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12/13 Depression/New

US History

Herbert Hoover Republican president elected in 1928, in office when the Great Depression began, believed it would end on its own, did nothing to help until last year but it was too late, thought charities and local governments should help people
stock market system for buying and selling of stocks, also known as Wall Street
bull market a period of rising stock prices, experienced during 1920s so people pulled money from savings and invested it hoping to make a profit
buying on margin buying stock on credit, policy will cause many banks to fail when the stock market crashes
margin call stockbrokers demand investors repay the loans used to purchase stock; occurred when stock prices began to fall
Black Tuesday Oct. 29, 1929; day when stock market crashed; more than 16 million shares were sold when people lost confidence in the market
Bank run (run on a bank) depositors fear they will lose their money in the bank so many attempt to get it out, banks literally ran out of money and were forced to close, depositors lost their money in savings
causes of the Great Depression overproduction of goods, under consumption of agricultural products, easy credit, uneven distribution of wealth
Hawley Smoot Tariff raised prices on foreign imports; European countries then retaliated and put tariffs on American products; deepened the world wide depression
lowered the interest rate Federal Reserve's attempt to stimulate the economy but it ended up making the Depression worse.
effects of the Great Depression banks failed, people lost all of their savings; businesses failed decreased production, or shut down until the economy improved, unemployment reached 25%; the federal government/president greatly increased its powers to deal with it
Hoovervilles makeshift shantytowns of homeless people during the Great Depression, nicknamed after President Hoover (blamed him)
hobos homeless Americans who wandered the nation looking for work; often hitched rides on railroad cars
Dust Bowl an environmental disaster in the Great Plains caused by over cultivation of the land and a sever drought; caused devastating dust storms
effects of the Dust Bowl farmers lost everything; many packed up what they could and left the Great Plains for California in search of work and a better life
okies nickname for Dust Bowl refugees
Grapes of Wrath novel written by John Steinbeck about Dust Bowl refugees trying to survive the Depression and make it to California,
public works projects government financed building projects like bridges, roads, parks, government buildings; F. Roosevelt borrowed money during the Depression to finance (pay for) many of these projects to get the unemployed back to work
deficit spending when a government spends more money than it collects in taxes ; the government has to borrow money (go in debt)to pay for projects; some leaders justify it because it can stimulate the economy during an economic depression
direct relief government money that went directly to very poor families, Hoover did not believe in this but F. Roosevelt did
Bonus Army WWI Veterans who marched/protested in Washington during the Depression demanding the government pay their war bonus early so they could survive
Emergency Banking Bill expanded the powers of the President to deal with the Depression, including the 4 day "Banking Holiday" to stop the run on banks
The First Hundred Days March 9-June 16, 1933 Roosevelt's first 100 days in office, implemented the 1st New Deal programs aimed at recovery and relief to Americans
relief, recovery, and reform F. Roosevelt's plan to pull the US out of the Depression; direct relief to the people, putting the economy in the recovery, and reforming policies that led to the Depression
Roosevelt's fireside chats informal radio speeches to the nation to calm the public and get them to support his New Deal policies; example of using mass media to sway public opinion
SEC - Securities and Exchanges Commission agency created by Congress to regulate the stock market and prevent fraud; example reform
Glass-Steagall Act legislation that separated commercial banking (loans, checking, savings, etc) from investment banking (stocks) so deposits people made could not be used for stock market speculation, also created the FDIC to insure customers deposits in a bank
CCC - Civilian Conservation Corps New Deal program that created jobs in the National Forest Service; planted millions of trees in the Great Plains to stop erosion (Dust Bowl)
TVA - Tennessee Valley Authority New Deal program; government agency that built damns and replanted forests in the Tennessee River Valley to simulate the economy, control flooding, and provide hydroelectric power in the region
FERA - Federal Emergency Relief Administration New Deal program, act that gave federal money to local and state agencies to fund relief programs
PWA - Public Works Administration New Deal program; federal agency that built bridges, dams, power plants, and government buildings to put people to work
Stock Market speculation short term investment in the stock market in hopes of turning a quick profit, an increase in this in the 1920s falsely inflated the value of stock and contributed to the crash in 1929
Mexican repatriation efforts by local, state, and federal government to push Mexican immigrants and US citizens with Mexican ancestry out of the US during the Depression to free up jobs in the agricultural sector for unemployed "white Americans"
trickle-down economics belief that the more money the wealthy have the more they will invest back in the economy and it will trickle-down to the poor through things like increase employment; Hoover believed in this, urged congress to create the Reconstruction Finance Corp
Reconstruction Finance Corporation gave more than a billion dollars in government loans to railroads, banks, and large businesses in hopes of stimulating the economy, but it failed; example of trickle-down economics
New Deal name given to Roosevelt's programs to pull the nation out of the Depression
WPA - Works Progress Administration New Deal program; $5 billion jobs program for internal improvements like highways and dredging rivers; also hired artists, writers and architects to do projects
Social Security Act main goal was to give relief to the elderly devastated by the depression; created a pension (retirement) system, unemployment insurance, insurance for work-related accidents, aid for poor mothers and children, blind or disabled
court packing When the Supreme Court began to declare some of his New Deal Programs unconstitutional, Roosevelt attempted to add 6 new positions to the court so he could appoint people that would support his programs; it failed
Created by: CoachKellie