,0:10:27.959
$100 on a loan to invest and now it’s
0:10:25.709,0:10:31.680
going down so you don’t even have enough
0:10:27.959,0:10:34.290
money to pay back like the principle of
0:10:31.680,0:10:36.029
what you borrowed is that also the same
0:10:34.290,0:10:39.600
thing that happened in like the 2008
0:10:36.029,0:10:42.540
financial like similarly similar I think
0:10:39.600,0:10:47.250
the 2008 financial crisis was with it
0:10:42.540,0:10:48.660
was like a crappy mortgage yeah they
0:10:47.250,0:10:50.760
were like agreeing to loan out to people
0:10:48.660,0:10:53.010
who weren’t like should not have been
0:10:50.760,0:10:57.510
given those loans that’s for another
0:10:53.010,0:10:58.680
episode but uh yeah so a stock market
0:10:57.510,0:11:00.510
crashes and then people start to panic
0:10:58.680,0:11:02.490
and pull their money out more and then
0:11:00.510,0:11:04.980
the market will crash more and that’s
0:11:02.490,0:11:06.779
what we’re seeing today with the stock
0:11:04.980,0:11:08.930
market continuing to crash on that
0:11:06.779,0:11:11.430
initial first crash because unemployment
0:11:08.930,0:11:11.970
like skyrocketed and businesses are
0:11:11.430,0:11:13.860
shutting down
0:11:11.970,0:11:15.540
people are not spending as much people
0:11:13.860,0:11:17.910
pull their money out of the stock market
0:11:15.540,0:11:20.250
so they can hold on to liquid cash and
0:11:17.910,0:11:22.770
not lose any value in that and then
0:11:20.250,0:11:25.260
because there’s less money in the market
0:11:22.770,0:11:26.850
prices go down even further
0:11:25.260,0:11:31.230
and more people panic and more people
0:11:26.850,0:11:33.540
pull money out so yeah it’s a bad it’s a
0:11:31.230,0:11:34.890
really bad cycle so because of that
0:11:33.540,0:11:37.310
people are losing these monies they
0:11:34.890,0:11:41.040
can’t their money unemployment
0:11:37.310,0:11:43.950
skyrockets because businesses are
0:11:41.040,0:11:45.660
starting to fail two banks start to
0:11:43.950,0:11:48.150
close down because they can’t even
0:11:45.660,0:11:50.730
they’ve loaned out all this money and no
0:11:48.150,0:11:53.360
one has the money like it’s not there
0:11:50.730,0:11:55.200
anymore like right like everyone has I
0:11:53.360,0:11:56.610
don’t even know where went it’s just
0:11:55.200,0:11:59.510
gone like everything got to be valued
0:11:56.610,0:11:59.510
and then
0:11:59.930,0:12:04.310
what else happened oh yeah and then you
0:12:01.940,0:12:06.290
do fall on your mortgage and get
0:12:04.310,0:12:08.210
foreclosed you lose your home so a lot
0:12:06.290,0:12:09.740
of people were straight up homeless
0:12:08.210,0:12:11.960
there’s emergence of things like
0:12:09.740,0:12:14.720
Hoovervilles which was named after
0:12:11.960,0:12:17.240
President Hoover at the time from Annie
0:12:14.720,0:12:18.260
that’s from Annie I saw okay then now
0:12:17.240,0:12:24.170
that definitely wasn’t a Great
0:12:18.260,0:12:28.670
Depression Herbert Hoover I think yeah
0:12:24.170,0:12:31.790
so that was going on and so that’s a
0:12:28.670,0:12:33.620
city situation the farm situation for
0:12:31.790,0:12:37.459
people in rural areas we’re going
0:12:33.620,0:12:39.589
through a kind of an epilogue ecological
0:12:37.459,0:12:42.020
turmoil because there was a drought that
0:12:39.589,0:12:44.120
had already been starting in the 20s the
0:12:42.020,0:12:45.620
during the Roaring Twenties
0:12:44.120,0:12:49.220
just hadn’t rained a lot in the Great
0:12:45.620,0:12:52.279
Plains area also at the end of the civil
0:12:49.220,0:12:54.470
war there was a lot of initiative for
0:12:52.279,0:12:58.070
people to move out west because they
0:12:54.470,0:12:59.930
were promised plots of land which I
0:12:58.070,0:13:01.790
don’t know if you can do that anyways
0:12:59.930,0:13:04.250
but they did it and so people are moving
0:13:01.790,0:13:06.260
West into like this unknown territory
0:13:04.250,0:13:08.839
and they’re trying to farm like regular
0:13:06.260,0:13:10.760
and in they usually didn’t really
0:13:08.839,0:13:12.260
understand the environment of the Great
0:13:10.760,0:13:13.820
Plains when they moved out and they’re
0:13:12.260,0:13:16.459
