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History chapter 25
lesson 1
| Term | Definition |
|---|---|
| Buying on Margin | purchasing stocks on credit, or with borrowed money |
| Black Tuesday | the stock market crashed so many people wanted to sell their stocks and so few wanted to buy so stock prices collapsed on October 29, 1929 |
| Hoovers Assuring Statement | "The fundamental business of the country... is on a sound and prosperous basis" |
| What was the number of banks that closed in 1931 | more than 2,200, less money led to less employment and 4million lost their jobs |
| Business Cycle | the up and down pattern of the economy |
| Recession | is a significant decline in activity across the economy, lasting longer than a few months long ones are called depressions |
| Great Depression | downturn in 1929 that due to its severity and length gained this name |
| Reconstruction Finance Corporation (RFC) | loaned 1.2 billion to 5k different financial institutions including banks and farm mortgage companies. created by Hoover |
| Hoovervilles | cardboard shacks built by the homeless |
| Bonus Army | they had come to the capital to demand early payment of a military bonus at a Hooverville in WS DC |
| Franklin D. Roosevelt | took active steps to provide aid to citizens espically farmers and became president in 1932 |
| Temporary Emergency Relief Administration | gave unemployment assistance to many out of work New Yorkers |
| Roosevelt's Saying | " I pledge you, I pledge myself, to a new deal for the American people" |
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