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US History Q4-2

Ch 24 The Great Depression

--Stock Market Crash--Stock and Real Estate Speculation People wanted to purchase stock, but didn’t have enough money-so they took out loans-couldn’t pay them back
-- Stock Market Crash -- On Margin Purchases When people buy stock with loaned money
Black Friday Nickname of the Stock Market Crash
Cause of the Stock Market Crash The values of stocks went down and began to level off
--Stock Market Crash -- Margin Call When the banks asked their customers to pay off all of their loans-most could not repay the loans
--Causes of Great Depression-- Overproduction of "Durable Goods" Products that are meant to last-like ovens, refrigerators, toilets etc
--Causes of Great Depression-- Rise in "Business Inventories" Business Inventories:What is kept in storage
--Causes of Great Depression-- Bank Closings No insurance for banks- so they began to close
--Causes of Great Depression-- WW1 The world economy had become unstable-germany could not make reparations-Europe went into depression-US followed after
--Conditions in US-- "Unemployment" Became very high-as high as 20-50% in some cities
--Conditions in US--"Loans" Most were not repaid by people
--Conditions in US--"Sales" Went down-people had no extra money
--Conditions in US--"Banks" Were closing - no insurance
--Conditions in US--"Life in Cities" 1)No Jobs Available -- 2)No Food Available -- 3)No Land available
"Hands off Policy" aka Laissez Faire Policy President Herbert Hoover's policy on depression - did nothing to try to stop it
Trickle Down Theory Hoover gave money to the rich hoping it would reach the poor
Depression Relief Agencies Salvation Army, Good Will, YMCA & YWCA- all ran out of money
Bonus Army group of WWI veterans-marched to DC to ask for help-got nothing
Electrion of 1932 FDR: Roosevelt says he’ll try anything to stop the depression-so he is elected
The New Deal President Franklin Roosevelt’s plan for ending the depression
The Brain Trust FDR’s personal advisors-all college educated-help create the New Deal
The First 100 Days (FDR) Refers to the first 100 days of a president’s term in office, FDR passed more Federal legislative bills than anyone in history of US Presidents
--First 100 Days (New Deal)--Fireside Chats Nickname for FDR’s weekly radio addresses
--First 100 Days (New Deal)--CIvilian Conservation Corps (CCC) Created jobs for young unemployed men working in parks and forests
--First 100 Days (New Deal)--Civil Works Administration (CWA) Created jobs for unemployed men to build city buildings (libraries, schools etc.)
--First 100 Days (New Deal)--Federal Emergency Relief Act (FERA) Gov’t actually gave money to states to give directly to the poor
--First 100 Days (New Deal)--Tennessee Valley Authority Act (TVA) The gov’t gave money to states in the lower Mississippi valley to build dams-created new farm lands and hydroelectric power
--Helping the Banks -- Federal Deposit Insurance Company: (FDIC) Gov’t provided insurance for banks’ savings accounts
-- 2nd New Deal-- The Works Progress Administration(WPA): Gov’t created more jobs doing construction projects
-- 2nd New Deal--Wagner Act Created the National Labor Relations Board
-- 2nd New Deal--National Labor Relations Act Protected union workers-said they could not be fired or paid less
-- 2nd New Deal--Social Security Act Created a mandatory retirement plan and unemployment $
Deficit Spending (and Importance of) When the gov’t spends money it does not have-borrow from themselves or other countries (Importance:Created US' first national debt)
American Federation of Labor (AFL) :Labor union for only skilled workers
Congress of Industrial Organizations (CIO) Labor union for all industrial employees (skilled and unskilled)
AFL-CIO Unity Joined together and became very successful-still around today(includes most major unions)
The Dust Bowl What:Major drought-long time between rainfalls --- Where:Central US from Texas to the Dakotas
--Depression Entertainment-- Marx Brothers Motion picture comedy group of brothers-"Duck Soup"
--Depression Entertainment--Walt Disney Family entertainer-starts with comic strip-makes an animated movie-Mickey Mouse-other movies-theme parks-today
--Depression Entertainment--John Steinbeck Great American writer of the depression-Grapes of Wrath and Of Mice and Men
Created by: rford1