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98-684: On May 1, 1917, the first, wooden, bridge opened between Cocoa, Florida , and Merritt Island, Florida , across the Indian River . Soon after this bridge was built, two ideas for a new bridge connecting Merritt Island and Cocoa Beach over the Banana River began circulating. On September 27, 1919, the first route was approved. The bridge was completed April 19, 1922, after running into financial problems and costing an additional $ 200,000. The present day alignment, from west to east, based upon this description The narrow lane draw bridge crossed

196-634: 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,

294-418: 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

392-604: 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

490-467: 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

588-645: A high school education or higher. Tourism is high in the downtown historic business district. Cruise passenger tourists come from Port Canaveral on excursions or day trips. In addition, tourists are attracted to the historic sites and local attractions such as the Brevard Museum of History & Natural Science , the Eastern Florida State College Planetarium and Observatory , Historic Cocoa Village, Indian River Queen (excursion boat), Indian River Drive scenic by-pass,

686-600: 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

784-402: 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

882-567: 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

980-525: A single wider lane in each direction. Two draw bridges, one on each river, and a few relief bridges made up the causeway. The original wooden bridges were torn up shortly afterwards. Today, the name Banana River Bridge refers to the eastern causeway of the Emory L. Bennett Causeway , a part of SR 528 . Traffic problems were growing worse in the 1960s, and the county appealed to then Vice President Hubert H. Humphrey for relief. Vice President spoke to NASA and

1078-480: 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

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1176-713: 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

1274-658: 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

1372-493: 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

1470-745: Is surrounded by historic buildings and the Cocoa Riverfront Park. The Florida Historical Society is headquartered in the historic Cocoa Post Office, originally built in 1939 by the Works Progress Administration . The area was revitalized by funding for public infrastructure through the Cocoa Redevelopment Agency, City and private investment. Cocoa Village is also home to the Historic Cocoa Village Playhouse which

1568-743: The South Wind (both via Birmingham ) and the New York -bound East Coast Champion , Havana Special, and Miamian from the Florida East Coast Railway's Cocoa-Rockledge station. Into the latter 1950s, passengers could take the Dixie Flagler to Chicago via Atlanta from the station. All passenger trains along the FEC were suspended in 1963 due to a strike. The FEC resumed local passenger service between Jacksonville and

1666-539: 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

1764-483: The Aladdin Theater , Historic Porcher House, and Riverfront Park. Historic Cocoa Village has shopping and two Golden Spoon award-winning restaurants, and boutiques. The city sponsors more than 50 special events each year. The historic downtown area is called Cocoa Village, situated along Florida Avenue to Stone Street, and stretching to Riverfront Park along the Indian River . It has shops and restaurants, and

1862-768: The Banana River near Old Causeway Road on Horti Point. The present day Minuteman Causeway Boulevard in Cocoa Beach, and Old Causeway Road in Angel City are the remaining ends of the Merritt Island Causeway. The bridge system composed of the Indian River Bridge and the Banana River Bridge lasted another 18 years, when growth caught up with the bridge system. On June 5, 1941, the present day alignment of SR 520 opened with

1960-582: 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

2058-670: The United States Census Bureau , the city has a total area of 15.4 square miles (39.9 km ). 13.3 square miles (34.5 km ) of it is land and 2.1 square miles (5.4 km ) of it (13.46%) is water. Cocoa is home to the highest point in Brevard County , listed by the USGS as being 83 feet (25 m) above sea level at its apex . The Cocoa Bird Count has annually counted species of birds in or near Cocoa since 1950. In 2010, it counted 150 species. There

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2156-539: 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,

2254-474: 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

2352-447: 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

2450-813: 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

2548-591: The Cocoa High School football team was ranked 13th in the State of Florida and 1st in the county and had a 35-game winning streak against other Brevard County schools. 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

2646-530: 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

2744-521: 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

2842-489: 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

2940-442: 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

3038-642: 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

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3136-589: The Indian River. It was said, the sailors approaching her house would yell out "Cocoa! Cocoa!" alerting the woman that they were present and wanted the beverage. In 1885, the S. F. Travis Hardware store opened. As of 2023, the business remains open. Cocoa's business district was mostly destroyed by fire in 1890. But soon, significant development was stimulated by the extension of the Jacksonville, St. Augustine, and Indian River Railway to Cocoa. The city

3234-602: The Mayor as chairman. The City Manager serves as the Chief Executive. The City Council for the City of Cocoa is made up of five members; the Mayor is elected at large and the four council members are elected by each of their districts. In 2007, the city had a taxable real estate base of $ 1.18 billion. Cocoa has its own police and fire department. The Cocoa Police Department is the primary law enforcement agency within

