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99-444: The Manchester Grand Hyatt consists of two towers, the 40-story Harbor Tower built in 1992 and the 33-story Seaport Tower which was added in 2003. Starting in 2012, all of the guest rooms and suites had a complete renovation when the property was transferred to new ownership. A four-story building with a rooftop pool connects the towers to each other. The hotel's 1,628 guest rooms each have partial bay or city views, and many offer views of

198-402: A Cook partisan voting index of D+12 and is represented by Democrat Juan Vargas . After California state law mandated that localities zone for affordable housing across the state, Coronado refused to comply with the law. Coronado mayor Richard Bailey described the housing development as "central planning at its worst" and refused to submit a housing plan that allows for construction of

297-462: A Republican stronghold; in 2013, about 47% of voters were registered Republican, 25% Democratic , and 24% nonpartisan. Prior to 2020, the resort city had voted for the Republican nominee in each presidential election since at least 1964. From 1968 to 1988, each Republican presidential candidate received over 70% of the vote. However the city has been trending Democratic in recent years, with each of

396-626: A deflationary spiral started in 1931. Farmers faced a worse outlook; declining crop prices and a Great Plains drought crippled their economic outlook. At its peak, the Great Depression saw nearly 10% of all Great Plains farms change hands despite federal assistance. At first, the decline in the U.S. economy was the factor that triggered economic downturns in most other countries due to a decline in trade, capital movement, and global business confidence. Then, internal weaknesses or strengths in each country made conditions worse or better. For example,

495-418: A silver standard , almost avoided the depression entirely. The connection between leaving the gold standard as a strong predictor of that country's severity of its depression and the length of time of its recovery has been shown to be consistent for dozens of countries, including developing countries . This partly explains why the experience and length of the depression differed between regions and states around

594-405: A tombolo (a sandy isthmus ) called Silver Strand . Along the coast of Southern California lies four islands that were spotted by Sebastian Vizcaino and his crew. They named them “Los Coronados.” In the mid-1880s, businessmen bought the peninsula near Los Coronados with hopes to turn it into a resort. Later in 1886, the owners of this peninsula hosted a naming contest with the people resulting in

693-533: A 2007 estimate, the median income for a household in the city was $ 91,748, and the median income for a family was $ 119,205. Real estate in the city of Coronado is very expensive. According to a recent county-wide ZIP code chart published in The San Diego Union-Tribune in August 2006, the median cost of a single-family home within the city's ZIP code of 92118 was $ 1,605,000. In 2010, Forbes.com found that

792-588: A former privately run bank, bearing no relation to the U.S. government (not to be confused with the Federal Reserve ). Unable to pay out to all of its creditors, the bank failed. Among the 608 American banks that closed in November and December 1930, the Bank of United States accounted for a third of the total $ 550 million deposits lost and, with its closure, bank failures reached a critical mass. In an initial response to

891-459: A greater reduction in credit. On 5 April 1933, President Roosevelt signed Executive Order 6102 making the private ownership of gold certificates , coins and bullion illegal, reducing the pressure on Federal Reserve gold. British economist John Maynard Keynes argued in The General Theory of Employment, Interest and Money that lower aggregate expenditures in the economy contributed to

990-596: A modern industrial city handled shortages of money and resources. Often they updated strategies their mothers used when they were growing up in poor families. Cheap foods were used, such as soups, beans and noodles. They purchased the cheapest cuts of meat—sometimes even horse meat—and recycled the Sunday roast into sandwiches and soups. They sewed and patched clothing, traded with their neighbors for outgrown items, and made do with colder homes. New furniture and appliances were postponed until better days. Many women also worked outside

1089-402: A monetary contraction first-hand were forced to join the deflationary policy since higher interest rates in countries that performed a deflationary policy led to a gold outflow in countries with lower interest rates. Under the gold standard's price–specie flow mechanism , countries that lost gold but nevertheless wanted to maintain the gold standard had to permit their money supply to decrease and

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1188-487: A moveable barrier that allows for better traffic flow during rush hours. In the morning, the lane is moved to create three lanes going southbound towards Coronado, and in the evening it is moved again to create three lanes going northbound towards downtown San Diego. According to the United States Census Bureau , the city has a total area of 32.7 square miles (85 km ); 7.9 square miles (20.5 km ) of

1287-563: A serious issue in the 1930s. Support for increasing welfare programs during the depression included a focus on women in the family. The Conseil Supérieur de la Natalité campaigned for provisions enacted in the Code de la Famille (1939) that increased state assistance to families with children and required employers to protect the jobs of fathers, even if they were immigrants. In rural and small-town areas, women expanded their operation of vegetable gardens to include as much food production as possible. In

