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After WW1, the government canceled billions of dollars' worth of contracts made with businesses that manufactured the things needed for war.
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After the world war, the government canceled billions of dollars worth of contracts with companies. American economy was greatly hurt and many people lost jobs.
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For the first time in U.S. history,more Americans lived in cities than on farms. Lots of changes socially and politically.
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16 January 1920: Volstead Act closes every tavern, bar, and saloon in the United States. People go to Speakeasies to illegally get drinks.
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More Americans were living in cities than in farms. This was the 1st time in U.S. history, that this had ever happened.
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The 19th amendment to the U.S. Constitution allowed women the right to vote.
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The 19th amendment to the U.S. Constitution had guaranteed voting rights for women. After this amendment, some woman were considered "flappers".
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In Pittsburgh, Pennsylvania the first commercial radio station was created. It was called "KDKA". Within 3 years, over 500 radio stations were created.
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The 1st commercial radio station in the U.S., Pittsburgh's KDKA, hit the airwaves in 1920; 3 years later there were more than 500 stations in the U.S. Movie theaters also became a bit hit.
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Only cost $260 per car.
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Only costs $260 per car in the year 1924.
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- City vs. Small town
- Religious disputes between Catholics and Protestants
- Blacks vs. Whites
- New woman (flapper) vs. Tradition family values
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Stock investors share/sell off shares and stocks. Record 12.9 million shares were traded/sold on this date. This day is known as Black Thursday. 5 days later on Black Tuesday, 16 million more shares were traded/sold. People were panicking about the market.
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Deepest and longest economic down turn in the history of the western industrialized world. Most people didn't spend money and didn't invest in stocks. "Downward spiral"
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Franklin D. Roosevelt beat Herbert Hoover in the presidential election. Hoovervilles "shanty towns".
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By 1933, 15 million Americans were unemployed. About 1/2 of U.S. banks had failed.
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Congress passed the Social Security Act. Government created this act to help Americans if a depression like this would ever happen again. It works like this: whenever you receive your salary, the government takes some of your money and keeps it for you if a depression were to happen.