3332-692: The Miami area from 1965 until July 31, 1968. Brightline is an inter-city rail route that currently runs between Miami and Orlando . On March 12, 2024, Brightline officials confirmed that an infill station on the Space Coast would be built in Cocoa . Space Coast Area Transit operates a public bus service in Cocoa and vicinity. Since 1957, Cocoa has supplied the communities of central Brevard County with potable water. Cocoa made major investments in

3430-481: 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

3528-544: 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

3626-576: The U.S. Air Force and they agreed to help fund the widening. On August 16, 1962, the road widening was completed. Less than six years later the Hubert H. Humphrey Bridge was dedicated by Hubert H. Humphrey on March 1, 1968. At nearly the same time there were proposals for additional bridges in the area. Cocoa Avenue (now Minuteman Causeway) was proposed to cross to Merritt Island over the Minuteman Causeway. Its route would have taken it along

3724-490: 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

3822-685: 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

3920-543: 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

4018-405: 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

Merritt Island Causeway - Misplaced Pages Continue

4116-465: 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

4214-534: The city. It is aided by the Brevard County Sheriff's Office, for court and civil process. The Cocoa Fire Department has three stations. Brevard County Fire Rescue also has a station within the city limits. In 2021, the city had an authorized police force of 72 police officers and 44 firefighters. Cocoa is located at 28°22′10″N 80°44′38″W  /  28.369334°N 80.743779°W  / 28.369334; -80.743779 . According to

4312-447: The city. The population density was 2,200.3 inhabitants per square mile (849.5/km ). There were 8,064 housing units at an average density of 1,081.1 units per square mile (417.4 units/km ). The racial makeup of the city was 62.47% White , 32.28% African American , 0.63% Native American , 0.94% Asian , 0.23% Pacific Islander , 1.58% from other races , and 1.87% from two or more races. Hispanic or Latino of any race were 4.93% of

4410-462: 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

4508-471: The county government. Clearlake Middle School was closed in 2013. Students were moved to Cocoa High School , which was converted to a junior and senior high school. Cocoa first approved the Council-Manager form of government in 1959, and subsequent changes to the state statutes mirrored the City of Cocoa's Council-Manager Plan. The City Council serves as the board of directors for the city, with

4606-475: 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

4704-625: 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

4802-633: 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

4900-408: 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

4998-435: 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

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5096-402: 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

5194-427: 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

5292-576: 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

5390-500: 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

5488-503: 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

5586-505: 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

5684-606: 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

5782-519: 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,

5880-800: The iconic American flags. The Houston Astros held spring training in Cocoa from 1964 through 1984, and the Florida Marlins trained in Cocoa in 1993. Cocoa Stadium was also the long-time home of the Florida State League Cocoa Astros . In 2009, the Space Coast Surge, a member of the Florida Winter Baseball League , had Cocoa Stadium as its home stadium. The league suspended operations in November 2009. Cocoa High School has numerous state champion athletic teams. In 2015,

5978-527: 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

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6076-563: 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

6174-521: 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 ,

6272-538: The mayor of Cocoa proclaimed that all places of assembly, including schools, churches, and movies be closed to avoid spreading the Spanish flu . By 1925, the population was estimated at 1,800. By 1930, despite the Great Depression , the population had risen to 2,200. The population rose dramatically following the development of the space industry, quadrupling from 3,098 in 1940 to 12,244 in 1960. Cocoa and

6370-414: 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

6468-423: 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

6566-502: 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

6664-427: 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

6762-582: 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

6860-592: The old Banana River Bridge. The idea was formally denied on February 26, 1970, by the State of Florida. Widening projects continue, and the eastern draw bridge has been removed from the causeway. Cocoa, Florida Cocoa is a city in Brevard County , Florida . The population was 19,041 at the 2020 United States Census , up from 17,140 at the 2010 census. It is part of the Palm Bay – Melbourne – Titusville Metropolitan Statistical Area . Several stories circulate among Cocoa old timers as to how

6958-483: 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

7056-480: 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

7154-459: 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

7252-405: The population. In 2000, there were 6,939 households, out of which 28.4% had children under the age of 18 living with them, 37.0% were married couples living together, 19.2% had a female householder with no husband present, and 39.0% were non-families. 32.0% of all households were made up of individuals, and 11.5% had someone living alone who was 65 years of age or older. The average household size