1386-474: A small cadre of Labour, but the vast majority of Labour leaders denounced MacDonald as a traitor for leading the new government. Britain went off the gold standard , and suffered relatively less than other major countries in the Great Depression. In the 1931 British election, the Labour Party was virtually destroyed, leaving MacDonald as prime minister for a largely Conservative coalition. In most countries of

1485-699: A standstill agreement froze Germany's foreign liabilities for six months. Germany received emergency funding from private banks in New York as well as the Bank of International Settlements and the Bank of England. The funding only slowed the process. Industrial failures began in Germany, a major bank closed in July and a two-day holiday for all German banks was declared. Business failures were more frequent in July, and spread to Romania and Hungary. The crisis continued to get worse in Germany, bringing political upheaval that finally led to

1584-524: A wide variety of cuisine choices. Golf on Coronado started in 1897 with a nine hole golf course hosting the 1905 Southern California Open. Later, golf on Coronado migrated to a new site in the Southern portion of the island with 18 holes designed by Jack Daray Sr.. Golf is a popular diversion on the island, entertaining 90,000 golf rounds annually. In 2008, the Travel Channel rated Coronado Beach as

1683-642: Is a consensus that the Federal Reserve System should have cut short the process of monetary deflation and banking collapse, by expanding the money supply and acting as lender of last resort . If they had done this, the economic downturn would have been far less severe and much shorter. Modern mainstream economists see the reasons in Insufficient spending, the money supply reduction, and debt on margin led to falling prices and further bankruptcies ( Irving Fisher 's debt deflation). The monetarist explanation

1782-517: Is located on the Marina 's waterfront. Coronado, CA Coronado ( Spanish for "Crowned") is a resort city in San Diego County, California , United States, across San Diego Bay from downtown San Diego . It was founded in the 1880s and incorporated in 1890. Its population was 20,192 in 2020, down from 24,697 in 2010. Coronado is a tied island which is connected to the mainland by

1881-493: Is supported by the contrast in how the crisis progressed in, e.g., Britain, Argentina and Brazil, all of which devalued their currencies early and returned to normal patterns of growth relatively rapidly and countries which stuck to the gold standard , such as France or Belgium. Frantic attempts by individual countries to shore up their economies through protectionist policies – such as the 1930 U.S. Smoot–Hawley Tariff Act and retaliatory tariffs in other countries – exacerbated

1980-523: The 1932 election , Hoover was defeated by Franklin D. Roosevelt , who from 1933 pursued a series of " New Deal " policies and programs to provide relief and create jobs, including the Civilian Conservation Corps , Federal Emergency Relief Administration , Tennessee Valley Authority , and Works Progress Administration . Historians disagree on the effects of the New Deal, with some claiming that

2079-565: The New York Bank of United States – which produced panic and widespread runs on local banks, and the Federal Reserve sat idly by while banks collapsed. Friedman and Schwartz argued that, if the Fed had provided emergency lending to these key banks, or simply bought government bonds on the open market to provide liquidity and increase the quantity of money after the key banks fell, all the rest of

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2178-704: The United States Navy have been named after the city, including USS  Coronado . Prior to European settlement, Coronado was inhabited by the Kumeyaay , who sustained fishing villages on the peninsula in North Island and on the Coronado Cays. As American settlers moved into the area, the Kumeyaay were pushed out of Coronado, with the last six Kumeyaay families deported to Mesa Grande Reservation in 1902. Coronado

2277-434: The United States Navy prior to and during World War II led to the filling of the bight by July 1944, combining the land areas into a single body. The Navy still operates Naval Air Station North Island (NASNI or "North Island") on Coronado. On the southern side of the town is Naval Amphibious Base Coronado , a training center for Navy SEALs and Special warfare combatant-craft crewmen (SWCC). Both facilities are part of

2376-525: The coming to power of Hitler's Nazi regime in January 1933. The world financial crisis now began to overwhelm Britain; investors around the world started withdrawing their gold from London at the rate of £2.5 million per day. Credits of £25 million each from the Bank of France and the Federal Reserve Bank of New York and an issue of £15 million fiduciary note slowed, but did not reverse,

2475-468: The stock market , which resulted in growing wealth inequality . Banks were subject to minimal regulation under laissez-faire economic policies, resulting in loose lending and widespread debt. By 1929, declining spending had led to reductions in manufacturing output and rising unemployment . Share values continued to rise until the Wall Street crash, after which the slide continued for three years, which

2574-488: The 1910s, Coronado had streetcars running on Orange Avenue. These streetcars became a fixture of the city until their retirement in 1939. On New Year's Day 1937, during the Great Depression , the gambling ship SS Monte Carlo , known for "drinks, dice, and dolls", was shipwrecked on the beach about a quarter mile (400 m) south of Hotel del Coronado . In 1946, an African-American man from Coronado named Alton Collier

