114-606: Ohana Festival is an annual music festival that takes place in Dana Point, California . Ohana Festival began as a partnership between Live Nation , Eddie Vedder , and Pearl Jam manager Mark Smith, and is named after the Hawaiian concept for family. The first event was held in August 2016 at Doheny State Beach and included artists such as Vedder, Elvis Costello , Lana Del Rey , Band of Horses , Cat Power , and City and Colour . By 2023,
228-633: A Mello-Roos assessment, pay for the upkeep of the beach improvements. The community of Niguel Shores is subject to the eroding bluffs of the Strand. In 1928, a corporate entity of the American industrial giant Edward Doheny , who had built his fortune in oil production in Southern California and Mexico, purchased a number of lots in Capistrano Beach . Doheny's son, Ned, formed a development company,
342-626: 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,
456-447: A funicular to transport visitors from the parking lot to the beach. After extensive infrastructure construction, lots were offered for sale in the fall of 2006. Lots in the development are rectangular with modern houses commonly priced above $ 10,000,000. The development has provided much easier access to the beach below and has allowed surfers and other beach visitors to access the beach quickly and easily. Strands Homeowners, through
570-418: 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
684-413: A 2007 estimate ). Males had a median income of $ 52,159 versus $ 38,902 for females. The per capita income for the city was $ 37,938. About 3.4% of families and 6.7% of the population were below the poverty line, including 6.8% of those under age 18 and 5.3% of those age 65 or over. In 2010 Dana Point had a population of 33,351. The median age was 44.8 years. The racial and ethnic composition of the population
798-552: A city, Dana Point has voted for the Republican candidate in every presidential and gubernatorial election as of 2020. According to the California Secretary of State , as of February 10, 2019, Dana Point has 21,844 registered voters. Of those, 9,308 (42.61%) are registered Republicans, 5,758 (26.36%) are registered Democrats, and 5,681 (26.01%) have declined to state a political party/are independents. NOTE: The totals listed for
912-588: 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
1026-459: 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
1140-419: A low-pitched gable, spreading out to one short and one long roof. The ceiling beams were decorated with stenciled artwork painted by artist Alex Meston. Eldridge was able to complete the original Doheny family house on the bluffs, four houses on the beach, and 18 other homes scattered throughout the area before tragedy struck the ambitious project. Edward Doheny was preparing for his criminal trial for bribery in
1254-596: 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
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#17330944289051368-402: 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
1482-544: A number of commercial buildings. Most of these "Woodruff" houses are concentrated in the Dana Point historic core, also called Lantern Village (currently about 12,000 residents). The streets are named after different colored lanterns—Street of the Violet Lantern, Blue Lantern, etc.—because colored lanterns were used by ships 200 years ago to advertise their fares when in the Dana Point natural harbor. His crowning structure
1596-489: A population of 33,351. The population density was 1,131.1 inhabitants per square mile (436.7/km ). The racial makeup of Dana Point was 28,701 (86.1%) White (76.4% Non-Hispanic White), 294 (0.9%) African American , 229 (0.7%) Native American , 1,064 (3.2%) Asian , 37 (0.1%) Pacific Islander , 1,952 (5.9%) from other races , and 1,074 (3.2%) from two or more races. Hispanic or Latino of any race were 5,662 persons (17.0%). The Census reported that 33,110 people (99.3% of
1710-586: A prominent feature in Orange County geography and after years of controversy, are currently being developed as a 118-house gated community, however 68 acres (280,000 m ) of the site is open to the public and features a nature center and walking trails exhibiting "lost" plants of the Southern California coast. Views on a clear day extend to Catalina Island and La Jolla in San Diego County. The city
1824-563: 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
1938-474: 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
2052-699: 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
2166-548: Is December with an average maximum temperature of 65 degrees Fahrenheit. Frost is extremely rare, allowing for a year-round growing season. Annual rainfall (with almost all of it falling between November and March) is about 12 inches but is highly variable from year to year. The 2020 United States Census reported a population of 33,107. The racial makeup was 83.9% White (70.87% white Non-Hispanic ), 16.3% Hispanic or Latino , 2.1% African American , and 3.9% Asian . The 2010 United States Census reported that Dana Point had
2280-642: 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
