the great depression business failures

Although this radio message, given on July 24, 1933, addressed some of the problems and issues of the Great Depression, it also focused on what industry, employers, and workers could do to bring about economic recovery. Bank runs and panics happened across the country. Economy grew 8.9%. GDP during the Great Depression fell by nearly half. The familiar narrative of the Great Depression places banks among the institutions that suffered fallout from the crisis. Oct. 24:Black Thursdaykicked off thestock market crash of 1929. What Caused the Stock Market Crash of 1929. She is a financial therapist and transformational coach, with a special interest in helping women learn how to invest. READ MORE: What Caused the Stock Market Crash of 1929? The economy shrank 1.3%. Will the Next Stock Market Crash Cause a Recession? By 1929, a perfect storm of unlucky factors led to the start of the worst economic downturn in U.S. history. U.S. Library of Congress. The stock market crash did two things, explains Mary Eschelbach Hansen, a professor of economics at American University. Bank Failures . That added liquidity to cash-strapped banks. The banking system had been saved, even though it would take years for the economy itself to climb out of the deep hole of the Depression. Upon taking office, President Franklin Delano Roosevelt inherited an economy already in shambles. According to the Federal Reserve, the Depression was "the longest and deepest downturn in the history of the United States and the modern industrial economy." TheFederal Security Agencywas launched to administer Social Security, federal education funding, and food and drug safety. did too little to create jobs. It had a wealth effect on consumption (when peoples wealth falls, they consume less), and it also made consumers and firms pessimistic. Arne L. Kalleberg, Till M. von Wachter. Read our. Gabriel P. Mathy. That was the first time it exceeded 381.7, the record set onSept. 3, 1929. Germans were already burdened with financial reparations from World War I. But the Fed failed to do what it could and accumulated rather than lost gold reserves. The Smoot Hawley Tariff was a conspicuous political failure. By the end of the year, droughts covered 75%of the country and 27 states. Shortages of hard currency?. . How Much is U.S. Aid to Ukraine Costing You? Farm incomes, in particular, plunged in the years leading up to 1929, and others found their wages stagnant. Forty-eight dust storms pummeled Oklahoma and surrounding states. B. European markets were booming and the United States needed to keep up. June 6:Hoover signed the Revenue Act of 1932, which increased the top income tax rate to 63%. Learn how your comment data is processed. Choices and trade-offs must be made. TheEmergency Railroad Transportation Actcoordinated the national railway systems. August:The economic activity from the Roaring Twenties reached its peak. By 1933, dozen eggs cost only 13 cents, down from 50 cents in 1929. In their view, the Great Depression consisted of four consecutive depressions rolled into one. This paper examines the relation between bank failures and output by re-considering Bernanke's (1983) analysis of the Great Depression. Economic History of Warfare and State Formation. Those unemployed Americans couldnt keep spending, and the toxic downward spiral continued. Consumer prices fell 25%; wholesale prices plummeted 32%. A rapidly-contracting. The Evaluation of the Implementation of Fair Value Accounting: Impact on Financial Reporting., History.com. The topic of this lesson's featured document, Fireside Chat on the Purposes and Foundations of the Recovery Program, was the NRA. For the year, the economy shrank 3.3%. anti-capitalism, Franklin D. Roosevelt, isolationism, New Deal, protectionism, Robert Higgs, Smoot Hawley Tariff. Economists and historians will continue to debate the causes and consequences of the Great Depression, and as they make discoveries, they will refine their explanations. Thestock marketwould not return to its pre-crash high for the next 25 years. Q. Curb Market traders gesture with their hands to trade stocks, on Wall Street, New York City. June: The hottest summer on record began. For their part, legislators required banks to join the Federal Reserve system and approved the creation of deposit insurance, so that future bank failures couldnt wreak havoc on family savings. In 1938, FDR abolishedmark to market accounting. In ordinary times, banks count on the ability to borrow from other financial institutions, or from the Federal Reserve, to cover any unexpected shortfall in reserves if their customers start showing up in droves and demanding their deposits back. June:The government stopped repaying dollars with gold. Floor of the New York Stock Exchange during heavy trading, c. 1926. As stocks continued to fall during the early 1930s, businesses failed, and unemployment rose dramatically. U.S. Library of Congress. FDR Signs Emergency Relief Appropriation Act., National Park Service. But those