2673-447: The 1937 recession that interrupted it). The common view among most economists is that Roosevelt's New Deal policies either caused or accelerated the recovery, although his policies were never aggressive enough to bring the economy completely out of recession. Some economists have also called attention to the positive effects from expectations of reflation and rising nominal interest rates that Roosevelt's words and actions portended. It

2772-521: The 2000 census, there were 24,100 people, 7,734 households, and 4,934 families residing in the city. The population density was 3,121.9 inhabitants per square mile (1,205.4/km ). There were 9,494 housing units at an average density of 1,229.8 per square mile (474.8/km ). The racial makeup of the city was 84.40% White, 5.15% African American, 0.66% Native American, 3.72% Asian, 0.30% Pacific Islander, 3.14% from other races, and 2.63% from two or more races. Hispanic or Latino residents of any race were 9.83% of

2871-746: The British crisis. The financial crisis now caused a major political crisis in Britain in August 1931. With deficits mounting, the bankers demanded a balanced budget; the divided cabinet of Prime Minister Ramsay MacDonald's Labour government agreed; it proposed to raise taxes, cut spending, and most controversially, to cut unemployment benefits 20%. The attack on welfare was unacceptable to the Labour movement. MacDonald wanted to resign, but King George V insisted he remain and form an all-party coalition " National Government ". The Conservative and Liberals parties signed on, along with

2970-517: The Depression. Businessmen ignored the mounting national debt and heavy new taxes, redoubling their efforts for greater output to take advantage of generous government contracts. During World War I many countries suspended their gold standard in varying ways. There was high inflation from WWI, and in the 1920s in the Weimar Republic , Austria , and throughout Europe. In the late 1920s there

3069-514: The Dow returning to 294 (pre-depression levels) in April 1930, before steadily declining for years, to a low of 41 in 1932. At the beginning, governments and businesses spent more in the first half of 1930 than in the corresponding period of the previous year. On the other hand, consumers, many of whom suffered severe losses in the stock market the previous year, cut expenditures by 10%. In addition, beginning in

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3168-480: The Federal Reserve did not act to limit the decline of the money supply was the gold standard . At that time, the amount of credit the Federal Reserve could issue was limited by the Federal Reserve Act , which required 40% gold backing of Federal Reserve Notes issued. By the late 1920s, the Federal Reserve had almost hit the limit of allowable credit that could be backed by the gold in its possession. This credit

3267-442: The Great Depression is right, or the traditional Keynesian explanation that a fall in autonomous spending, particularly investment, is the primary explanation for the onset of the Great Depression. Today there is also significant academic support for the debt deflation theory and the expectations hypothesis that – building on the monetary explanation of Milton Friedman and Anna Schwartz – add non-monetary explanations. There

3366-639: The Great Depression. According to the U.S. Senate website, the Smoot–Hawley Tariff Act is among the most catastrophic acts in congressional history. Many economists have argued that the sharp decline in international trade after 1930 helped to worsen the depression, especially for countries significantly dependent on foreign trade. Most historians and economists blame the Act for worsening the depression by seriously reducing international trade and causing retaliatory tariffs in other countries. While foreign trade

3465-473: The New Deal prolonged the Great Depression, as they argue that National Industrial Recovery Act of 1933 and National Labor Relations Act of 1935 restricted competition and established price fixing. John Maynard Keynes did not think that the New Deal under Roosevelt single-handedly ended the Great Depression: "It is, it seems, politically impossible for a capitalistic democracy to organize expenditure on

3564-628: The Pacific Ocean. The hotel has three bars: the Top of the Hyatt, Brew 30, and the Grand Lobby Bar. The third floor features a spa and a hair salon with its own private pool, and the fourth floor holds the general swimming pool, whirlpools/hot tubs and sun decks for all guests. Periodically, the sun decks are host to various local and/or charity events, from special yoga, fitness and dance classes, to movies under

3663-540: The U.K. economy, which experienced an economic downturn throughout most of the late 1920s, was less severely impacted by the shock of the depression than the U.S. By contrast, the German economy saw a similar decline in industrial output as that observed in the U.S. Some economic historians attribute the differences in the rates of recovery and relative severity of the economic decline to whether particular countries had been able to effectively devaluate their currencies or not. This

3762-485: The U.S. unemployment rate down below 10%. World War II had a dramatic effect on many parts of the American economy. Government-financed capital spending accounted for only 5% of the annual U.S. investment in industrial capital in 1940; by 1943, the government accounted for 67% of U.S. capital investment. The massive war spending doubled economic growth rates, either masking the effects of the Depression or essentially ending

