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LD SS CH 25

LD SS CH 25 GREAT DEPRESSION TEST

TermDefinition
HERBERT HOOVER Republican
HERBERT HOOVER Laissez Faire/Tax Cuts to businesses
HERBERT HOOVER President during the Great Depression
FRANKLIN D. ROOSEVELT Democrat
FRANKLIN D. ROOSEVELT Believed that government should be more involved
CAUSES OF GREAT DEPRESSION Republican Economic Policies, Real Estate & Stock Speculation, Stock Market Crash & Bank Failures, Overproduction, Decline in Farming Industry & Unequal Wealth Distribution.
REPUBLICAN ECONOMIC POLICIES Pro-business policies and Trickle down economics
TRICKLE DOWN ECONOMICS Tax cuts to wealthy in hope they will reinvest money and prosperity so that it will "flow" down to lower class. Theory did not work as it only increased the gap between the rich and poor.
REAL ESTATE & STOCK SPECULATION Many people invested in California and Florida hoping to make a quick profit. People stopped moving west. Many fraudulent schemes (Ex: Beachfront properties). People were also buying many items on margin (credit).
SPECULATION Making a risky investment to make a quick, large profit
STOCK MARKET CRASH Black Thursday (Oct 1929). People began to panic that the stock prices were going to fall so they sold their stock causing it to plummet.
BANK FAILURES Many banks closed due to little government regulation (Laissez Faire. Many banks had used depositors money to invest in stock market. 25% of Banks failed due to little government regulation.
OVERPRODUCTION During the 1920s, demand for goods increased (high consumer demand, higher wages, new technology). By 1929, demand for goods decreased and people could no longer afford goods which led to decreased prices. Supply was greater than Demand
BUYING ON CREDIT Buy now - Pay Later.
DECLINE ON FARMING INDUSTRY During WWI, farmers borrowed money from banks to buy new equipment. As demand for farm products decreased, especially overseas, farmers could no longer repay loans.
EFFECTS OF GREAT DEPRESSION Unemployment, Homelessness in Cities, Homelessness for Farmers
UNEMPLOYMENT Many people lost their jobs because the owner of the business could not pay all of the workers.
HOMELESSSNESS IN CITITES People had to sleep in streets or in apartments with 5 other families. People did not have enough money to buy a house.
HOMELESSNESS FOR FARMERS They could not make money in the West because there was unfertile land and winds kicked up the dust and killed crops. "Dust Bowl"
FRANKLIN D. ROOSEVELT NEW DEAL
AAA Agricultural Adjustment Act
AAA Relief
AAA Paid farmers to do nothing so farm prices would go up.
BANK HOLIDAY Relief/Recovery
BANK HOLIDAY Shut down banks so that people could not spend money
TVA Tennessee Valley Authority
TVA Recovery
TVA Created electricity in the south with dams
CCC Civilian Conservation Corps
CCC Recovery
CCC Created environmental jobs
FHA Federal Housing Administration
FHA Reform
FHA Regulates mortgages and housing conditions
SEC Securities and Exchange Commission
SEC Reform
SEC Managed the Stock Market
FLSA Fair Labor Standards Act
FLSA Reform
FLSA Eliminates child labor and established minimum wage and overtime
SSA Social Security Act
SSA Reform
SSA Created system of pensions
FDIC Federal Depositors Insurance Corporation
FDIC Reform
FDIC Insures deposits for up to $250,000
FIRESIDE CHATS FDR went on the radio to explain to people what was going on.
POSITIVES OF NEW DEAL Governments responsibility to get involved in crisis
POSITIVES OF NEW DEAL Programs are necessary to help the country get through the Great Depression
POSITIVES OF NEW DEAL Government has responsibility to use its power to help all of its citizens
POSITIVES OF NEW DEAL Eased the suffering of the Great Depression
CRITICISM OF NEW DEAL Government intruding on people's lives
CRITICISM OF NEW DEAL Created a New National Debt
CRITICISM OF NEW DEAL Best approach to improve our economy is to make sure we have policies that favor businesses and the wealthy
CRITICISM OF NEW DEAL Spent a lot of money and did not achieve it's major goal.
FDR COURT-PACKING SCHEME Tried to add more court justices
WHY DID FDR TRY COURT-PACKING SCHEME So they would stop removing all the parts of his new deal
RESULT OF COURT-PACKING SCHEME Did not work but they did stop removing the parts of his new deal.
NUMBER OF TIMES FDR RAN FOR PRESIDENT Four times
NUMBER OF TIMES FDR WON FOR PRESIDENT Four Times
WAS IT LEGAL FOR HIM TO RUN FOUR TIMES Back then it was legal, but not it is not
TWENTY SECOND AMENDMENT Says that a President can only serve for two terms
Created by: desilva13