high interest rates made it difficult for businesses to borrow money that they needed to survive, and many ended up closing their doors instead. At first, Hoover asked the American Red Cross to help. When prices eventually began falling, panic selling drove the market into a downward spiral. Since unemployment is a lagging indicator, it hadn't started to worsen yet. Typically, banks hold onto only a small percentage of all the money depositors entrust to them, and lend out the rest in search of a profit; thats how they make their money. ", The National Bureau of Economic Research. That was inappropriate. The Great Depression and the Great Recession: A View From Financial Markets, Journal of Monetary Economics. Effects of the 1929 Stock Market Crash: The Great Depression The Stock Market Crash of 1929 occurred on October 29, 1929, when Wall Street investors traded some 16 million shares on the New. U.S. Treasury Department. Erik Gellman and Margaret Rung. June: Hitler conquered France and bombedLondon. READ MORE: Why the Roaring Twenties Left Many Americans Poorer. Prices fell another 9.3%. In his book, The Way the World Works, Jude Wanniski makes a compelling argument that the 1929 crash was sparked by the debate over what became the Smoot-Hawley Tariff Act of 1930. According to a 2009 study, during the course of the crisis, life expectancy actually rose by 6.2 years. As we learned above, the FDIC backs up deposits so if your bank fails, the FDIC will pay back your money, up to their coverage limits. Light bulbs made it efficient for factory workers to work at night. Citizens lost their savings; businesses lost the money they needed to operate. "How a Different America Responded to the Great Depression.". In July, Congress authorized it to lend money to states for relief. TheNational Recovery Administration outlawed child labor, established a minimum wage, and limited the workdayto eight hours. Analysts warn this is only the beginning of the worst wave of small-business bankruptcies and closures since the Great Depression. March 20: The Government Economy Act cut government spending to finance the New Deal. On the top of it there is the money supply and credit given to businesses. Deflation set in as prices fell 6.4%. In total, CBO estimated that $6.6 billion of the $113 billion would be spent inFY 2022 and another $37.7 billion in FY 2023. Boom-and-bust cycles driven by monetary expansions have been common throughout history. Thousands of these farmers and other unemployed workers migrated to California in search of work. US Economic Crisis, Its History, and Warning Signs, Economic Depression, Its Causes, and How to Prevent It, The NBERs Business Cycle Dating Procedure: Frequently Asked Questions, Historical Highest Marginal Income Tax Rates. They aim to help safeguard the economy and prevent another depression. In total, FDR createdthe greatest percentage increase inU.S. debt by apresident. Examples are too numerous to discuss in detail here, so we will address only two of the more egregious cases, the Great Depression of the 1930s and the Savings and Loan (S&L) Crisis of the 1980s. One Midwestern woman, a farmer, made an overnight profit of $2,000 ($31,000 in todays dollars) betting on a car manufacturers stock. ", Federal Reserve History. As the value of the dollar rose, prices fell, which reduced revenue for businesses. The money supply fell by some 30%. Not to be outdone by Americans, Europeans retaliated with tariffs on American goods. The Great Depression was a worldwide economic crisis, deemed the worst of its kind in the 20 th century. Prior to the stock market crash, the Fed increased the money supply by some 50%, which contributed to wildly inflated stock market prices. Gross Domestic Product.. U.S. If government gives perverse incentives, the market provide perverse results. Protectionism in the Interwar Period.. Some workers that kept their jobs saw their wages fall, many others had to work lower paying jobs that they were often overqualified for. Some argue that the sizes of the U.S. national debt and the current account deficit could trigger an economic crisis. Unemployment rose to a record 24.9%. More bankruptcies followed. Shipment of gold coins, valued into six figures at the time, arriving from the depositors of the Empire Trust Co. His laissez-faire economic policies did little to stop the Depression. Click here for more facts about banks and bank failures during the Great Depression. As the U.S. mobilized the economy for the war effort, it raised production levels, lowered unemployment, and ultimately ended the Depression. The system of the gold standard, which linked other countries currencies to the U.S. dollar, played a major role in spreading the downturn internationally. The really unlucky thing was that all those factors combined in a sort of perfect economic storm, whose devastating effects had long-lasting repercussions. To soften the Depressions blow, Congress passed a sweeping tariff that raised import duties. While anything is possible, it's unlikely to