3861-678: The United States, agricultural organizations sponsored programs to teach housewives how to optimize their gardens and to raise poultry for meat and eggs. Rural women made feed sack dresses and other items for themselves and their families and homes from feed sacks. In American cities, African American women quiltmakers enlarged their activities, promoted collaboration, and trained neophytes. Quilts were created for practical use from various inexpensive materials and increased social interaction for women and promoted camaraderie and personal fulfillment. Oral history provides evidence for how housewives in

3960-543: The United States, remained on the gold standard into 1932 or 1933, while a few countries in the so-called "gold bloc", led by France and including Poland, Belgium and Switzerland, stayed on the standard until 1935–36. According to later analysis, the earliness with which a country left the gold standard reliably predicted its economic recovery. For example, The UK and Scandinavia, which left the gold standard in 1931, recovered much earlier than France and Belgium, which remained on gold much longer. Countries such as China, which had

4059-422: The average family size was 2.84. In the city, 16.0% of the population was under the age of 18, 20.2% from 18 to 24, 29.3% from 25 to 44, 18.7% from 45 to 64, and 15.8% was 65 years of age or older. The median age was 34 years. For every 100 females, there were 139.8 males. For every 100 females age 18 and over, there were 149.1 males. 48.2% of those aged 25 and over had a bachelor's degree or higher. According to

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4158-455: The banks would not have fallen after the large ones did, and the money supply would not have fallen as far and as fast as it did. With significantly less money to go around, businesses could not get new loans and could not even get their old loans renewed, forcing many to stop investing. This interpretation blames the Federal Reserve for inaction, especially the New York branch . One reason why

4257-465: The behavior of housewives. The common view among economic historians is that the Great Depression ended with the advent of World War II . Many economists believe that government spending on the war caused or at least accelerated recovery from the Great Depression, though some consider that it did not play a very large role in the recovery, though it did help in reducing unemployment. The rearmament policies leading up to World War II helped stimulate

4356-406: The city became a major resort destination. They also built a schoolhouse and formed athletic, boating, and baseball clubs. In 1900, a tourist/vacation area just south of Hotel del Coronado was established by John D. Spreckels and named Tent City. Spreckels also became the hotel's owner. Over the years, the tents gave way to cottages, the last of which was torn down in late 1940 or early 1941. In

4455-632: The city in decades. This result was nevertheless significantly lower than his statewide vote share of 63.48%. In the California State Legislature , Coronado is in the 39th Senate District , represented by Democrat Toni Atkins , and in the 78th Assembly District , represented by Democrat Chris Ward . In the United States House of Representatives , Coronado is located in California's 52nd congressional district , which has

4554-533: The city is land and 24.7 square miles (64 km ) of it (75.72%) is water. Geographically, Coronado is a tied island connected to the mainland by a tombolo known as the Silver Strand. The Silver Strand, Coronado and North Island, form San Diego Bay. Since recorded history, Coronado was mostly separated from North Island by a shallow inlet of water called the Spanish Bight. The development of North Island by

4653-499: The city's private schools are Sacred Heart Parish School and Christ Church Day School. According to the city's 2012 Comprehensive Annual Financial Report, the top 10 employers in the city are: Great Depression The Great Depression was a severe global economic downturn from 1929 to 1939. The period was characterized by high rates of unemployment and poverty; drastic reductions in liquidity , industrial production, and trade; and widespread bank and business failures around

4752-458: The collapse in global trade, contributing to the depression. By 1933, the economic decline pushed world trade to one third of its level compared to four years earlier. While the precise causes for the occurrence of the Great depression are disputed and can be traced to both global and national phenomena, its immediate origins are most conveniently examined in the context of the U.S. economy, from which

4851-475: The crash was a mere symptom of more general economic trends of the time, which had already been underway in the late 1920s. A contrasting set of views, which rose to prominence in the later part of the 20th century, ascribes a more prominent role to failures of monetary policy . According to those authors, while general economic trends can explain the emergence of the downturn, they fail to account for its severity and longevity; they argue that these were caused by

4950-620: The crisis, the U.S. Congress passed the Smoot–Hawley Tariff Act on 17 June 1930. The Act was ostensibly aimed at protecting the American economy from foreign competition by imposing high tariffs on foreign imports. The consensus view among economists and economic historians (including Keynesians , Monetarists and Austrian economists ) is that the passage of the Smoot–Hawley Tariff had, in fact, achieved an opposite effect to what

5049-666: The crown chandeliers in the hotel's dining room. Once owned locally, Hotel Del Coronado is now owned by Blackstone (60%), Strategic Hotels & Resorts Inc. (34.5%), and KSL Resorts (5.5%). When Strategic Hotels & Resorts Inc. bought its stake in 2006, the hotel was valued at $ 745 million; as of 2011, the hotel was valued at roughly $ 590 million. Scenes from Denzel Washington 's film Antwone Fisher were shot in Coronado. Parts of Brian De Palma 's film Scarface and Ron Howard 's film Splash were shot at Coronado Beach. A film called Carbon featuring Randy Davison