7350-434: 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

7448-478: The summer. Daily flows average 25 mgd. The Dyal WTP is unusual for Central Florida because it is capable of treating both ground and surface water. The flag was originally painted on the water tower free of charge by a Greek immigrant. He wanted to decorate the tower in time for the United States Bicentennial celebration in 1976. In 2014, the City re-furbished and re-painted the tower with

7546-481: The surrounding area also became integrated with the tourist industry for the first time, as thousands visited the area to witness the launches from Cape Canaveral . By 1980, the population had grown to 16,096. Education was segregated until the 1960s, at which time Monroe High School and elementary schools for black students were closed. In 1964, the Cocoa Expo Sports Center (Cocoa Stadium)

7644-451: The town got its name. One story says that the mail used to come by river boat and was placed in an empty tin box labeled Baker's Cocoa. The box was nailed to a piling in the river next to downtown. Additionally, an early hotel in the area, located on the Indian River lagoon, was named Cocoa House. Another story speaks of an elderly African American woman who lived on the banks of the Indian River. She would supply hot cocoa to sailors traversing

7742-435: The two largest industries by employment in Cocoa as of 2017. In 2008, Kel-Tec CNC Industries, located in Cocoa, was the third-largest manufacturer of pistols in the United States. Cocoa has 1,381 registered businesses that include light manufacturing and industrial, retail and office businesses as of 2017. Cocoa hosts one of the facilities building SpaceX Starship . In 2017, 9,633 persons were employed, with 84% having

7840-452: The water supply and treatment facilities needed to produce a sub-regional water system. In 2017, Cocoa provided an average of 23,000,000 US gallons (87,000,000 L; 19,000,000 imp gal) of water daily to over 80,000 customers (250,000 people) in Cocoa, Rockledge, Port St. John, Merritt Island, Cape Canaveral, Cocoa Beach, Suntree/Viera, Patrick Air Force Base, Kennedy Space Center and Port Canaveral. Cocoa's water system includes

7938-778: The wellfield and raw water collection system, Wewahootee Water Treatment Plant, transmission mains, and the Dyal Water Treatment Plant (WTP). Cocoa's drinking water sources include the Floridian Aquifer, Intermediate Aquifer, Taylor Creek Reservoir, and Aquifer Storage and Recovery (ASR) wells. All of these facilities are located in east Orange County. A distribution system and storage pumping facilities are located in Brevard County. The Dyal WTP processes about nine billion gallons per year, with peak flows reaching 38 million gallons per day (mgd) during

8036-476: 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

8134-673: 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

8232-493: 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

8330-778: 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

8428-470: Was 2.35 and the average family size was 2.97. In 2000, in the city, the population was distributed as follows: 26.4% under the age of 18, 8.6% from 18 to 24, 29.1% from 25 to 44, 21.6% from 45 to 64, and 14.3% who were 65 years of age or older. The median age was 36 years. For every 100 females, there were 90.5 males. For every 100 females age 18 and over, there were 86.4 males. According to 2020 United States Census data: Construction and retail trade are

8526-658: 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

8624-478: 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

8722-500: 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

8820-429: Was an annual "Christmas Bird Count" before this, starting in 1900. As of the 2020 United States census , there were 19,041 people, 8,062 households, and 4,550, families residing in the city. As of the 2010 United States census , there were 17,140 people, 7,429 households, and 4,480 families residing in the city. As of the census of 2000, there were 16,412 people, 6,939 households, and 4,232 families residing in

8918-649: Was built for the Colt 45s spring baseball training and Grapefruit League games. The team later became the Houston Astros . In the early 1980s, the city attempted to upgrade the stadium by asking the Astros to pay for needed repairs. In 1985, the team responded by moving its training to Osceola County Stadium in Kissimmee . As a result, it was decided that future negotiations with major league teams would be done by

9016-399: Was chartered on October 1, 1895. In the winter of 1894–1895, Cocoa had an economic setback when the " Great Freeze " destroyed the citrus crop and forced many citrus workers to seek new jobs. By 1903, the population of Cocoa had declined to 382. In the 1910s, population growth in Cocoa accelerated. The state business directory of 1911–1912 stated the population was 550. In October 1918,

9114-474: 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

9212-426: 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

9310-500: 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

9408-446: 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

9506-520: Was originally called, The Aladdin Theatre. The city area has the following educational institutions: Higher education: Public school system: Private schools: All are at least four-lane roads, unless otherwise designated. The Florida East Coast Railway runs through Cocoa. Into the early 1960s, passengers could take one of two Chicago -bound trains (on alternating days), the City of Miami or

9604-470: 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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