Again holds a prosperity. This land was made for you and me firmt me insert my belief that the only thing we have to fear is, fear itself. Franklin time roosevelt gives his 1933 speech, a quarter of the nation is unemployed. The drought is persisting in key agricultural areas in the country. Faith. Le must have next hour,p in a stories from the Great Depression as we take you around the country to places like toledo. In 1931, 5 of the six largest banks which made it the largest ranking failure of the Great Depression. To successful Infrastructure Projects impacting us today. And to one ending in tragedy. Paul,l take you to st. Where depression era gangsters and the police force struck a bargain. Impact ofplore the new deal programs like the asilian conservation corps we have just outside amarillo, texas. We would not have this year if it was not for the occupation core. Ps. And we will hear about artists who tell details. Feature our cities tour with a trip to toledo, ohio. Toledo was thes, fastestgrowing manufacturing city in america. In some ways it was like the Silicon Valley of today. Cutting Edge Technologies were all centered here, as a result, the Manufacturing Base was going to investors. Be one of theto brightest economic spots on the whole american map, during a decade, that was a decade of prosperity. In 1931, the entire house of cards collapsed in one week. Five of the six largest banks in toledo all failed at the same time. Which made it the largest banking failure of the Great Depression. The Banking Industry was perhaps ,ore corrupt than other places and that contributed to its catastrophic collapse. Toledo was the seventh largest city in america and its economy was diversified for a city of its size. It was an upandcoming major producer of automobiles. It had one of the largest automobiles companies, producing cars here. But it was also a city that had a large Manufacturing Base in the glass industry. Have the most Glass Production of any city in the country, its companies owned all the important patents to glass technologies. Any bottle and any window pane that was made in the world, some of those royalties came back to toledo. Is Banking System in toledo similar to the Banking System throughout ohio, maybe even the country. Mostly chartered by the state government, not the federal government. That means the federal government did not regulate or instead, the inspections and regulations were done by the state of ohio. Unfortunately allowed banks atmosphere wild west of investing. They did not have many constraints on the type of roles they would give out. And they did not have constraints on any business decision they made. What happened was that the banks pretty much escaped even state regulation. We know this because, just on the eve of all these banks collapsing, the state inspectors certify them all as being healthy. The bank that is right next door was put on the auto role of ohio banks, even though it had not made a profit in over a year, and even though the inspectors discovered there were they were 300,000 short on their accounting, and the Bank Directors had given themselves dividends, illegally. In spite of that, they put it on the honor roll of banking. Thats how weak banking regulations were here. We are in the former trust building, which was the only bank that survived that period. It was partbecause of a Federal Reserve system and was federally inspected. Banks had to have good at counting and was i able to escape the regulations put upon it. Occurred, bank crisis and other banks begun failing, they could call on the Federal Reserve in cleveland and have an armored truck truck filled with 11 million in cash, driven out here so fast that it got into an accident and had to transfer its entire stock into a different armored car to make the trip. It was putting the depositors at ease that they had money. All of the banks in the city were owned by local investors, and controlled by local directors. The major problem that leads to is that the directors and owners were also involved in other companies. They were often times the owners of Big Manufacturing Companies in town. Directors would be directors on two or three banks at the same time. Werehe Bank Directors heavily invested in Real Estate Companies because one of the primary contributors to the bank crisis here in toledo in the 1930s, just as it was in america in 2007, was the overinvestment in real estate. Reachedate speculation a mindboggling rate in the 1920s. For example, by 1925 there was 435 Real Estate Companies in this small city. Subdivisions, 67 which could hold over one Million People for a city of a quarter Million People. Clearly, over level urged and over overleveraged and over invested. Real Estate Companies could do this because they were owned by Real Estate Investors who were loaning money and giving themselves money. The interlocking directives of the Real Estate Companies and Manufacturing Companies meant there were all these incentives for bankers to give downloads when there was not collateral for a Good Business reason to do so. Overhang of bad do. S, finally the bill came on june 6, 1931, rumors were swirling around the city that the banks were about to fail. Upwds of depositors lined outside the doors to demand their money. Little did they know that when they lined up outside the doors the people inside the banks, the directors, owners, and investors were already moving their money, leaving them very little. Toledo, after the bank crisis of 1931, went from being a city in recession to a city in catastrophe. By the winter of 1932, its estimated half of all the workers in toledo were laid off. Things got so bad that the city of toledo, which went bankrupt, cannot offered to buy new bank cannot afford to buy bulbs for streetlights. They cannot replace fire trucks. The number of fires increased every year. Out of six people were on federal relief. Federal relief was so tight for toledo that dietitians begin touch a leading the minimum number of calories needed to maintain life. Thats what was allocated to individuals. It could not have been much worse from that sense worse, from that sense. The city was very much closed by 1932 as a result of the bank crisis. Toledo was in a state of economic catastrophe through most of the great oppression. Depression. It was not until 1936 that the programs of the new deal had an affect. 