trying to farm like they would have
0:13:13.820,0:13:20.779
closer to like the East Coast and like
0:13:16.459,0:13:22.220
maybe Ohio Midwest area and with prairie
0:13:20.779,0:13:24.080
grass people don’t realize that like
0:13:22.220,0:13:28.670
prairie grass roots are actually like 5
0:13:24.080,0:13:30.709
to 15 feet long and they hold in yeah so
0:13:28.670,0:13:33.350
all of that soil was actually like the
0:13:30.709,0:13:35.570
topsoil was very like dusty and fine and
0:13:33.350,0:13:39.200
so when you pull out that prairie grass
0:13:35.570,0:13:42.170
all of the topsoil is like softer yeah
0:13:39.200,0:13:43.310
and I they just really didn’t understand
0:13:42.170,0:13:46.430
how to farm with that type of
0:13:43.310,0:13:49.459
environment so because of all of that in
0:13:46.430,0:13:52.430
addition to innovations and technology
0:13:49.459,0:13:55.220
which made farming easier so there was
0:13:52.430,0:13:56.959
an overproduction in crops then the
0:13:55.220,0:13:58.550
price of road is there so much would
0:13:56.959,0:14:01.100
happen the price of produce that are to
0:13:58.550,0:14:02.779
fall so now farmers aren’t able to even
0:14:01.100,0:14:05.990
make a profit because there’s an
0:14:02.779,0:14:10.040
overproduction in agriculture Wow
0:14:05.990,0:14:11.570
so yeah you keep sorry so it’s not like
0:14:10.040,0:14:13.540
a famine like they didn’t run out of
0:14:11.570,0:14:15.310
food so you have too much
0:14:13.540,0:14:17.770
well it gets to that because they had
0:14:15.310,0:14:20.860
too much food stock prices or not stock
0:14:17.770,0:14:23.140
prices agriculture prices fall down like
0:14:20.860,0:14:26.770
for your produce and then because of
0:14:23.140,0:14:29.470
that lack of income from like a surplus
0:14:26.770,0:14:31.690
they try to plant more and they dig up
0:14:29.470,0:14:34.210
more of the topsoil and then they
0:14:31.690,0:14:35.710
basically destroy this like farming
0:14:34.210,0:14:39.700
ground I don’t think they knew what crop
0:14:35.710,0:14:42.370
rotation was and that’s how you get all
0:14:39.700,0:14:44.980
of this like loose dirt and eventually
0:14:42.370,0:14:46.780
there was what they call the Dust Bowl
0:14:44.980,0:14:48.730
which is just like really really big
0:14:46.780,0:14:50.730
winds that picked up all this dirt
0:14:48.730,0:14:52.990
there’s something like 10,000 feet high
0:14:50.730,0:14:54.520
like you couldn’t see in front of your
0:14:52.990,0:14:57.040
face just because the dust was so thick
0:14:54.520,0:14:59.710
people had to wear ropes to like walk
0:14:57.040,0:15:03.520
outside could look and see they would
0:14:59.710,0:15:07.240
get lost oh my god what are you like
0:15:03.520,0:15:12.580
what if you have to like farm also like
0:15:07.240,0:15:14.410
I can’t exactly right right and for the
0:15:12.580,0:15:16.870
apocalypse up and then also the economy
0:15:14.410,0:15:18.580
is catching like I would literally think
0:15:16.870,0:15:20.850
the world was coming to an end yeah
0:15:18.580,0:15:22.900
basically people are getting hit
0:15:20.850,0:15:26.430
differently in different parts of the
0:15:22.900,0:15:30.010
area and you’re right that the New Deal
0:15:26.430,0:15:31.150
was a part of the solution but something
0:15:30.010,0:15:33.940
that people also don’t realize is like
0:15:31.150,0:15:37.200
the world war two actually is what a lot
0:15:33.940,0:15:40.060
of economists agree is the proper end to
0:15:37.200,0:15:42.400
the Great Depression which is kind of
0:15:40.060,0:15:44.230
unfortunate that like this we needed
0:15:42.400,0:15:46.300
another war to kind of pull us out of
0:15:44.230,0:15:50.380
that but World War two actually provided
0:15:46.300,0:15:52.150
a lot of jobs for unemployed men and
0:15:50.380,0:15:53.860
that helped stimulate our economy but
0:15:52.150,0:15:59.560
the New Deal did do a lot of good stuff
0:15:53.860,0:16:00.850
as well yeah so what do you do like what
0:15:59.560,0:16:01.660
do you think was the best thing to come
0:16:00.850,0:16:06.300
out of the New Deal
0:16:01.660,0:16:09.310
do you remember wasn’t it like all these
0:16:06.300,0:16:11.540
infrastructure projects like across the
0:16:09.310,0:16:13.699
u.s.
