- When stock was rather high in 1929, people believed "you can never go wrong if you are a Bull on America" (price didn't recover for almost 3 decades)
- People blamed technology for killing jobs
- In 1929, vast majorities of people believe the repeal of prohibition was not possible - "at least the dry states won't allow it"
- Stock market hit peak around Sep 3, 1929. It fluctuated but didn't really have a dramatic drop till late Oct - people believed the bull market can never die
- Hoover was very fast in "stabilizing" the market, promised tax decrease, threw few incentives and promised "prosperity is just around the corner"
- After the initial October down term, many people jumped into the stock market to "buy the dip". Vast majorities of them lost all of the "dip" as stock sank even lower.
- Hoover step in to "stabilize" prices, not allowing prices to fall under certain amount. However the unintended consequences was rather pronounced: people just stopped buying to save money
- For the wealthy class, they weren't affected until 2 years into the depression. Some professionals, despite not having reliable jobs, still went to "work" at empty offices anyways.
- Many people out of work for several years had fear going back to work due to the feeling of insufficiency.
- More people were going to school than before - High School attendance were up, people went back to College then even more schooling afterwards
- "It's not usually during a collapse that men rebel, but after it"
- Marriage was delayed as young people had poor economic prospect. Birth rate declined. Casual sex increased and contraception sale also increased. Divorced dropped until recovery occurred.
- Just 1 year after the New Deal was implemented, it was already loosing support from the radicals for "moving too slow"
- WPA was subject to constant change and constant lack and sought billions of funding from the government - "administrative makeshift"
- The relief system becomes a political bargain chip for the Democrats. They employed more of it as election neared.
- With AAA, farm price did increase after 1933 despite the continue economic uncertainties. Life especially improved for farmers who outright owned their farms
- Tremendous amount of farmers lost their farms during the early years of Depression due to debt. Most of them moved into towns.
- "Wall Street Financiers" were buying bankrupt farms. In 1934, nearly 30% of farm land in the West North Central States were owned by them. In 1880, only 25% of farms were farmed by tenants. During the depression the number risen to 42%.
- Suitcase farmer became big: farmers who used technologies such as tractors to farm, no longer need to live on the farm and could farm on part-time basis given the technological efficiency
- 1930-37, farm tractors sale increased no less than 90% and accelerating. People believed farms would be smaller with more intensive yields (somewhat correct).
- Between 1931 to 1936, more people move out of the US than moved into the US
- In 1938, the decrease of birth rate was visibly pronounce.
- Suburbs around the city was booming all throughout the depression.
- American population was increasingly becoming more nomadic with the popularity of the automobile. While automobile sales decreased during the earlier depression years, more people began using used automobile.
- By 1936 - FDR's second election - bank failure became few and far between. People got used to the idea that depression was here to stay permanently. Neither political party argued about if government was right or not, they only argued how much of government intervention there should be.
- Inflation fear was no longer a major concern, unlike during the earlier years of the depression and government money printing.
- Towards the end of the depression, with political situation around the world becoming increasingly concerning, trade barrier actually increased, not decreased as once hoped.
- While money printing created strong supply of money, banks did not lend them out. Businesses weren't eager to invest due to economic uncertainties.
- The only major financing at the time were corporations refinancing its debt with lower interest rate - from around 5% to now 3%.
- It became incredibly difficult for small business to launch during the great depression, as manufacturing moved towards capital intensive equipment. Big companies gained tremendously at the expenses of small companies.
- Once people got into the relief program, it became very difficult for them to get out of it
- By 1936, the affluent class began its visible spending again. Miami real estate boomed again since the Coolidge prosperity days. Big parties occupied major cities.
- Transportation: had a leap forward. New ocean liners were breaking ground, automobiles were getting better, airplanes began flying faster.
- To the well-to-do, dislike with FDR was universal. They blamed the sluggish economy on FDR's economy and "lack of confidence". The hatred gained ground all the way till 1938, when the hatred weakened through "exhaustion". Many thought FDR's policy was communism and "not much better than Stalin". Some speculate that Eleanor Roosevelt had a political ambition of her own and would cling to power after FDR (didn't happen).
- FDR beat Landon by a landslide - much to the well-to-do class' upset (earlier some publication predicted Landon would win by a landslide). Among many reasons, some speculate that the New Deal, although many parts of it is a Democrat's bargain chip, for the most of it did helped many regular Americans.
- Many programs of the New Deal had many scandals - fund was not appropriately used etc. However, most poor class of the country was willing to overlook that since it did provide them aid. However the well-to-class was bitterly upset by it.
- In 1936, Americans began turning some of their attention to Europe - Hitler occupying Rhineland, Civil war in Spain. However, out of all, most Americans simply cared about the love affair between the British king and a Baltimore women.
- For writers of the time, many became rather radical. They believed communism will scoop America. However, their number was fairly small.
- By 1939, most American has be accustomed to the depression and believe life would continue like this forever.
- From 1928 to 1936, German camera like Leica became the craze in America. Camera overtook America despite depression was taking toll.
- Radio was gaining more and more prominence by the end of the decade.
- Newspaper became rather conservative - not because their writers were (in fact most journalists were rather radical) but due to the owners of newspapers were conservative. Newspapers were heavily anti-New Deal at the time.
- Newspaper corporations also consolidated greatly during the Great Depression. Many eventually became monopoly or duopolies.
- When print media tried to be radical, their advertisement avenue was quickly pulled off, resulting in the immediate insolvency of the media.
- Americans also increasing tuned into summarized news (like the success of Reader's Digest).
- Variety show dominated American attention. In addition, American movie goers wanted to see movies where everyone was rich and money was not of an issue. They have little interest to see movies showing the struggle of the Great Depression
- Disney became a rather huge success. In fact, while many factories remained idle during the Depression, Disney's toy production had more demand than supply.
- Organized union became a rather big thing starting 1933. However it slowly waned towards the end of the decade as the public got tired of the violence associated with each union action.
- Latter part of 1936 and early part of 1937, price experienced a sharp increase
- Towards the end of Aug 1937, business condition deteriorated again with stock market decline once again. Business investment lagged, and government spending also halted. 2 million men were thrown out of work.
- Silent trigger: Recession of 1937-38 had no visible "cause" and happen rather suddenly
- America towards 1937 was better liked in Latin America than before due to new foreign policy
- Crisis in Europe: while it was occurring, Americans were heavily anti-war.
- While Americans didn't take communist propaganda seriously, they did take Nazi propaganda seriously and were afraid of them spreading into America
- Relief program by this point has become a staple. While demoralizing, many became dependent on it. People became overly pessimistic and believed the Coolidge-Hoover prosperity of 1920s will never return.
- Big companies continued to dominate the landscape. In fact, more than half of all profit made in America was made by less than 10 big American companies, while small businesses continue to lose money. Bank continue to be glutted with idle money.
- People did not invest also because cost of business was high, partly due to regulatory expenses, partly due to up-front business expenses