2394-458: Is a general law city governed as a council-manager form of government. The city council has five council members, who are elected by area by registered voters of the city. Council members each serve four-year staggered terms. Dana Point has a two-term-limit for elected officials. Annually, the city council appoints a mayor and a mayor pro tem from its own membership to serve a one-year term. The mayor presides over city council meetings, represents
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#17330944289052508-608: Is as follows: In the California State Legislature , Dana Point is in the 36th Senate District , represented by Republican Janet Nguyen , and in the 74th Assembly District , represented by Republican Laurie Davies . In the United States House of Representatives , Dana Point is in California's 49th congressional district , represented by Democrat Mike Levin . Since its incorporation as
2622-735: Is held in September. It is considered the largest annual gathering of its kind on the West Coast of the United States . Dana Point has hosted the Dana Point Concours d'Elegance since 2008. The event is located on the Monarch Beach Golf Links and supports various charities. The Dana Point Grand Prix is an annual criterium bike race overlooking Dana Point Harbor. The course winds its way through downtown Dana Point into Heritage Park and
2736-466: Is located 59 miles southeast of Los Angeles , and 65 miles northwest of San Diego . Dana Point is bordered by San Clemente to the southeast, San Juan Capistrano to the northeast, Laguna Beach to the northwest, and Laguna Niguel to the north. Dana Point enjoys a mild climate with temperatures that tend to average around the 70s. The warmest month of the year is August with an average maximum temperature of 79 °F (26 °C). The coldest month
2850-455: Is located downstream from the mother village of Putuidem . The arrival of European settlers in the area began with the Portolá expedition (1769-1770). Starting in 1776, people from the village of Ubange , located near Dana Point, were brought to Mission San Juan Capistrano for conversion to Christianity and to be exploited as labor to work the mission's grounds. By 1778, dissatisfaction with
2964-493: 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
3078-626: The Pilgrim . The Pilgrim was used as a classroom by the Ocean Institute until it sank in 2020. The Strands at Headlands is a luxury housing development built on land that was originally part of the Chandler Family holdings. For decades the land facing the beach was home to the Dana Strand Beach and Tennis Club, a mobile home community that closed in the late 1980s. For years, access to
3192-523: 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
3306-565: 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
3420-514: The Surfer's Journal and Surfer Magazine were formed and headquartered in Dana Point. Bruce Brown produced the iconic surfer film Endless Summer in Dana Point. "Killer Dana" was a legendary surf break off Dana Point. The surf break was notorious because it came out of deep water and broke close to the rocks that lined the beach. The Killer Dana wave was destroyed when the Dana Point Harbor
3534-645: The Teapot Dome Scandal , and on February 16, 1929, Ned Doheny and Hugh Plunkett, his friend and secretary, who were to testify in the trial, were killed in a murder that still remains unsolved. In 1931, as a memorial to Ned, Petroleum Securities Company, Doheny's family-owned business, made a gift of 41.4 acres (168,000 m ) to the State of California, which is now Doheny State Beach . The unimproved Capistrano Beach properties passed back to Edward Doheny, and, upon his death in 1935, to his wife and heirs. By 1944, all of
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3648-525: 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,
3762-447: 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
3876-451: The 2003 governor's special election are the aggregate totals for all Republican candidates, all Democratic candidates, and all Independent candidates. Individually, Arnold Schwarzenegger received 8,862 votes, Cruz Bustamante received 1,907 votes, Tom McClintock received 1,838 votes, and Peter Uberroth received 50 votes. Great Depression The Great Depression was a severe global economic downturn from 1929 to 1939. The period
3990-746: 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
4104-511: The Capistrano Beach Company, which included his wife's twin brothers, Clark and Warren Smith, and Luther Eldridge, a contractor, to build a community of Spanish style houses. According to Dana Point historians Baum and Burnes,* Eldridge favored two dominant characteristics in his homes, a typically Spanish roofline and the use of large ceiling beams in the main rooms of the houses. The roofline, covered with red ceramic tiles, incorporated
4218-517: 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
4332-514: 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
4446-512: The Embarcadero Marina shops and restaurants, is set for complete demolition and redevelopment. The current vintage nautical style is being abandoned for a Tech Minimalist concept using metal roofs as well as Minimalist landscaping. Although Richard Henry Dana Jr. , author of Two Years Before the Mast , described the anchorage as poor, it is now a developed harbor and had a replica of his ship,
