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History (1930's)

The Great Depression

The stock market had become a... national mania. Everyone was trying to get rich quickly
stock exchange an organized system for buying and selling shares in corporations.
The stock market BOOM stock market was going so high, so fast, many people invested heavily in it.
What is buying on margin? Why is it dangerous? buying a margin-paying only a fraction of the stock price and borrowing the rest from their brokers, who borrowed money from banks. If stock prices fell, investors and brokers would not have enough cash to pay off the loans.
nervous stock sellers? investors sold their stocks in sept fearing the boom market would end>stock prices fell. On Oct 21, prices plunged for 3 straight days. Panicked traders sold 13 million shares on Oct 24 (Black Thursday)
Tuesday, October 29, 1929 The selling pressure was coming from everywhere. People were frantic with orders to sell. The NY exchange closed for a few days to prevent more panic selling.
The Great Depression severe economic crisis in which total economic output dropped from $104 billion (1929) to $58 billion (1932)
what caused the great depression? (3 answers) 1. overproduction-factories make too much stuff and aren't selling enough>lose money. Factories lay off workers>people have no $>people don't buy. 2.75% Americans in poverty; Rich doing well. 3. People bought lots of credit + couldn't pay back
what caused the GD?(4-7) 4. banks invested heavily in stock>market fell=banks lost $>no $=no loans 5. thousands of banks closed 6. people lost all savings when banks closed 7.banks stopped making loans to foreign countries (US was the world's bank) no $=no buy our stuff
what caused the GD?(8-10) 8. high tariffs (Hawley Smoot) -no sell/buy our stuff overseas 9. 25% unemployed>depressed people 10. stock market crash
Hoovervilles shantytowns
Herbert Hoover orphaned at age 9, was in the first class of stanford>became and engineer. When he was 21 he was a multi-millionaire.
quakerism quakerisms believed that every individual has a relationship with God. They didn't need priests or churches. They just sat quietly and did everything themselves. They believed in the power of the individual.
rugged individuals do it yourself. Everything is your responsibility.
bonus army congress agreed to give the veterans of WWI a bonus in 1945 in 1924. Jobless veterans wanted it right away. 1932: they formed the bonus army and demanded money. congress refused to pay. police tried to disband their camp.Hoover called army>Americans mad
What did FDR pledge to the nation? to get America out of GD
March 4, 1933 FDR's inauguration
2 things FDR immediately did to restore people's confidence? -Emergency bank relief act:closed banks for 4 days to stop the panic -fireside chats: he directly communicated with the citizens while sitting next to a fireplace in the white house.
The New Deal? New deal laws and regulations affected banking, the stock market, industry, agriculture, public works, relief for the poor, and conservation of resources.
CCC Civilian conservation corps: they dealt with outdoor stuff and employed 3 million.
FERA Federal Emergency Relief Administration: gave money to states for use in helping people in need.
AAA Agricultural Adjustment Act: raised farm prices quickly and controlled production so farm prices would stay up. They had to pay farmers to throw out crops and food.
TVA Tennessee Valley Authority:aimed to control flooding, promote conservation, and BRING ELECTRICITY TO RURAL AREAS ALONG THE TENNESSEE RIVER
NIRA National Industrial Recovery Act: boosted the economy by helping business regulate itself.
NRA National Recovery Administration: encouraged businesses to set a minimum wage and abolish child labor.
PWA Public Works Administration: stimulated the economy through the building of huge public works projects.
FDIC Federal deposit insurance corporations: insured bank deposits. $ placed in a bank would not be lost if bank failed.
SEC Securities exchange commission: had the power to punish dishonest stockbrokers/speculators.
How did the ND work as a whole? It helped but not completely
women -many thought that women should not work while men were unemployed. -women made their own clothes + baked their own bread to save money. -Frances Perkins>first women to serve in the cabinet -Eleanor Roosevelt campaigned vigorously for people in need
Dust Bowl Kansas, Oklahoma, Texas, Colorado, New Mexico. Farmers cleared acres of sod for wheat farming, when crops failed, nothing held down soil. Black blizzards occured. Famers became migrant workers in CA.
African Americans moved to Northern cities. NAACP-national Assoc. for the Advancement of Colored People: lessened discrimination in the labor movement; blacks joined labor unions. Black cabinet: Mary McLeod Bethune.
Native Americans Indian Reorganization Act (1934): restored traditional tribal government and provided $ for enlarging reservations
Latinos resentment against Latinos grew b/c they were taking jobs. Many demanded they leave the US. The govt. encouraged them to leave by giving them train tickets to Mexico.
Radicals supported extreme and immediate change.
art trends during the GD? -escapism:light or romantic entertainment that helped people forget their problems -social criticism: portraits of the injustice and suffering of America
FDR and conservatives? accused FDR of spending too much money. They saw the govt's expansion of power as a threat to individual liberty.
FDR and liberals? thought he wasn't doing enough. 3 men (Coughlin, Townsend, and Long) did schemes to help the average american
Revenue Act of 1935 raised taxes on wealthy people and corporations
Second New Deal 1935: a new set of programs and reforms, did more than the Hundred days
WPA works progress administration: gave people jobs and helped the country. WRITERS FOUND SLAVES AND WROTE THEIR STORIES. built airports, bridges, and roads.
Social Security Act 1935: created a tax on employers and workers which provided pensions for retired people, created employment insurance payments for jobless people, and helped people with disabilities.
Labor Fair Labor Standards Act(Wagner Act): made child labor illegal and set up minimum wage
FDR and the supreme court supreme court began to declare new deal legislation unconstitutional.. IN 1935
court packing He increased the court justices from 9 to 15 filling in with 6 people who would uphold the new deal
end of new deal WWI
Created by: Simba912