0:16:11.540,0:16:15.560
and then because like all these new
0:16:13.699,0:16:16.850
projects were being started basically
0:16:15.560,0:16:19.040
like there are all these jobs that were
0:16:16.850,0:16:22.759
being created it was all just about like
0:16:19.040,0:16:24.769
trying to create jobs right yeah yeah
0:16:22.759,0:16:27.589
yeah well they had like a lot more
0:16:24.769,0:16:30.230
protections that came up I think I’m not
0:16:27.589,0:16:34.339
a huge fan of Franklin Delano but I do
0:16:30.230,0:16:41.449
think that yeah Japanese exclusion act
0:16:34.339,0:16:43.370
doesn’t sit well with me yeah but he did
0:16:41.449,0:16:46.430
do a really really good job and also too
0:16:43.370,0:16:49.339
I want to look into who like his
0:16:46.430,0:16:54.620
economic team was because these a lot of
0:16:49.339,0:16:56.209
the new changes in the laws that help
0:16:54.620,0:16:59.000
stimulate the economy are really
0:16:56.209,0:17:00.500
brilliant and I am intrigued as to why
0:16:59.000,0:17:01.810
they didn’t think about like
0:17:00.500,0:17:07.669
implementing things like this before
0:17:01.810,0:17:09.110
yeah but on the bright side a lot of
0:17:07.669,0:17:10.850
really good things that we have today
0:17:09.110,0:17:12.679
came out of the Great Depression so even
0:17:10.850,0:17:17.419
though the Great Depression was like
0:17:12.679,0:17:19.130
hell on earth I think that good things
0:17:17.419,0:17:20.900
come out of it and I hope that with our
0:17:19.130,0:17:23.449
current situation good things also
0:17:20.900,0:17:25.130
continue to come out of this such as
0:17:23.449,0:17:28.760
maybe like health care reform and all
0:17:25.130,0:17:30.400
the problems that were uncovering but to
0:17:28.760,0:17:35.840
go into a little more detail about
0:17:30.400,0:17:38.120
Franklin dough knows like new deals he
0:17:35.840,0:17:39.650
had two new deals so the first one it’s
0:17:38.120,0:17:44.000
called like his hundred days
0:17:39.650,0:17:45.290
yeah the first hundred days yeah yeah so
0:17:44.000,0:17:48.020
that’s when that was like the premise of
0:17:45.290,0:17:50.570
how he got elected and when which was in
0:17:48.020,0:17:54.169
1933 he beat Herbert Hoover whom
0:17:50.570,0:17:56.419
everyone hated and then yeah so when
0:17:54.169,0:17:57.830
Franklin Delano came and Franklin
0:17:56.419,0:18:03.200
Roosevelt I’m gonna walk home Franklin
0:17:57.830,0:18:05.450
Delano yeah FDR that’s a better one okay
0:18:03.200,0:18:07.820
so F here comes in and within those
0:18:05.450,0:18:09.860
first hundred days he basically passes
0:18:07.820,0:18:13.179
all these executive orders and gets
0:18:09.860,0:18:16.100
these laws passed to Congress to
0:18:13.179,0:18:18.350
stimulate the economy really quickly one
0:18:16.100,0:18:20.150
of which was the emergency Banking Act
0:18:18.350,0:18:24.110
which was really important as a banking
0:18:20.150,0:18:25.040
reform so when they reopen they have to
0:18:24.110,0:18:30.020
be monitored
0:18:25.040,0:18:32.210
I the federal Treasury which is a it’s
0:18:30.020,0:18:35.930
really good because I don’t know how
0:18:32.210,0:18:37.160
these banks were not getting monitored
0:18:35.930,0:18:40.310
by that because that was a problem they
0:18:37.160,0:18:44.260
were loaning out to people money that
0:18:40.310,0:18:46.490
like over loaning yeah and that’s why
0:18:44.260,0:18:49.310
that was kind of like over stimulation
0:18:46.490,0:18:51.260
of the economy so before the New Deal
0:18:49.310,0:18:55.010
there was like virtually like no