4560-480: 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
4674-442: 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
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4788-639: 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
4902-527: The Mast") considered the high bluffs and sheltered coves of this area of Southern California to be the most beautiful spot on the California coast. Pioneering surfers agreed as they surfed the many beach breaks along the coast . Dana Point had a notable surfing history , and was home to many of the first companies that produced products for surfing . Hobie Alter opened the world's first retail surf shop in Dana Point in 1954. Many surf publications such as
5016-473: 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
5130-516: The Strands beach was limited to hiking down a dirt trail where the mobile homes had stood. The Strands parcel included the actual headlands and bluff of Dana Point as well and was one of the last large coast properties available for development along the Orange County Coast. During the course of a ten-year approval process, the original high-density plan, which included a large multi-story hotel on
5244-540: 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
5358-485: 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
5472-622: 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
5586-543: 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
5700-632: The Wall Street crash, after which the slide continued for three years, which 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
5814-708: The World that started in 1971. Dana Point was trademarked as the Dolphin and Whale Watching Capital of the World® in 2019 and Dana Point was named a Whale Heritage Site in 2021. Prior to Dana Point's designation, this certification was shared with only three other locations in the world and is defined as an outstanding location where cetaceans (whales and dolphins) are embraced through the cultural, economic, social, and political lives of associated communities, and where people and cetaceans coexist in an authentic and respectful way. Dana Point
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#17330944289055928-399: The adjoining residential community with ocean views for participants and spectators before finishing on a long straightaway on PCH. The Dana Point Chamber of Commerce hosts the annual Turkey Trot, which includes a 5K, 10K and Kids’ Gobble Wobble race for ages 5–12, which was voted as a top destination for Thanksgiving by Fodor's Magazine. This event attracts more than 10,000 runners throughout
6042-417: The age of 18 living with them, 51.4% were married couples living together, 8.8% had a female householder with no husband present, and 35.8% were non-families. 26.0% of all households were made up of individuals, and 7.1% had someone living alone who was 65 years of age or older. The average household size was 2.41 and the average family size was 2.90. In the city, the population was spread out, with 20.6% under
6156-434: The age of 18, 7.1% from 18 to 24, 31.4% from 25 to 44, 28.0% from 45 to 64, and 13.0% who were 65 years of age or older. The median age was 40 years. For every 100 females, there were 100.1 males. For every 100 females age 18 and over, there were 98.4 males. The median income for a household in the city was $ 63,043, and the median income for a family was $ 73,373 (these figures had risen to $ 81,665 and $ 97,826 respectively as of
6270-536: The area in 1835 while serving aboard the sailing brig Pilgrim on her voyage along the California coastline. In 1923, Los Angeles Times publisher Harry Chandler and General M. H. Sherman, director of the Pacific Electric Railway Company , created a major real estate group to develop the Hollywood Hills . Sidney H. Woodruff , already a prominent Los Angeles homebuilder, was hired to lead
6384-455: 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
6498-465: 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
6612-479: The bluff top and hundreds of houses and multi-family units, was reduced in scope to just over 100 home sites. As part of negotiations with the California Coastal Commission , the developer agreed to turn the bluff into a nature preserve and build over $ 11 million worth of public improvements to provide easier access to Strands Beach. The improvements include stairs, restrooms, a beach-front sidewalk and
6726-498: The city council at various business and ceremonial events, and executes all city ordinances, resolutions, and contracts. The mayor pro tem performs these duties in the absence of the mayor. As a legislative body, the city council is responsible for the enactment of local laws (ordinances), the adoption of the annual city budget and capital improvement program, and the review and adoption of proposed policies, agreements, contracts, and other city business items. The 2021 city council roster
