Economics professor Christopher Clarke joins WIRED to answer the internet’s burning questions about The Great Depression. What caused The Great Depression? How bad as The Great Depression? What did people eat? How was the military affected during the Great Depression? What would happen if there were another run on banks like in 1929? What affect did Herbert Hoover’s policies have? Who made it through the Great Depression easiest? Answers to these questions and many more await on Great Depression support.
0:00 Great Depression Support
0:15 How bad was The Great Depression?
0:59 What caused The Great Depression?
4:16 Who decides it’s a Great Depression?
4:55 Failing to see what’s so “great” about it honestly
5:28 Smoot-Hawley Act
7:01 Great Dust Bowl
9:28 How was the military affected during the Great Depression?
10:18 Getting a lot of “Great Depression” vibes from this
11:31 Who made it through the Great Depression easiest?
12:32 Hoovervilles
13:29 Hoover’s Policies
14:55 FDR’s Fireside Chats
15:34 The Gold Standard
17:27 Hands off our gold, Uncle Sam
18:39 FDIC
19:53 What would happen if there were another run on banks?
20:43 The New Deal
22:52 Great Depression cuisine
23:17 Where was the fed during The Great Depression?
25:19 Fabled market crash reactions
25:37 Works Progress Administration
26:48 WW2 and The Great Depression
Director: Justin Wolfson
Director of Photography: Charlie Jordan
Editor: Richard Trammell
Expert: Christopher Clarke
Line Producer: Jamie Rasmussen
Associate Producer: Brandon White
Production Manager: Peter Brunette
Production Coordinator: Rhyan Lark
Supervising Casting Producer: Thomas Giglio
Camera Operator: Yuki Soga
Sound Mixer: Sean Paulsen
Post Production Supervisor: Christian Olguin
Post Production Coordinator: Stella Shortino
Supervising Editor: Eduardo Araujo
Assistant Editor: Billy Ward
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Wow. I usually hate learning/listening to lectures about economics in general (just brain-numbing for me, personally), but Professor Clarke had me engaged the whole time! Easy to listen to, explained things in a simplified but not “dumbed-down” way, and his enthusiasm for the subject is strangely infectious. This was really a treat!
Fascinating ey. All the social systems they build to EFFECTRIVELY fix the last mega recession are now getting destroyed and removed by Trump to impoverish us even more….
3:42 I call bullsh*t. These type of investing should have just been outlawed. Allowing a handful of people to risk the whole economy in the name of profit is insane.
I listen/watch various affirmational, self help and informational vids during my workout. This one popped up today, thanks for putting it all together.
2:47 — Nope. That is *not* how a bank works, at least since the 1500s. The search term is e.g. “fractional reserve banking”, explained quite nicely in the _Money as Debt_ video series. First you deposit money, correct up to that point… But then the bank doesn’t lend out *that* *same* amount of money, but somewhere around 5× to 20× that amount, depending on regulations (or absence thereof). In other words: a bank is allowed to collect *interest* out of thin air, based on “money” which doesn’t actually “exist” (at least most of it). As long as the money remains “virtual” — think bank accounts or account-to-account “money” transfers —, nothing seems out of whack. But having a 10% “fraction” in a typical fractional reserve banking system (i.e. in virtually *any* modern banking system), it will only take 10% or less of nervous account holders to turn an entire bank belly up.
Personally think it is more like the 1880s and 1890s then the greatr depression
“Great Depression support” was not the video I thought it was…
Great doesn’t just mean positive. It also means big or above normal…..
The question is what role did interest on those loan play in the great depression
Not a fan that the answers for “what are the major causes of the Great Depression” and “what are the policies and goals of the current administration” are the same
Fire the video editor.
I’m already depressed.
economics is kinda boring but this guy made it really hard to turn away
How does this Viking know so much
RIP Milton Friedman
A large increase of tariffs you say?
No anti capitalist questions???
Economists are like prophets…they’re right eventually.
This professor holds the standard/mainstream view but this narrative has been debunked by revisionist historians. Hoover did more than anyone in any recession/depression prior.
Don’t be fooled by the “blame the market” narrative.
Great info, thanks. In the early 1930s radios were quite expensive and nowhere near everyone had one. They were prevalent, maybe 1 in 4 households had a radio. That’s a lot and still better than waiting for the news in the paper. To his credit, FDR embraced this new technology. But the earliest of his ‘chats’ were not heard by nearly as many as later ones. By the late 1930s radios were much more common. A design which became known as the _all American five_ dramatically reduced the cost (and size) of radios. This design eliminated the most expensive component which is also the heaviest, making these smaller and lighter units less expensive to purchase and ship. The design also permitted operating with batteries. That meant people out in the plains where modern electric power did not exist could also use a radio. And, although it wasn’t good, they could indeed receive radio broadcasts. A trade off was they were somewhat dangerous making them a serious shock hazard for the user. This would never be permitted today. But back then “don’t touch that” was an acceptable safety measure.