0:18:51.260,0:18:57.320
restrictions on banks or like it was
0:18:55.010,0:18:59.780
just maybe not I think very little
0:18:57.320,0:19:01.400
restrictions on banks and how they were
0:18:59.780,0:19:03.800
loaning out and they weren’t being
0:19:01.400,0:19:05.600
monitored so the way I’m understanding
0:19:03.800,0:19:08.630
it is that banks for being our
0:19:05.600,0:19:10.430
businesses but now they’re monitored by
0:19:08.630,0:19:15.110
governments as well because it’s like
0:19:10.430,0:19:16.490
wealth management but yeah thanks I
0:19:15.110,0:19:17.900
guess we’re kinda just like run by their
0:19:16.490,0:19:20.750
own rules there’s very little laws
0:19:17.900,0:19:24.980
winning what they couldn’t could not do
0:19:20.750,0:19:28.010
and then the next thing was the
0:19:24.980,0:19:31.040
Securities Act of 1933 which he passed
0:19:28.010,0:19:33.230
and so it was in order to help the
0:19:31.040,0:19:35.510
prevent the stock market like another
0:19:33.230,0:19:38.540
stock market crash so like I said
0:19:35.510,0:19:40.520
earlier um everyone thought that the
0:19:38.540,0:19:43.040
stocks were just gonna keep going up up
0:19:40.520,0:19:44.360
and up when really companies who were
0:19:43.040,0:19:47.720
being publicly traded weren’t being
0:19:44.360,0:19:50.510
honest with their like the figures and
0:19:47.720,0:19:53.660
so it was more of an illusion that
0:19:50.510,0:19:57.980
everything was doing really well so the
0:19:53.660,0:19:59.780
Securities Act of 1933 like required
0:19:57.980,0:20:02.840
that publicly traded companies had to
0:19:59.780,0:20:04.520
provide accurate information so this is
0:20:02.840,0:20:09.860
an example of how the government started
0:20:04.520,0:20:11.300
to get more involved in businesses which
0:20:09.860,0:20:13.700
I’m someone I know that way people have
0:20:11.300,0:20:15.140
like even today right like you have
0:20:13.700,0:20:17.030
these big corporations like Amazon
0:20:15.140,0:20:22.190
Google and a lot of them are against
0:20:17.030,0:20:23.990
government involvement for reasons of I
0:20:22.190,0:20:27.560
don’t know if it’s like Red Scare like
0:20:23.990,0:20:29.390
communist scares or whatever but you do
0:20:27.560,0:20:31.100
I think that you do need some government
0:20:29.390,0:20:32.750
involvement and that’s how we see like
0:20:31.100,0:20:34.430
the biggest churn of the Great
0:20:32.750,0:20:36.500
Depression of my eyes was that the
0:20:34.430,0:20:38.740
government got more involved with
0:20:36.500,0:20:41.559
protecting the people
0:20:38.740,0:20:45.720
and yeah and monitoring businesses like
0:20:41.559,0:20:48.970
that so and then you were right about
0:20:45.720,0:20:50.200
the Public Works Administration the
0:20:48.970,0:20:51.640
civil Conservation Corps it’s
0:20:50.200,0:20:55.150
agriculture just in administrations
0:20:51.640,0:20:59.920
these are all initiatives that FDR
0:20:55.150,0:21:03.400
passed to help stimulate jobs for people
0:20:59.920,0:21:05.470
and so with that like the civil Civilian
0:21:03.400,0:21:07.030
Conservation Corp did a lot of good work
0:21:05.470,0:21:09.070
with like planting trees and
0:21:07.030,0:21:12.340
environmental conservation which helped
0:21:09.070,0:21:15.100
with the Dust Bowl so that was an
0:21:12.340,0:21:17.980
increase in like our care for the
0:21:15.100,0:21:20.620
environment and just like developing
0:21:17.980,0:21:22.390
rural parts of America they’re all these
0:21:20.620,0:21:25.000
jobs to build roads and bridges and