6840-529: The coast". This area is designated California Historical Landmark #189. The Acjachemen village site of Toovannga was located near the present-day site of Dana Point Harbor . The village was located near the mouth of the San Juan Creek . The people lived in villages of around 250 people and stewarded the land into a thriving ecosystem. Each village was politically independent and established ties with other villages through marriage. The area of Dana Point
6954-458: 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
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#17330944289057068-484: The country and another 5,000 family and friends. The Dana Point Symphony presents classical music concerts with a 50-piece orchestra and local and international soloists. One of a few known specimens of the megamouth shark was caught off Dana Point in 1990. Visitors can visit the Ocean Institute at the harbor below the point and the tidal pools located nearby for a close-up view of marine life during low tide. With
7182-475: 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
7296-569: 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
7410-633: 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
7524-408: 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
7638-435: 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
7752-402: 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
7866-427: 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
7980-576: 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
8094-494: 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
8208-427: The festival drew 14,500 people per day and included food vendors and a storyteller stage where speakers give talks on issues that include environmental justice . This music festival-related article is a stub . You can help Misplaced Pages by expanding it . Dana Point, California Dana Point ( / ˌ d eɪ n ə -/ ) is a city located in southern Orange County, California , United States. The population
8322-503: 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
8436-501: 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
8550-599: 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
8664-519: 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,
8778-462: 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
8892-418: The kelp beds located just offshore, Dana Point is a popular destination for snorkelers, fisherman, and spearfishers. Juvenile great white sharks sometimes congregate in the area, but are rarely a threat to humans, mostly feeding on fish. The high cliffs at Dana Point are popular for scanning the horizon for whales, dolphins and other marine life. Dana Point is home to the longest running Festival of Whales in
9006-543: 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
9120-512: 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 ,
9234-414: 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
9348-475: The missions led to the formation of a revolt by tribal leader Cinquanto that was preemptively stopped by the Spanish. Dana Point was a popular port for ships involved with the hide trade with nearby Mission San Juan Capistrano . Trading reached its peak in the 1830s and 1840s. In 1818, Argentine sailor Hippolyte de Bouchard anchored there while conducting his raid on the mission. Richard Henry Dana then visited
9462-423: 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
9576-496: 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
9690-427: 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
9804-568: 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
9918-483: 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
10032-477: 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
10146-455: 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
10260-647: The population) lived in households, 160 (0.5%) lived in non-institutionalized group quarters, and 81 (0.2%) were institutionalized. There were 14,182 households, out of which 3,459 (24.4%) had children under the age of 18 living in them, 6,902 (48.7%) were opposite-sex married couples living together, 1,232 (8.7%) had a female householder with no husband present, 645 (4.5%) had a male householder with no wife present. There were 780 (5.5%) unmarried opposite-sex partnerships , and 137 (1.0%) same-sex married couples or partnerships . 4,012 households (28.3%) were made up of individuals, and 1,406 (9.9%) had someone living alone who
10374-415: The population) lived in owner-occupied housing units and 13,691 people (41.1%) lived in rental housing units. According to the 2010 United States Census, Dana Point had a median household income of $ 80,938, with 8.4% of the population living below the federal poverty line. As of the census of 2000, there were 35,110 people, 14,456 households, and 9,280 families residing in the city. The population density
10488-517: The project. In 1926, Woodruff, Chandler, and Sherman created the Dana Point Syndicate. They invited other investors, company presidents, movie producers, and real estate investors to join them in purchasing 1,388 acres (5.6 km ) of land, some of which includes the "Headlands" of today. Promising tree-lined and paved streets, electricity, telephones, sidewalks, water mains, storm drains, sewers, and other amenities, Woodruff built 35 homes and