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5148-633: The decade. The Depression had devastating economic effects on both wealthy and poor countries: all experienced drops in personal income , prices ( deflation ), tax revenues, and profits. International trade fell by more than 50%, and unemployment in some countries rose as high as 33%. Cities around the world , especially those dependent on heavy industry , were heavily affected. Construction virtually halted in many countries, and farming communities and rural areas suffered as crop prices fell by up to 60%. Faced with plummeting demand and few job alternatives, areas dependent on primary sector industries suffered

5247-408: The depression. Not all governments enforced the same measures of protectionism. Some countries raised tariffs drastically and enforced severe restrictions on foreign exchange transactions, while other countries reduced "trade and exchange restrictions only marginally": The gold standard was the primary transmission mechanism of the Great Depression. Even countries that did not face bank failures and

5346-435: The domestic price level to decline ( deflation ). There is also consensus that protectionist policies, and primarily the passage of the Smoot–Hawley Tariff Act , helped to exacerbate, or even cause the Great Depression. Some economic studies have indicated that the rigidities of the gold standard not only spread the downturn worldwide, but also suspended gold convertibility (devaluing the currency in gold terms) that did

5445-402: The drop in demand. Monetarists believe that the Great Depression started as an ordinary recession, but the shrinking of the money supply greatly exacerbated the economic situation, causing a recession to descend into the Great Depression. Economists and economic historians are almost evenly split as to whether the traditional monetary explanation that monetary forces were the primary cause of

5544-427: The economies of Europe in 1937–1939. By 1937, unemployment in Britain had fallen to 1.5 million. The mobilization of manpower following the outbreak of war in 1939 ended unemployment. The American mobilization for World War II at the end of 1941 moved approximately ten million people out of the civilian labor force and into the war. This finally eliminated the last effects from the Great Depression and brought

5643-576: The end of the month. A large sell-off of stocks began in mid-October. Finally, on 24 October, Black Thursday , the American stock market crashed 11% at the opening bell. Actions to stabilize the market failed, and on 28 October, Black Monday, the market crashed another 12%. The panic peaked the next day on Black Tuesday, when the market saw another 11% drop. Thousands of investors were ruined, and billions of dollars had been lost; many stocks could not be sold at any price. The market recovered 12% on Wednesday but by then significant damage had been done. Though

5742-494: The explanations of the Keynesians and monetarists. The consensus among demand-driven theories is that a large-scale loss of confidence led to a sudden reduction in consumption and investment spending. Once panic and deflation set in, many people believed they could avoid further losses by keeping clear of the markets. Holding money became profitable as prices dropped lower and a given amount of money bought ever more goods, exacerbating

5841-503: The few women in the labor force, layoffs were less common in the white-collar jobs and they were typically found in light manufacturing work. However, there was a widespread demand to limit families to one paid job, so that wives might lose employment if their husband was employed. Across Britain, there was a tendency for married women to join the labor force, competing for part-time jobs especially. In France, very slow population growth, especially in comparison to Germany continued to be

5940-501: The first week of June, 540 million in the second, and 150 million in two days, 19–20 June. Collapse was at hand. U.S. President Herbert Hoover called for a moratorium on payment of war reparations . This angered Paris, which depended on a steady flow of German payments, but it slowed the crisis down, and the moratorium was agreed to in July 1931. An International conference in London later in July produced no agreements but on 19 August

6039-599: The government tried to reshape private household consumption under the Four-Year Plan of 1936 to achieve German economic self-sufficiency. The Nazi women's organizations, other propaganda agencies and the authorities all attempted to shape such consumption as economic self-sufficiency was needed to prepare for and to sustain the coming war. The organizations, propaganda agencies and authorities employed slogans that called up traditional values of thrift and healthy living. However, these efforts were only partly successful in changing

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6138-519: The home, or took boarders, did laundry for trade or cash, and did sewing for neighbors in exchange for something they could offer. Extended families used mutual aid—extra food, spare rooms, repair-work, cash loans—to help cousins and in-laws. In Japan, official government policy was deflationary and the opposite of Keynesian spending. Consequently, the government launched a campaign across the country to induce households to reduce their consumption, focusing attention on spending by housewives. In Germany,

6237-514: The initial crisis spread to the rest of the world. In the aftermath of World War I , the Roaring Twenties brought considerable wealth to the United States and Western Europe. Initially, the year 1929 dawned with good economic prospects: despite a minor crash on 25 March 1929, the market seemed to gradually improve through September. Stock prices began to slump in September, and were volatile at