happen again. A bank run would quickly put it out of business. It took work from millions of people of America. TheTennessee Valley Authority Act built power stations in the poorest area in the nation. FDR increased thedefense budgetand raised the top income tax rate to 81%. The Supreme Court declared theNational Industrial Recovery Act unconstitutional. The debt rose to $51 billion. In 2022, the U.S. government approved expenditures of $113 billion on aid to Ukraine. The drought continued, hitting eight Southern states the worst. TheGlass-Steagall Actseparated investment banking fromretail banking andcreated theFederal Deposit Insurance Corp. Historical Highest Marginal Income Tax Rates., Federal Reserve Bank of San Francisco. In fact, in the eyes of such luminaries as Ben Bernanke, an economic historian and former head of the Federal Reserve, the crisis was all about the banksfrom the central bank (the Fed itself), down to the smallest savings institutions. It lasted roughly a decade: from 1929, the year the stock market crashed, to 1939, when the US started mobilizing for World War II. Gustavo S. Cortes, Bryan Taylor, Marc D. Weidenmier. The causes of the Great Depression in the early 20th century in the United States have been extensively discussed by economists and remain a matter of active debate. Enter your email address to subscribe to the Econlib monthly newsletter. The Fed raised interest rates again to preserve the dollar's value. Profit Growth in Boom and Bust: The Great Recession and the Great Depression in Comparative Perspective," Industrial and Corporate Change. . The great severity of the banking crises in the Great Depression is well known to stu-dents of the period. That further restricted the availability of money for businesses. In the 1920s, nations bounced back from the disruption and destruction caused by World War I, with factories and farms producing again, Richardson notes. Dec. 7, 1941:Japan attacked Pearl Harbor. Heat Waves Throughout History., Weather Underground. Worried about budget deficits, Hoover returned the top income tax rate to 25%. "Dow JonesDJIA100 Year Historical Chart. Wall Street bankers bought stocks, so only 2%was lost by the time the market closed. The Great Depression caused many people to get a decrease in pay, lose their jobs, and business to collapse because of the worldwide economic downturn starting in 1929 in which the stock. Here are some of the things that historians and economists often point to as factors that combined to lead to the worst economic disaster in history. FDR began hissecond term. The Great Depression, a worldwide economic collapse that began in 1929 and lasted roughly a decade, was a disaster that touched the lives of millions of Americansfrom investors who saw their . TheFarm Tenancy Actprovided loans for tenant farmers to buy farms. Historical Timeline The 1920s., Bureau of Economic Analysis. The Great Depression affected all aspects of society. In the 2007-2009episode, very earlystarting in August 2007the Fed started taking a series of steps to try . That inability to work together at controlling problems meant that any one countrys efforts to control a downturn were less effective. The law raised U.S. tariffs by an average of 16 percent, in an effort to shield American factories from competition with foreign countries lower-priced goods. "Life and Death During the Great Depression.". Robert Higgs, of the Independent Institute, talks with EconTalk host Russ Roberts about the Great Depression, the New Deal, and the effect of World War II on the American economy. U.S. Federal Deposit Insurance Corporation. Polls taken in the 1930s showed strong support for the New Deal and its major government programs, interventions, and regulations. The Business Cycle Question 2. Will the Next Stock Market Crash Cause a Recession? But it's safe to say that a bunch of intertwined factors contributed. Instead, the New Deal and other policies enacted to fight the Depression prolonged it. The Dutch Tulip Mania is another such example. The severe economic decline began in 1929 when Herbert Hoover was the president. The Great Depression The stock market crash of October 29, 1929 (also known as Black Tuesday) provided a dramatic end to an era of unprecedented, and unprecedentedly lopsided, prosperity. Although the economy was improving, weaknesses in the banking system pulled it back down. In the fall of 1930, bank runs spread throughout the Southeastern United States. August:Texas experiencedrecord-breaking temperatures of 120 degrees. The Wagner-Steagall Act funded state-run public housing projects. Why did government intervention prove necessary during the Great Depression? The economy grew 10.8%in response to the New Deal Programs. It reads 'There's no way like the American way' and 'world's highest standard of living'. This led to the failures of affiliate banks in the next few days. It did that on Black Monday, October 28, 1929, when the Dow Jones average declined nearly 13 percent in one day. This level of broad approval for federal