The Coming of Depression

MONEY	FACTORY	FARM
normalcy and the return to laissez-faire economics	mass production/consumption - "economy of scales"	industrialization and increased farm output
Federal Reserve Board stacked against regulation	credit buying rampant - constant expansion of demand	high land and machine mortgages keep farmers on edge of ruin
wildcat banks/investors fuel stock market fervor - weak bank on edge of ruin	expanding demand negates need to diversified - specialization encouraged - single item production	over production for available market - declining prices
margin buying/pyramid creates inflated stock worths - useless collateral	Fordney-McCumber Tariff kills already dwindling foreign trade - single market	call for "parity bill" vetoed twice (McNary-Haugen bill) - foreign market killed off with Smoot-Hawley Tariff
stock-market crash - adjustment turn to panic - wildcat banks fold - investors wiped-out	sudden demand contraction crushes weak companies - single item industry faces inventory back-ups - stop production - begin lay-offs	mortgage defaults kills small farmer - kills small banks - land and banking consolidated - "landless families"
panic and run on good banks sparked by collapse of wildcat banks - non-insure investments (life savings) gone	cities plague by homeless - hoboes ride rails looking for work - unemployment	dust bowl adds tragedy to misery - Okies move west looking for land
fear of banks promotes holding cash - bank instability - no finance capital - no credit	unemployment: no pay - no demand employed: fearing unemployment save - no demand	no farm - no production - no income - no demand
cycle of depression