6336-543: The lack of an adequate response to the crises of liquidity that followed the initial economic shock of 1929 and the subsequent bank failures accompanied by a general collapse of the financial markets. After the Wall Street Crash of 1929 , when the Dow Jones Industrial Average dropped from 381 to 198 over the course of two months, optimism persisted for some time. The stock market rose in early 1930, with

6435-556: The larger Naval Base Coronado complex. Coronado has increased in size due to dredge material being dumped on its shoreline and through the natural accumulation of sand. The "Country Club" area on the northwest side of Coronado, the "Glorietta" area and golf course on the southeast side of Coronado, most of the Naval Amphibious Base Coronado, most of the Strand Naval Housing, and most of the Coronado Cays (all on

6534-426: The last four Republican presidential candidates receiving less than 60% of the vote. In 2016, Donald Trump won Coronado with a plurality of the vote, and Hillary Clinton received the largest share of the vote for a Democratic candidate since at least 1960. In 2020, Democratic nominee and former vice president Joe Biden won Coronado with 51.50% of the vote, becoming the first Democratic presidential nominee to carry

6633-512: The market entered a period of recovery from 14 November until 17 April 1930, the general situation had been a prolonged slump. From 17 April 1930 until 8 July 1932, the market continued to lose 89% of its value. Despite the crash, the worst of the crisis did not reverberate around the world until after 1929. The crisis hit panic levels again in December 1930, with a bank run on the Bank of United States ,

6732-411: The median home price in Coronado had risen to $ 1,840,665. By 2023, the median home value was $ 2.2 million with more than a quarter of households earning more than $ 200,000. Coronado is governed by a city council, which is presided over by a directly elected mayor. The mayor and councilmembers serve four-year terms. Council designates one of its members as Mayor Pro Tempore. Coronado has long been

6831-414: The mid-1930s, a severe drought ravaged the agricultural heartland of the U.S. Interest rates dropped to low levels by mid-1930, but expected deflation and the continuing reluctance of people to borrow meant that consumer spending and investment remained low. By May 1930, automobile sales declined to below the levels of 1928. Prices, in general, began to decline, although wages held steady in 1930. Then

6930-423: The monetary base and by not injecting liquidity into the banking system to prevent it from crumbling, the Federal Reserve passively watched the transformation of a normal recession into the Great Depression. Friedman and Schwartz argued that the downward turn in the economy, starting with the stock market crash, would merely have been an ordinary recession if the Federal Reserve had taken aggressive action. This view

7029-496: The most to make recovery possible. Every major currency left the gold standard during the Great Depression. The UK was the first to do so. Facing speculative attacks on the pound and depleting gold reserves , in September 1931 the Bank of England ceased exchanging pound notes for gold and the pound was floated on foreign exchange markets. Japan and the Scandinavian countries followed in 1931. Other countries, such as Italy and

7128-427: The most. The outbreak of World War II in 1939 ended the Depression, as it stimulated factory production, providing jobs for women as militaries absorbed large numbers of young, unemployed men. The precise causes for the Great Depression are disputed. One set of historians, for example, focuses on non-monetary economic causes. Among these, some regard the Wall Street crash itself as the main cause; others consider that

7227-495: The name “Miramar” winning, which was soon overturned due to the public not being satisfied with the name, so they borrowed from their cousin islands “Los Coronados” and named it “Coronado.” The explorer Sebastian Vizcaino drew its first map in 1602. Coronado is Spanish term for "crowned" and thus it is nicknamed The Crown City . Its name is derived from the Coronado Islands , an offshore Mexican archipelago. Three ships of

7326-568: The need to balance the national budget and was unwilling to implement expensive welfare spending . In 1930, Hoover signed the Smoot–Hawley Tariff Act , which taxed imports with the intention of encouraging buyers to purchase American products, which worsened the Depression because foreign governments retaliated with tariffs on American exports. In 1932, Hoover established the Reconstruction Finance Corporation , which offered loans to businesses and support to local governments. In

7425-483: The physical volume of exports fall, but also the prices fell by about 1 ⁄ 3 as written. Hardest hit were farm commodities such as wheat, cotton, tobacco, and lumber. Governments around the world took various steps into spending less money on foreign goods such as: "imposing tariffs, import quotas, and exchange controls". These restrictions triggered much tension among countries that had large amounts of bilateral trade, causing major export-import reductions during

7524-477: The policies prolonged the Depression instead of shortening it. Between 1929 and 1932, worldwide gross domestic product (GDP) fell by an estimated 15%; in the U.S., the Depression resulted in a 30% contraction in GDP. Recovery varied greatly around the world. Some economies, such as the U.S., Germany and Japan started to recover by the mid-1930s; others, like France, did not return to pre-shock growth rates until later in