interventions has not stayed as high since the Depression era, however. Finally, 70% of small business owners fail in their 10th year in business. National Income and Product Accounts Tables: Table 1.1.5. That policy led to declining interest rates, which encouraged people to borrow and overinvest. Few countries were affected as severely as Canada. One Hundred Years of Price Change: The Consumer Price Index and The American Inflation Experience., U.S Bureau of Labor Statistics. He launched a third New Deal. As banks failed, it reduced the money supply because there was less credit available. Twice a week we compile our most fascinating features and deliver them straight to you. The Depressions pain was felt worldwide, leading to World War II. Suicide rates did increase during the highest period of unemployment, but this still accounted for less than 2% of deaths. This didnt occur due to the easy monetary policies of the young Fed.. document.getElementById( "ak_js" ).setAttribute( "value", ( new Date() ).getTime() ); This site uses Akismet to reduce spam. Erika Rasure is globally-recognized as a leading consumer economics subject matter expert, researcher, and educator. Stretching on for more than a decade, the Great Depression began with a stock market crash. READ MORE: How Did the Gold Standard Contribute to the Great Depression? Prices rose 3.0%. One of the causes of the crash was the Federal Reserve's monetary inflation policies (increasing the money supply leading to a decrease in interest rates for loans) during the . In all, 9,000 banks failed--taking with them $7 billion in depositors' assets. In the late 1920s, banks ran amokabandoning conservative standards to free up capital for risky investments. August:The Social Security Actprovided income tothe elderly, the blind, the disabled, and children in low-income families. Only one-third of the nation's 24,000 banks belonged to the Federal Reserve banking system. Instead, higher taxes worsened the depression. The response to the Great Depression combined political, fiscal, and monetary failure in a way that made the Depression longer rather than shorter. On 8 May 1931 the Credit-Anstalt informed the Austrian government and the national bank that its balance sheet of 1930 showed a loss of AS 140 million, 85 per cent of its equity. Policy makers then managed to make things worse. From 1929 to 1932 the U.S. gross domestic product was nearly cut in half, dramatically decreasing from $104.6 billion to $57.2 billion, partly due to deflation. That caused hyperinflation. So he set out to implement the New Deal, a sweeping array of programs to stabilize the economy and help Americans recover from the economic devastation. World War II brought the boom needed to fully break the U.S. out of the Depression. Yeva Nersisyan, L. Randall Wray. Prices fell 2.8%. There are better safeguards in place to protect against catastrophe, and developments in monetary policy help manage the economy. The latter doesnt follow from the former. All Rights Reserved. The unemployment rate reached a peak of 25% in 1933. May 20:TheRural Electrification Acthelped farms to generate electricity for their areas. Thats one reason why so many ordinary Americans were fleeced by con artists who sold them on shady schemes, from Florida swampland and nonexistent oil deposits to the notion of buying Spanish mail coupons and redeeming them for U.S. stamps to profit on the weaker Spanish currency. It was the true start of the Great Depression. Monetary policy during the early years of the Depression failed on both counts. Using the NBER business cycle . One Hundred Years of Price Change: The Consumer Price Index and The American Inflation Experience, Clashing Economic Interests, Past and Present: A Comprehensive Account of American Trade Policy, Hyperinflation, Depression, and The Rise of Adolf Hitler, U.S. History Primary Source Timeline The Dust Bowl, Financial Factors and the Propagation of the Great Depression, U.S. History Primary Source Timeline President Franklin Delano Roosevelt and the New Deal, New Deal Programs: Selected Library of Congress Resources, Hysteresis and Persistent Long-Term Unemployment: The American Beveridge Curve of the Great Depression and World War II, The Great Depression and the Great Recession: A View From Financial Markets, Profit Growth in Boom and Bust: The Great Recession and the Great Depression in Comparative Perspective, Life and Death During the Great Depression, CDC Study Finds Suicide Rates Rise and Fall with Economy, How a Different America Responded to the Great Depression. But the bubble eventually had to burst. From the New York Public Library. That started a period of catastrophic declines that destroyed almost half of the Dows value in a single month. Trade protectionists in Congress enacted the Smoot-Hawley Act, which was written in early 1929, while the economy still seemed to be going strong. Businesses couldnt get access to capital, and closed their doors, throwing millions of Americans out of work. Generations of students