Plunges and a financial panic gripped the world. This land is your land this land is my land from california to the New York Island i have but one desire, and that is to see my country again on the road to prosperity. This land was made for you and me let me assert my firm belief that the only thing we have to fear is fear itself. By the time Franklin Roosevelt gives his march 1933 inaugural speech, almost a quarter of the nation is unemployed. More than 5,000 banks have failed and drought is persisting in key agricultural areas of the country. Coming up in the next hour, stories from the Great Depression as we take you around the country to places like toledo. And then in 1931, 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. Two successful Infrastructure Projects of the time still impacting us today. And to one ending in tragedy. Well take you to saint paul where depression gangsters and the corrup
Your people must have faith. In the 1920s, toledo was the Fastest Growing manufacturing city in america. In some, ways it was the Silicon Valley of today. The auto industry, cutting edge technologies, they were all centered here at the time. As a result, the Manufacturing Base was going gangbusters. Toledo seemed to be one of the brightest economic spots on the whole american map during a decade that was a decade of prosperity. Then, in 1931, the entire house of cards collapsed. And five of the six largest banks in toledo all failed at the same time. That made it the largest banking failure of the Great Depression. The Banking Industry here was perhaps more corrupt than other places. That contributed to its catastrophic collapse. Toledo was the 27th largest city in america. Its economy was rather diversified for a city of its size. It was an up and coming, major producer of automobiles. It had one of the largest Automobile Companies producing cars here. But it was also a city that had
That the only thing we have to fear is fear itself. By the time Franklin Roosevelt gives his 199033 speech, a quarter of the nation is unemployed. 5000 banks have failed and drought is persisting in key agricultural areas of the country. You people must have faith. Coming up in the next hour, stories from the Great Depression as we take you around the country to places like around the country to places like toledo. The banking failure of the Great Depression. 26 for Infrastructure Projects of the times impacting us today. And to one ending in tragedy. We will take you to st. Paul where a depression era gangster and the corrupt police force strike a bargain. We will explore the impact of programs like the civilian conservation corps, as we go to kansas outside of amarillo, texas. We would not have a park here if it were not for the corp. And we will learn about the people who were hit hardest, and their tails. When the sun comes shining announcer we take a trip to toledo, ohio. In the 1
Unemployment claims last week, but we are seeing sectors most sensitive to economic reopening. Sharply hire American Airlines rilgt now, trade iing up some 45 wilfred. Its actually pared some of those gains. About 43 . Ahead on todays show, tim ryan has a six step plan outlining his companys pledge to support black lives and it goes well beyond cash donations. Hell join us with his message plus, a key question for millions of newly unemployed americans. What happens when federal stimulus programs run out . Lets focus though on the big stories were watching today first of all mike is tracking the Market Action phil lebeau is watching a huge surge for airlines before the pullback and Courtney Reagan covering a battle between landlords and retailers, but mike, lets start with you and the broader markets. Hard to make too much of this headline softness after such a sprint that the market has had take a look at the two year chart the s p has had. We did see today mostly, the nasdaq 100, cli
For a one trillion dollar loss on wall street or was he a convenient scapegoat for taking on big investors. And the story of the world over Migrant Workers stranded in thailand without jobs and no money for rental food. The worlds 20 largest economies agreed to give 76. 00 of the poorest a Debt Repayment holiday but china has yet to publicly offer any support at a time many nations need the extra financial headroom to tackle the coronavirus pandemic beijing has been rapidly rolling out its belt and road initiatives to build infrastructure and increase its influence in mostly developing nations its land jass has come a huge cost for many of the 138. 00 nations that have signed up to the program you may remember sri lanka couldnt keep up with payments on the ports and eventually had to hand over the facility on a 100 year lease many nations have been rethinking their involvement amid accusations china was over pricing road and rail links. Trying to understand just how much money beijing