0:21:22.390,0:21:28.120
schools and hospitals so and even dams
0:21:25.000,0:21:33.460
which helped with like small generations
0:21:28.120,0:21:35.170
of energy for places like Tennessee and
0:21:33.460,0:21:36.280
then this one because you know I’m in
0:21:35.170,0:21:39.220
the middle of like shopping for houses
0:21:36.280,0:21:41.170
there’s a administration it’s called the
0:21:39.220,0:21:43.330
Federal Housing Administration and the
0:21:41.170,0:21:45.160
homeowners Loan Corporation so that
0:21:43.330,0:21:47.800
helps people refinance their mortgages
0:21:45.160,0:21:50.470
and keep their homes and today the FHA
0:21:47.800,0:21:52.690
still exists for low-income people we
0:21:50.470,0:21:55.170
want to take out loans so they offer you
0:21:52.690,0:21:57.940
like lower down payments on houses and
0:21:55.170,0:22:00.720
it like gives more people an opportunity
0:21:57.940,0:22:03.190
to actually like have a mortgage
0:22:00.720,0:22:06.090
yeah and that’s still exists today so
0:22:03.190,0:22:06.090
that came out of the Great Depression
0:22:06.210,0:22:10.990
mm-hmm and also to like Federal
0:22:08.980,0:22:13.090
Emergency Relief Administration came out
0:22:10.990,0:22:15.100
of it and that would just provide help
0:22:13.090,0:22:17.650
for like the unemployed and education on
0:22:15.100,0:22:21.040
how to get jobs soup kitchens came out
0:22:17.650,0:22:24.850
to that like blankets for donation all
0:22:21.040,0:22:27.460
these things like more social policies
0:22:24.850,0:22:28.929
of like helping the poor came out of the
0:22:27.460,0:22:31.690
Great Depression because people are
0:22:28.929,0:22:32.980
suffering so badly oh yeah yeah yeah
0:22:31.690,0:22:35.640
like we’re there I don’t know if you
0:22:32.980,0:22:38.320
know like like what am I like a
0:22:35.640,0:22:39.429
Salvation Army like all these like
0:22:38.320,0:22:41.140
charities although I don’t know if
0:22:39.429,0:22:43.960
though it’s like necessarily originated
0:22:41.140,0:22:48.990
in the US but yeah I don’t know I don’t
0:22:43.960,0:22:51.879
know if they let’s check it out but yeah
0:22:48.990,0:22:53.589
yeah I feel like like in my head like
0:22:51.879,0:22:55.179
like my impression is that like kinda
0:22:53.589,0:22:56.709
before this like everyone is kind of
0:22:55.179,0:22:58.419
like every man for themselves and then
0:22:56.709,0:22:59.709
like after the Great Depression or like
0:22:58.419,0:23:01.179
during the Great Depression and it was
0:22:59.709,0:23:04.329
kind of like oh we need to like help our
0:23:01.179,0:23:09.999
fellow Americans and like focus more on
0:23:04.329,0:23:12.129
that agreed yeah I think that it
0:23:09.999,0:23:14.529
definitely which like not to get into
0:23:12.129,0:23:17.319
like capitalism versus communism but I
0:23:14.529,0:23:19.179
do think that the Great Depression when
0:23:17.319,0:23:23.379
like the country is suffering you have
0:23:19.179,0:23:25.359
to change the way that government is
0:23:23.379,0:23:28.259
involved and you have to take care of
0:23:25.359,0:23:32.109
the people because everyone’s suffering
0:23:28.259,0:23:33.809
when you let like the majority of people
0:23:32.109,0:23:41.229
stay unemployed you know what I mean
0:23:33.809,0:23:45.159
yeah so yeah lots of good things came
0:23:41.229,0:23:49.649
out yeah hopefully good things will come
0:23:45.159,0:23:49.649
out of what’s going on right now and
0:23:50.009,0:23:54.639
yeah oh and then it’s part of the second
0:23:52.899,0:23:56.229
new deal so he had to we had like