learned that the. Others argue that the trigger was the Feds tightening of the money supply. Quality of life was certainly affected, but this didn't necessarily seem to correlate with more deaths. To soften the Depressions blow, Congress passed a sweeping tariff that raised import duties. Ironically, once banks started to try to correct their missteps, they made the problem worse. Diesel engines were used in the production of airplanes. Wages and the Fair Labor Standards Act., Federal Reserve History. The banks also funded the speculation itself, providing the money that individual investors needed to buy stocks on margin. By Art Carden, WATCH: Full Episodes of The Titans That Built America online now. The launch of. The act changed goldprice history. By 1932, one of every four workers was unemployed. Daniel Rathburn is an associate editor at The Balance. Photo by Dorothea Lange/Library Of Congress/Getty Images, History of Recessions in the United States, New Deal Summary, Programs, Policies, and Its Success, Recession vs. Depression: How To Tell the Difference, 9 Principal Effects of the Great Depression, The Great Depression: What Happened, What Caused It, and How It Ended, President Herbert Hoover's Economic Policies. 2023 A&E Television Networks, LLC. Remarks on Signing Executive Order Creating Civil Works Administration., Ohio History Central. When the stock market crashed, investors turned to the currency markets. Prior to the crash, soaring stock prices led investors to believe that buying shares was a surefire way to get rich quick. As a result,international trade began to collapse. Using survey results, financial data, and the pattern of investment in the 1930s, Higgs argues that New Deal policies created a climate of uncertainty that prolonged the Great Depression. The Federal Reserves response was a conspicuous monetary failure. The economy began growing again in 1938, but unemployment remained higher than 10% until 1941. Should the Dangers of Deflation be Dismissed? Journal of Macroeconomics. FDR raised the top tax rate to 79%. June:The economy started to grow again. The Great Depression. "Great Depression and World War II, 1929 to 1945: Overview. In the '30s, the Fed more or less let the banking system collapse, allowed the money supply to collapse and allowed the price level to fall. On the surface, everything was hunky-dory in the summer of 1929. The New Deal was a conspicuous fiscal failure. FDR created the FederalSurplus Relief Corporation to use excess farm output to feed the poor. TheFarm Security Administrationreplaced the Resettlement Administration. By December 1930, banks were failing at an unprecedented rate. Jan. 30: The Gold Reserve Act prohibited private ownership of gold and doubled its price. The Great Recession, a sharp economic downturn that begun in 2008, brought high unemployment, increased business failures, and an overall drop in living standards. "The Great Depression. Barry Eichengreen, Donghyun Park, Kwanho Shin. Short term cause of the Great Depression October 29,1929, Black Tuesday, value stocks fell, which caused panic & sell stocks, stocks bought on margin left many with no stock and owing money to investors Hoovervilles Homeless villages created by the poor made of recycled objects- cardboard tents. Instead, the Fed allowed the total supply of U.S. dollars to fall by a third. The debt grew to $58 billion. Speculators began trading in their dollars for gold in September 1931. That the Depression was prolonged by government failure doesnt imply that the Depression wasnt also caused by government failure. Nov. 23:The stock market hitbottom and began trading sideways. FDR launched moreprograms focused on the poor, the unemployed, and farmers. July 21:Hoover created the Department of Veterans Affairs. Oct. 25-26:Stocks gained 1%on Friday but lost 1% during a half-day of trading on Saturday. That meant each dollar was worth more. Unemployment fell to 20.1%. They were designed to create jobs, allow unionization, and provide unemployment insurance. July:TheNational Labor Relations Act/Wagner Act protectedworkers' rights and created the National Labor Relations Board. There is no one reason why the economy slipped into the Great Depression. It was the first of what later was called theDust Bowl drought, the worst in 300 years. It wasnt until the stock market crashed and fearful Americans flocked to banks to demand their cashso they could stow it under the mattress or use it to offset their massive stock market lossesthat banks realized what theyd done. By the time the Fed slammed on the brakes by raising interest rates in 1929, it was too late to stem the crash, or the fallout on the banks. When the crises began, over 8,000 commercial banks belonged to the Federal Reserve System, but nearly 16,000 did not. Wall Street clerks working long hours computing gains and losses, c. 1929. The Great Depression Lesson About 'Trade Wars'. As the crisis worsened, Congress appropriated $65 million for seed, feed, and food boxes. It used tight monetary policies when it