7623-455: The political situation in Europe. In their book, A Monetary History of the United States , Milton Friedman and Anna J. Schwartz also attributed the recovery to monetary factors, and contended that it was much slowed by poor management of money by the Federal Reserve System . Chairman of the Federal Reserve (2006–2014) Ben Bernanke agreed that monetary factors played important roles both in

7722-407: The population. There were 7,734 households, out of which 27.0% had children under the age of 18 living with them, 54.0% were married couples living together, 7.4% had a female householder with no husband present, and 36.2% were non-families. 30.9% of all households were made up of individuals, and 13.3% had someone living alone who was 65 years of age or older. The average household size was 2.27 and

7821-440: The required amount of homes. Tourism is an essential component of Coronado's economy. This city is home to three major resorts ( Hotel del Coronado , Coronado Island Marriott, and Loews Coronado Bay Resort), as well as several other hotels and inns. The downtown district along Orange Avenue, with its many shops, restaurants and theaters, is also a key part of the local economy. Many of the restaurants are highly rated and provide

7920-434: The scale necessary to make the grand experiments which would prove my case—except in war conditions." According to Christina Romer , the money supply growth caused by huge international gold inflows was a crucial source of the recovery of the United States economy, and that the economy showed little sign of self-correction. The gold inflows were partly due to devaluation of the U.S. dollar and partly due to deterioration of

8019-692: The sixth-best beach in America. Hotel del Coronado , built in 1888, has been designated as a National Historic Landmark . Its guests have included American presidents George H. W. Bush , Jimmy Carter , Bill Clinton , Gerald Ford , Lyndon B. Johnson , Richard Nixon , Ronald Reagan , Franklin D. Roosevelt , and William Howard Taft , as well as Muhammad Ali , Jack Dempsey , Thomas Edison , Magic Johnson , Charles Lindbergh , Willie Mays , Babe Ruth , Oprah Winfrey , and Robert Downey . Actresses Mary Pickford and Marilyn Monroe also stayed here. "The Del" has appeared in numerous works of popular culture and

8118-722: The south side of Coronado) were built on dirt dredged from San Diego Bay. According to the Köppen climate classification system, Coronado has a semi-arid climate , abbreviated "BSk" on climate maps. The 2010 United States Census reported that the City of Coronado had a population of 24,697. The racial makeup of Coronado was 20,074 (81.2%) White , 1,678 (6.8%) African American , 201 (0.8%) Native American , 925 (3.7%) Asian , 101 (0.4%) Pacific Islander , 762 (3.1%) from other races , and 956 (3.9%) from two or more races. There were 3,354 Hispanic or Latino residents, of any race (13.6%). As of

8217-604: The stars and other forms of entertainment. The 40th (and uppermost) floor of the Manchester Grand Hyatt is known as the "Top of the Hyatt", a bar with stunning views of surrounding San Diego, distant mountains to the east, west to Coronado , Point Loma , and the offshore Coronado Islands , and further south to the San Diego-Coronado Bay Bridge and Mexico. The bar was awarded the title of "Best Upscale Bar" by SignOnSanDiego ." The Manchester Grand Hyatt

8316-471: The world, recovery from the Great Depression began in 1933. In the U.S., recovery began in early 1933, but the U.S. did not return to 1929 GNP for over a decade and still had an unemployment rate of about 15% in 1940, albeit down from the high of 25% in 1933. There is no consensus among economists regarding the motive force for the U.S. economic expansion that continued through most of the Roosevelt years (and

8415-659: The world. The financial crisis escalated out of control in mid-1931, starting with the collapse of the Credit Anstalt in Vienna in May. This put heavy pressure on Germany, which was already in political turmoil. With the rise in violence of National Socialist ('Nazi') and Communist movements, as well as investor nervousness at harsh government financial policies, investors withdrew their short-term money from Germany as confidence spiraled downward. The Reichsbank lost 150 million marks in

8514-486: The world. The economic contagion began in 1929 in the United States , the largest economy in the world, with the devastating Wall Street stock market crash of October 1929 often considered the beginning of the Depression. The Depression was preceded by a period of industrial growth and social development known as the " Roaring Twenties ". Much of the profit generated by the boom was invested in speculation , such as on

8613-778: The worldwide economic decline and eventual recovery. Bernanke also saw a strong role for institutional factors, particularly the rebuilding and restructuring of the financial system, and pointed out that the Depression should be examined in an international perspective. Women's primary role was as housewives; without a steady flow of family income, their work became much harder in dealing with food and clothing and medical care. Birthrates fell everywhere, as children were postponed until families could financially support them. The average birthrate for 14 major countries fell 12% from 19.3 births per thousand population in 1930, to 17.0 in 1935. In Canada, half of Roman Catholic women defied Church teachings and used contraception to postpone births. Among

