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LD SS Great Depress

LD SS Great Depression DBQ - Chapter 25

TermDefinition
CAUSES OF GREAT DEPRESSION Republican economic policies, Real Estate & Stock Speculation, Stock Market Crash & Bank Failures, Overproduction, Decline of Farming Industry, & Unequal wealth distribution
PRESIDENT HOOVER Republican who instituted the Economic Policies
REPUBLICAN ECONOMIC POLICIES Pro-business policies, trickle-down economics, & didn't work
TRICKLE DOWN ECONOMICS Give tax cuts to wealthy in hopes that they will reinvest $$ and property and that will trickle down to the lower classes
DIDN'T WORK Only increased the gap between rich and poor
SPECULATION Making a risky investment to make a quick, large profit
REAL ESTATE SPECULATION Many people invested in California and Florida in hopes of making a quick profit. This cause people to stop moving West and many fraudulent schemes were created
STOCK SPECULATION Many investors speculated that stock prices would keep rising & invested life savings in them. Buying on a Margin
BUYING ON MARGIN People bought stocks with borrowed money (like buying on credit); banks took stocks as collateral.
STOCK MARKET CRASH Oct. 1929 - Many predicted that stock prices were bound to fall because they couldn't go up indefinitely. Many investors panicked and sold their investments which caused stock prices to fall.
BANK FAILURES Many closed due to little government regulation ("Laissez Fair"); Many had used depositors $$ to invest in stock market; lost depositors $$. 25% of them closed. Today we have the FDIC.
FDIC Federal Depositors Insurance Corporation
OVERPRODUCTION During the 1920's, demand for goods increased, higher consumer demand, higher wages, & new technology. By 1929, demand for goods decreased & people could no longer afford goods (led to decreased prices). The Supply was greater than Demand.
DECLINE OF FARMING INDUSTRY During WWI, farmers borrowed $$ from banks to buy new equipment. As demand for farm products decreased, especially overseas, famers could no longer repay loans.
DUST BOWL Farmers in the Mid-West and Southwest US were hit with a drought and turned the soil into powder. Millions lost farms and headed West.
UNEQUAL WEALTH DISTRIBUTION In 1929, 1% of the American population possessed over 59% of the country's wealth. Over 60% of families lived at or below poverty level. Income for the rich rose about 75% while the income for the average American only rose 9%.
UNEMPLOYMENT Many lost their $ in banks, 1933 25% of workers were out of work, millions were only working PT, black employees were replaced by newly unemployed white employees, minorities lost their jobs 1st, & 34 million belonged to families with no FT worker.
HOMELESSNESS Many lived in crowded, unheated tenements with other families to save $, others slept in doorways & park benches, 100s of women slept in Chicago's Lincoln parks, hundreds lived in sewer pipe city, families cooked & ate in same room, & "Hoovervilles"
NEW DEAL Franklin D. Roosevelt (FDR) - the federal government would assume responsibility for the welfare of the American people
FRANKLIN D. ROOSEVELT Liberal Democrat; whose policies were directed at helping the poor and needy
BANK HOLIDAY Temporary shut-down of every bank in the US to prevent the public from fearfully withdrawing all of its savings.
FIRST HUNDRED DAYS A record number of laws were passed
SUMMER OF 1933 3/4s of banks were back in business & $1 billion worth of deposits had been returned to banks.
SUCCESS OF NEW DEAL Republican & Democrats cooperated, FDR sought advice from experts ("Brain Trust"), and FDR had support of American people.
AAA Agricultural Adjustment Act - paid farmers not to produce crops to boost farm prices
FDIC Federal Deposit Insurance Corporation - insured bank deposits up to $25,000
SEC Securities & Exchange Commission - regulates the stock market
FLSA Fair Labor Standards Act - eliminated child labor and established minimum wage and overtime pay.
TVA Tennessee Valley Authority - provided cheap electricity to a number of southern states - Ex: Hoover Dam
SSA Social Security Act - creates a system of pensions for the elderly and disabled
CCC Civilian Conservation Corps - created environmental jobs for young men
WPA Works Progress Administration - provided jobs by building hospitals, schools, tunnels, airports, etc
PWA Public Works Administration - provided jobs by building hospitals, schools, tunnels, airports, etc
FHA Federal Housing Administration - regulates mortgages and housing conditions
Created by: desilva13