should have done the opposite. During the 20s, there was an average of 70 banks failing each year nationally. The panic had both domestic and foreign origins. The Great Heat Wave of 1936; Hottest Summer in U.S. on Record., History.com. Whilst it had fuelled the mass consumption in the 1920s, by the end of the decade, demand could not keep up with production. Americans wasted resources producing what they used to import domestically. April 15:Black Sundaywas the worst dust storm ever. Question: How did bank failures affect business? By 1933, the wave of bank failures was stemmed by the decision of the newly elected president, Franklin D. Roosevelt, to declare a four-day banking holiday while Congress debated and passed the Emergency Banking Act, which formed the basis of the 1933 Banking Act, or Glass-Steagall Act. That created a run on the dollar. Mass production was a cause of both boom and bust. The Fed did not increase the supply of money to combat deflation. It sounds kind of geeky, but one of the ways that banks contribute to the health of the economyand help avoid catastrophes like the Great Depressionis to manage their cash reserves. We find little indication that bank failures exerted a substantial or sustained impact on output during this period. Overproduction. Over the next four trading days, the Dow Jones Industrial Average, a popular proxy for the U.S. stock market, fell nearly 25%. The war had eliminated a lot of the cooperation between nations that was required to run the international financial system, Richardson says. A few statistics make the point. Stock Market Crash Of 1929: A severe downturn in equity prices that occurred in October of 1929 in the United States, and which marked the end of the "Roaring Twenties." The crash of 1929 did not . They kept borrowing and spending even as business inventories soared (300 percent between 1928 and 1929 alone) and Americans wages stagnated. Banks failedbetween a third and half of all U.S. financial institutions collapsed, wiping out the lifetime savings of millions of Americans. The Great Depression mostly affected cities, farms, Hoovervilles, and the Dust Bowl. Jeffrey A. Miron Department of Economics Harvard University Cambridge, MA 02138 and NBER In 1943, it added another $64 billion. September:Bank failures slowed, construction contracts increased 30%, and department store sales rose 8%. But if you see something that doesn't look right, click here to contact us! As bank after bank collapsed, it wasnt just savings that were lost, but information: Surviving institutions had no way to gauge which companies or individuals were good credit risks. As Anna Schwartz and Milton Friedman would later explain, monetary mismanagement turned what might have been an ordinary recession into a Great Depression. November: FDR convinced Congress to repeal the U.S. military arms embargo to France and Britain. Americans wasted resources producing what they used to import domestically. The crowds on Wall Street, New York, after the stock exchange crashed. When the bubble burst in spectacular fashion in October 1929, many economists, including John Kenneth Galbraith, author of The Great Crash 1929, blamed the worldwide, decade-long Great. Read This Soil Conservation and Domestic Allotment Act., PBS. FDRcutspending to reduce the debt. Efforts to control prices and centrally plan production, however, , the New Deals challenge to established property rights created. Franklin D. Roosevelts New Deal was an economic recovery plan that instituted programs for relief and reform. Thatcutback in New Deal spending pushed the economy back into the Depression. October:Germany sank a U.S. Navy destroyer. History of FCA., Cornell Law School. As a result, The Federal Reserve did not help matters. After that, it started to contract. They got the stock market to come down, Richardson explains. The economy started to shrink in August 1929, months before the stock market crash in October of that year. Hyperinflation, Depression, and The Rise of Adolf Hitler," Economic Affairs. As crops failed, farmers could not produce enough to eat. Many of the small banks had lent large portions of their assets for stock market speculation and were virtually put out of business overnight when the market crashed. What market failures supposedly caused the great depression? While that consumption created a lot of wealth for business owners, it also made them vulnerable to sudden shifts in consumer confidence. U.S. Bureau of Labor Statistics. But the manufacturing sector adapted to peacetime conditions faster than. The Great Depression was the worst economic period in US history. Overall, death rates did not increase during the Depression. Louisiana experienced record temperatures. The Securities and Exchange Commissionregulated the stock market. HISTORY reviews and updates its content regularly to ensure it is complete and accurate.

Hotel Jobs In South Korea For Foreigners, St Louis Classic Gymnastics Meet 2022, Bishop Dubourg High School Closing, Rollins Lake Fishing Spots, Articles T