1930s is a high proportion of the workforce. Federal new deal relief that got the city back on its feet. Of course, its also true throughout the country and the Great Depression, the coming of the war in the 1940s invigorating the economy. Toledo began making the famous wartime released jeep. A converted many of its hardware factories into munitions factories. Toledo wasy 1940s, running on full employment. The economy would never rebound the way it was in the 1920s. The 1920s, toledo was one of the Fastest Growing cities in the country. War, and the 1940s, 1950s, 1960s, their rate of growth fell behind the national average. They never recovered after the Great Depression. Its a significant event of the citys modern history. This started in 1931, in april, the contractors were given seven years to complete it and they got it done in five years. When the federal government decided to authorize hoover dam and fund it, it took six different Construction Companies to come together with their resources to have enough stuff, machines, manpower to put this together. You will see signs around hoover dam that was built i six companies, because that is how many it took and they joined forces to build this beautiful place. There were 25,000 men that worked on the dam. About 1934 there were 5000 workers. The workers worked 24 7. They had two days off a year they could take. It was voluntary. What thehose people days were, everybody gets christmas, at the other day was the fourth of july. Thats how proud they were of the structure. The primary purpose for building hoover dam was Flood Control. The Colorado River could flood and fled and trickle and trickle and flood. To drink andck toothpick to farm too thick to farm. They needed to control the colorado because it was washing everything away. Hoover jam hoover dam was for Flood Control and water delivery. Under a contract signed with arizona, nevada and california, the water was divvied up for the last 688 miles of the Colorado River. They wanted to have a way to deliver the water. You cannot do it all at once, you have to do it when the farmers or communities need it. And hydropower was the third reason. I believe we have come down about 500 feet. We are in one of the tunnels wallsas built inside the besides hoover dam. Eaded to the arizona side of the dam. It contains nine generators. It is generating electricity. Some of them are generating and some are not. Marked a1,rs are a2. We dont generate electricity all of the time. When weate electricity get an order from the Electrical Company that they need more power. Error on inn your california, you will see these generators fire up because they want more power. We dont just generate power, we generate water. We will not generate any power unless there is a water delivery to go with it. That water is designed to fill the water orders, and it will be released to generate electricity when water orders come in. Hoover dam is 726 feet high. Thats 171 feet higher than the Washington Monument and washington, d. C. D. C. E ab washington, we are 50 feet above the bedrock. It will feed the contractors who have water entitlements to the colorado. Bottom andeet at the then it comes up to 45 feet at the top. Basically, its pushing down and against the walls of the canyon, so it will definitely stay in place. The dam, when it was constructed, took 4. 3 million cubic yards of concrete. Thats enough to build a 16 foot wide highway from los angeles to new york. When they were building that, a lot of construction folks know that concrete takes time to cool. To conquer that problem and keep pouring and make the deadline, they built their own refrigeration plant down here, and they ran pipes through the concrete with refrigerator water to cool the blocks so they could keep pouring. As they poured, they cooled the concrete. Thing quite an ingenious to build their own refrigeration plant at the bottom of the canyon. Ofres a large body treaties, court cases, agreements called the law of the river. Is the contract signed in 1922, which did beat up the water into the upper Colorado River basin and the lower Colorado River basin. That is basically what hoover dam controlled. The water deliveries to california and nevada. When they divvied it up, they counted on recordkeeping from 1905. They actually divvied up the water based on pretty wet years. The systems are variable. You can have great snowpack and get lots of water in the colorado, or go through what we are going through now. 16 years of drought with maybe one good year. Thelake is dropped, and river is what is called over allocated. When the river is called over allocated, it means the hydrology is not keeping up with the water delivery needs. We are not getting enough water into the system to meet the water delivery needs that are contracted with us. As of today, we have never the contracted water deliveries to arizona, nevada and california. We dont anticipate that next year. But if we continue to see the lake drop, we might be in a condition called shortage. Andr that contract, arizona nevada would take less water, california having the senior water ride in that agreement. In 1922,ntract happen the census for nevada with 8000 people. Nobody envisioned a las vegas, or a reno or any industry that has risen since then. Available,came more the community sprung up, las vegas group. It has become a huge community. People continue to move out here. They have managed their water. They knew how much they had. It was predictable how much they could take by contract. They managed to recycle their water. If you look at the fountains in downtown las vegas, thats not freshwater, thats reused. They take care of every drop, recycle it and put a lot back into lake. Mead lake mead. As they had the plans for hoover dam, it was clear this would be an a norm is undertaking. And people would want to see enormous undertaking. And people would want to see it. They knew they needed to add art deco. We have marble floors. The salud statue. They knew people would come, and they sure did. We sell 800,000 tickets a year for the tours. You do have to buy a tour ticket. We get about one Million People a year that visit hoover dam. Incredible mixture of engineering and art deco creativity. Howmetimes think to myself did those straightline engineers, and that architect, how did they find a way to get along and make is so beautiful and functional