0:23:54.639,0:23:57.639
one-year deal in the second new deal
0:23:56.229,0:23:59.859
the first new deal and the second new
0:23:57.639,0:24:01.929
deal and the first new deal actually
0:23:59.859,0:24:04.509
it’s kind of unfortunate but his new
0:24:01.929,0:24:06.699
deals didn’t really do a lot to help
0:24:04.509,0:24:08.619
would be kind like I obviously in
0:24:06.699,0:24:10.719
hindsight they did a lot with moving us
0:24:08.619,0:24:12.999
forward as a developed nation but as far
0:24:10.719,0:24:16.029
as getting people out of poverty not a
0:24:12.999,0:24:18.369
lot happy with that which is why he had
0:24:16.029,0:24:21.039
to pass a second new deal and that was
0:24:18.369,0:24:23.440
where we had social security and that
0:24:21.039,0:24:26.609
would help like assist the elderly and
0:24:23.440,0:24:26.609
like orphans
0:24:28.469,0:24:34.599
Wow so social security wasn’t
0:24:31.869,0:24:36.069
established until the New Deal I didn’t
0:24:34.599,0:24:38.169
realize that yeah the second year deal
0:24:36.069,0:24:41.679
not even the first new deal what looks
0:24:38.169,0:24:44.109
like the time period in between so the
0:24:41.679,0:24:47.339
first New Deal was launched in 1933 and
0:24:44.109,0:24:50.020
then the second New Deal was launched in
0:24:47.339,0:24:51.910
1935
0:24:50.020,0:24:55.030
and then a lot of the second New Deal
0:24:51.910,0:25:01.090
handled more with like the fair labor
0:24:55.030,0:25:02.620
acts FDIC like Federal Deposit I say
0:25:01.090,0:25:04.270
there’s a lot of terms in here and I
0:25:02.620,0:25:06.880
wish I could explain it why I feel like
0:25:04.270,0:25:08.980
Great Depression is such a big topic no
0:25:06.880,0:25:12.580
it’s a pretty complex subject also like
0:25:08.980,0:25:15.880
at this time is there so is there any
0:25:12.580,0:25:17.470
laws in place for like child labor or
0:25:15.880,0:25:18.280
like insuring like safety in the
0:25:17.470,0:25:20.550
workplace
0:25:18.280,0:25:24.010
anything on the sort I don’t know yeah
0:25:20.550,0:25:26.470
well so I mean like in this time like
0:25:24.010,0:25:30.160
today of course there’s a child labor
0:25:26.470,0:25:33.100
lies well yeah yeah but they did start
0:25:30.160,0:25:35.770
like in 1938 so that was the Fair Labor
0:25:33.100,0:25:37.720
Standards Act and then that limited
0:25:35.770,0:25:39.850
workers to like a maximum workweek
0:25:37.720,0:25:41.840
created a minimum wage and hour law
0:25:39.850,0:25:44.779
child labor
0:25:41.840,0:25:47.270
Wow oh and then even you know not a
0:25:44.779,0:25:49.970
United States Housing Authority in 1937
0:25:47.270,0:25:52.070
tore down slums built new better housing
0:25:49.970,0:25:56.799
for the homeless a lot of socialists I
0:25:52.070,0:25:58.970
think FDR was a socialist with me let me
0:25:56.799,0:26:01.909
policies feel like it but a lot of
0:25:58.970,0:26:05.659
socialists like reform kind of came out
0:26:01.909,0:26:10.840
of this I feel like me oh yeah what
0:26:05.659,0:26:13.669
after you maybe yeah they it says I
0:26:10.840,0:26:15.080
think it’s debated I don’t think he like
0:26:13.669,0:26:16.730
claimed him I don’t think it was a
0:26:15.080,0:26:18.590
self-proclaimed socialist but I think
0:26:16.730,0:26:22.370
they’re saying that a lot of his
0:26:18.590,0:26:28.520
policies were like more progressive and
0:26:22.370,0:26:33.770
yeah interesting but yeah that’s kind of
0:26:28.520,0:26:36.740
like overarching what good came out of
0:26:33.770,0:26:39.110
it yeah that’s like yes I think it’s