10602-676: The properties had been sold to private parties. The Doheny family also funded the building of what was then called St. Edward's Chapel in Capistrano Beach. The chapel soon grew, received canonical status as a parish, and moved to its current bluff-top location in Dana Point, overlooking Doheny State Beach. In October 2022, the California Coastal Commission approved the Doheny Desalination Plant at Doheny State Beach capable of producing 5 to 15 million gallons of fresh water per day. Richard Henry Dana (the author of "Two Years Before
10716-434: 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
10830-471: 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
10944-659: 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
11058-778: 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
11172-579: The years, this project was abandoned in 1939. Subsequently, he sold the remaining holdings of the Dana Point Syndicate. Thirty-four of the original Woodruff residences are still occupied. The harbor, built in the 1960s and dedicated on July 31, 1971, is home to a marina, shops, and restaurants, and is a point of departure for the Catalina Express , a transportation service to and from the City of Avalon on Catalina Island. The entire harbor of Dana Point, including
11286-479: Was 33,107 at the 2020 census . It has one of the few harbors along the Orange County coast, and with ready access via State Route 1 , it is a popular local destination for surfing. The city was named after the headland of Dana Point, which was in turn named after Richard Henry Dana Jr. , author of Two Years Before the Mast , which included a description of the area. Dana described the locale, including neighboring San Juan Capistrano , as "the only romantic spot on
11400-400: Was 44.8 years. For every 100 females, there were 98.2 males. For every 100 females age 18 and over, there were 96.9 males. There were 15,938 housing units at an average density of 540.6 per square mile (208.7/km ), of which 8,314 (58.6%) were owner-occupied, and 5,868 (41.4%) were occupied by renters. The homeowner vacancy rate was 2.0%; the rental vacancy rate was 7.0%. 19,419 people (58.2% of
11514-490: Was 5,290.1 inhabitants per square mile (2,042.5/km ). There were 15,682 housing units at an average density of 2,362.8 per square mile (912.3/km ). The racial makeup of the city was 87.3% White , 0.8% Black or African American , 0.6% Native American , 2.5% Asian , 0.1% Pacific Islander , 5.9% from other races , and 2.8% from two or more races. 15.5% of the population were Hispanic or Latino of any race. There were 14,456 households, out of which 26.2% had children under
11628-419: Was 65 years of age or older. The average household size was 2.33. There were 8,779 families (61.9% of all households); the average family size was 2.85. The population was spread out, with 5,959 people (17.9%) under the age of 18, 2,522 people (7.6%) aged 18 to 24, 8,261 people (24.8%) aged 25 to 44, 10,927 people (32.8%) aged 45 to 64, and 5,682 people (17.0%) who were 65 years of age or older. The median age
11742-448: Was 76.4% non-Hispanic white, 0.9% black or African American, 0.7% Native American, 3.2% Asian, 0.1% Pacific Islander, 0.2% non-Hispanic of some other race, 3.2% reporting two or more races and 17.0% Hispanic or Latino. Mexicans made up 13.2% of the population. Dana Point has held a Festival of Whales since 1972. This celebration is held over two weekends in March. The Tall Ships Festival
11856-639: 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
11970-478: 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
12084-498: Was built in 1966. A breakwater now cuts through the heart of the once epic surf spot. In 1997, the surf group The Chantays recorded an instrumental track named "Killer Dana". According to the United States Census Bureau , the city has a total area of 29.5 square miles (76 km ). 6.5 square miles (17 km ) of it is land and 23.0 square miles (60 km ) of it (77.96%) is water. The Dana Point headlands are
12198-478: Was characterized by high rates of unemployment and poverty; drastic reductions in liquidity , industrial production, and trade; and widespread bank and business failures around 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
12312-474: 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
12426-426: 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
12540-491: 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
12654-446: 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
12768-523: 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 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
12882-464: 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
12996-552: Was to be the Dana Point Inn, a Mediterranean-like resort hotel on the cliffs overlooking the harbor. After a celebratory groundbreaking in 1930, a three-story foundation was poured and a 135-foot (41 m) shaft was dug for an elevator to transport hotel guests to and from the beach. The economic downturn of the Great Depression caused construction to halt, however. Although Woodruff continuously sought financial support through
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