8712-515: Was incorporated as a town on December 11, 1890. The community's first post office predates Coronado's incorporation, established on February 8, 1887, with Norbert Moser assigned as the first postmaster . The land was purchased by Elisha Spurr Babcock, Hampton L. Story, and Jacob Gruendike. Their intention was to create a resort community, and in 1886, the Coronado Beach Company was organized. By 1888, they had built Hotel del Coronado , and

8811-639: Was a scramble to deflate prices to get the gold standard's conversation rates back on track to pre-WWI levels, by causing deflation and high unemployment through monetary policy. In 1933 FDR signed Executive Order 6102 and in 1934 signed the Gold Reserve Act . The two classic competing economic theories of the Great Depression are the Keynesian (demand-driven) and the Monetarist explanation. There are also various heterodox theories that downplay or reject

8910-478: Was a small part of overall economic activity in the U.S. and was concentrated in a few businesses like farming, it was a much larger factor in many other countries. The average ad valorem (value based) rate of duties on dutiable imports for 1921–1925 was 25.9% but under the new tariff it jumped to 50% during 1931–1935. In dollar terms, American exports declined over the next four years from about $ 5.2 billion in 1929 to $ 1.7 billion in 1933; so, not only did

9009-500: Was accompanied by a loss of confidence in the financial system. By 1933, the U.S. unemployment rate had risen to 25 percent, about one-third of farmers had lost their land, and about half of the country's 25,000 banks had gone out of business. Many people, unable to pay mortgages or rent, became homeless and relied on begging or charities to feed themselves. The U.S. federal government initially did little to help. President Herbert Hoover , like many of his fellow Republicans , believed in

9108-474: Was endorsed in 2002 by Federal Reserve Governor Ben Bernanke in a speech honoring Friedman and Schwartz with this statement: Let me end my talk by abusing slightly my status as an official representative of the Federal Reserve. I would like to say to Milton and Anna: Regarding the Great Depression, you're right. We did it. We're very sorry. But thanks to you, we won't do it again. The Federal Reserve allowed some large public bank failures – particularly that of

9207-547: Was forced off of a San Diego and Coronado ferry by white sailors. The case was ruled a suicide until 2024, when the Equal Justice Initiative declared a lynching . In 1969, the San Diego–Coronado Bridge was opened, allowing much faster transit between the cities than bay ferries or driving via State Route 75 along the Silver Strand. The bridge is made up of five lanes, one of which is controlled by

9306-426: Was given by American economists Milton Friedman and Anna J. Schwartz . They argued that the Great Depression was caused by the banking crisis that caused one-third of all banks to vanish, a reduction of bank shareholder wealth and more importantly monetary contraction of 35%, which they called "The Great Contraction ". This caused a price drop of 33% ( deflation ). By not lowering interest rates, by not increasing

9405-491: Was in the form of Federal Reserve demand notes. A "promise of gold" is not as good as "gold in the hand", particularly when they only had enough gold to cover 40% of the Federal Reserve Notes outstanding. During the bank panics, a portion of those demand notes was redeemed for Federal Reserve gold. Since the Federal Reserve had hit its limit on allowable credit, any reduction in gold in its vaults had to be accompanied by

9504-446: Was intended. It exacerbated the Great Depression by preventing economic recovery after domestic production recovered, hampering the volume of trade; still there is disagreement as to the precise extent of the Act's influence. In the popular view, the Smoot–Hawley Tariff was one of the leading causes of the depression. In a 1995 survey of American economic historians, two-thirds agreed that the Smoot–Hawley Tariff Act at least worsened

9603-571: Was said to have inspired the Emerald City in The Wonderful Wizard of Oz . It is rumored that the city's main street, Orange Avenue, was Baum's inspiration for the yellow brick road. Other sources say Oz was inspired by the "White City" of the Chicago World's Fair of 1893 . Author L. Frank Baum would have been able to see the hotel from his front porch overlooking Star Park. Baum designed

9702-452: Was shot in Coronado near the restaurant Nado Republic. Principal photography for most films took place at Hotel del Coronado . Coronado Unified School District includes Coronado Middle School (CMS), Coronado High School , Silver Strand Elementary, and Village Elementary. Coronado School of the Arts , a public school-within-a-school, is located on the campus of Coronado High School. Among

9801-464: Was the rollback of those same reflationary policies that led to the interruption of a recession beginning in late 1937. One contributing policy that reversed reflation was the Banking Act of 1935 , which effectively raised reserve requirements, causing a monetary contraction that helped to thwart the recovery. GDP returned to its upward trend in 1938. A revisionist view among some economists holds that

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