0:26:36.740,0:26:40.940
good to learn about the good stuff that
0:26:39.110,0:26:42.679
comes out about it cuz whenever I think
0:26:40.940,0:26:44.720
about the Great Depression like whenever
0:26:42.679,0:26:46.159
we learned about it in class I feel like
0:26:44.720,0:26:48.320
we just watch documentaries about like
0:26:46.159,0:26:49.429
all the suffering and and then it’s like
0:26:48.320,0:26:51.200
they’re they’re like all here’s a new
0:26:49.429,0:26:53.270
deal but like I feel like I didn’t
0:26:51.200,0:26:56.659
really look into the specific policies
0:26:53.270,0:26:59.090
and I don’t know it’s I think it’s
0:26:56.659,0:27:00.799
encouraging to see like how much we
0:26:59.090,0:27:03.770
learn from our mistakes and how we were
0:27:00.799,0:27:06.260
able to like quickly implement like all
0:27:03.770,0:27:08.779
these new laws and regulations to help
0:27:06.260,0:27:11.480
prevent something like this from
0:27:08.779,0:27:13.279
happening again so you know even though
0:27:11.480,0:27:17.390
right now we’re entering a recession
0:27:13.279,0:27:19.250
like I don’t know hopefully we’ll be
0:27:17.390,0:27:20.779
able to implement like change quickly
0:27:19.250,0:27:22.309
and likely at least like it’s
0:27:20.779,0:27:26.690
encouraging to see like how we learn
0:27:22.309,0:27:29.240
from our mistakes before I agree and
0:27:26.690,0:27:33.409
it’s like unfortunate but really hard
0:27:29.240,0:27:34.820
times do promote change faster right
0:27:33.409,0:27:37.130
like we’ve been having issues with the
0:27:34.820,0:27:38.990
environment for a while we’ve been
0:27:37.130,0:27:43.399
having issues with like our health care
0:27:38.990,0:27:45.140
system for lord knows how long yeah yeah
0:27:43.399,0:27:48.169
now it’s like forcing it forces everyone
0:27:45.140,0:27:50.419
to like face the realities and like sit
0:27:48.169,0:27:53.450
down and all have a discussion and yeah
0:27:50.419,0:27:55.740
definitely and then there’s one more
0:27:53.450,0:27:57.690
thing Oh universal basic income
0:27:55.740,0:28:02.730
that’s been like a debated topic have
0:27:57.690,0:28:03.510
you heard of that um not really okay
0:28:02.730,0:28:07.159
yeah that’s fine
0:28:03.510,0:28:09.840
so Andrew yang who was one of the
0:28:07.159,0:28:12.539
candidates for the Democratic nomination
0:28:09.840,0:28:16.140
was that was like his whole premise was
0:28:12.539,0:28:17.580
a universal basic income so basically
0:28:16.140,0:28:20.789
it’s just that the government will
0:28:17.580,0:28:23.190
provide and like X amount of money to
0:28:20.789,0:28:26.610
every single person within the country
0:28:23.190,0:28:28.409
and so the theory of that and like Mark
0:28:26.610,0:28:29.940
Zuckerberg supports this as well the
0:28:28.409,0:28:32.880
theory of that is that it will allow
0:28:29.940,0:28:35.010
people to be more creative and take on
0:28:32.880,0:28:37.710
different pursuits because they have
0:28:35.010,0:28:39.840
their basic needs met with basic
0:28:37.710,0:28:43.080
Universal income and so with the
0:28:39.840,0:28:44.669
stimulus check that got passed and
0:28:43.080,0:28:47.700
everyone’s getting like their $1200
0:28:44.669,0:28:49.200
checks that’s supposed to be like it’s
0:28:47.700,0:28:50.610
like it’s kind of like a test of like a
0:28:49.200,0:28:53.669
universal basic income it’s like the
0:28:50.610,0:28:55.860
government providing us with our basic
0:28:53.669,0:28:58.049
needs and when those are met then you
0:28:55.860,0:28:59.730
allow people to be more creative and
0:28:58.049,0:29:01.950
innovative and possibly start more
0:28:59.730,0:29:03.390
entrepreneurial things which opens up
0:29:01.950,0:29:06.179
the doors for more jobs and innovation
0:29:03.390,0:29:10.380
for the country so that’s like the
0:29:06.179,0:29:10.950
theory behind it Wow yeah it’s really
0:29:10.380,0:29:13.289
interesting
0:29:10.950,0:29:17.460
yeah and that could be how things change
0:29:13.289,0:29:19.529
too with this situation also health
0:29:17.460,0:29:21.510
standard I think New York finally shut
0:29:19.529,0:29:25.169
down to like clean their subways
0:29:21.510,0:29:27.029
overnight yeah well now did that take so
0:29:25.169,0:29:30.059
long like the health standards are so
0:29:27.029,0:29:31.529
low that’s okay that’s like one of the
0:29:30.059,0:29:35.309
things I’ve been learning about like
0:29:31.529,0:29:37.140
even like washing my hands like I I was
0:29:35.309,0:29:39.000
like wow I I mean I wash my hands
0:29:37.140,0:29:41.010
frequently before this but now I’m like
0:29:39.000,0:29:43.230
I wasn’t seeing you like happy birthday
0:29:41.010,0:29:46.919
like every washing my hands and then
0:29:43.230,0:29:49.679
yeah you think about like bleh I guess
0:29:46.919,0:29:52.110
like restaurants and like oh like food
0:29:49.679,0:29:53.940
services and yeah public transportation
0:29:52.110,0:29:55.970
and now I’m just like anytime I step
0:29:53.940,0:29:58.350
outside I’m just like hyper aware of how
0:29:55.970,0:30:00.450
Jeremy everything is and so it’s like
0:29:58.350,0:30:04.049
maybe you reflect and be like how how
0:30:00.450,0:30:06.179
did we service like before yeah no I
0:30:04.049,0:30:08.429
agree I feel like I wasn’t watching my
0:30:06.179,0:30:09.510
hands properly like I didn’t know how to
0:30:08.429,0:30:12.570
wash my hands
0:30:09.510,0:30:14.340
something I’d like yeah one like all
0:30:12.570,0:30:15.690
these videos like surface but like how
0:30:14.340,0:30:17.040
to properly wash your hands I’m like oh
0:30:15.690,0:30:18.240
my gosh how do people not know how to
0:30:17.040,0:30:21.330
wash your hands and then you’re like oh
0:30:18.240,0:30:23.730
I definitely like I’m not I was not
0:30:21.330,0:30:26.580
watching you for as long as I am now all
0:30:23.730,0:30:29.910
right I’ll just like weird like basic
0:30:26.580,0:30:32.010
hygiene and my hygiene will increase and
0:30:29.910,0:30:35.340
like also just like the way we work to
0:30:32.010,0:30:37.260
like work from home yeah there’s so many
0:30:35.340,0:30:39.420
jobs that you can do from home and real
0:30:37.260,0:30:39.930
estate is so expensive that’s right
0:30:39.420,0:30:42.480
everyone
0:30:39.930,0:30:43.710
yeah I’ve been talking to a lot of
0:30:42.480,0:30:47.430
people about that too about just how
0:30:43.710,0:30:49.170
like the whole office situation will
0:30:47.430,0:30:51.570
like change in the whole workplace will
0:30:49.170,0:30:53.130
change because like you don’t like there
0:30:51.570,0:30:55.650
are so many jobs or you don’t need to be
0:30:53.130,0:30:57.090
in a physical office and like you could
0:30:55.650,0:30:59.820
be working from home and then yet you’re
0:30:57.090,0:31:02.750
saving so much I’m real estate and yeah
0:30:59.820,0:31:05.820
yeah lowers commuting costs as well
0:31:02.750,0:31:09.720
we’re entering a new era know it’ll be
0:31:05.820,0:31:11.430
really interesting to see and optimistic
0:31:09.720,0:31:14.780
felt like a lot of good things will come
0:31:11.430,0:31:14.780
out of it yeah
How Did We Not Know That 