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SS8
Great Depression Study Guide
| Term | Definition |
|---|---|
| Speculation | buying and selling risky items in hope of making a quick profit |
| Public Works | Government funded projects to assist individuals, families, and communities and needs. Ex. Jobs such as restoring and building infrastructure |
| Hoovervilles | villages of huts, shacks and other temporary residences made by the Bonus Army while they were protesting to get their pay, named after president Hoover whom many blamed for their financial distress |
| Credit | arrangement for delayed payment for a loan or purchase |
| Economic Depression | a severe economic slump |
| 20th Ammendment | moved presidential inauguration from March to January |
| Fireside chats | series of radio talks in which FDR explained his policies in a casual manner |
| Court-Packing | Most of the 9 justices of the Supreme Court did not support FDR's program and struck down some laws in 1935. FDR asked Congress to pass a law to add 6 more justices who would side with him. He was criticized heavily for this, because it interferes with checks and balances. |
| Deficit Spending | Government practice of spending more than it takes in from taxes |
| Socialism | system in which the state controls the economy |
| Congress of Industrial Organizations (CIO) | labor union; included skilled and unskilled workers; open to minorities and women |
| American Federation of Labor (AFL) | national organization of labor unions founded in 1866 by Samuel Gompers |
| Sit down strike | union tactic in which workers stayed idle in plant rather than walking out (so they couldn't replace them) |
| Liberal | someone who favors federal government action to bring about social and economic reform |
| Conservative | someone who favors restricted policies in social and economic reform |
| Securities and Exchange Commission (SEC) | monitors the stock market |
| Social Security Act | (FDR) 1935, guaranteed retirement payments for enrolled workers beginning at age 65; set up federal-state system of unemployment insurance and care for dependent mothers and children, the handicapped, and public health |
| Federal Deposit Insurance Company (FDIC) | insures bank deposits up to $100,000 |
| Stock Market Crash 1929 | Another leading component to the start of the Great Depression. The stock became very popular in the 1920's, then in 1929 on Black Tuesday it took a steep downturn and many lost their money and hope they had put in to the stock |
| Bonus Army | Group of WWI vets. that marched to D.C. in 1932 to demand the immediate payment of their goverment war bonuses in cash |
| Hundred Days | March 9 to Mid July 1933 Congressional session in which many laws to fight the Depression were passed |
| First New deal | 1933-1935 program created by President Roosevelt to fight the Depression |
| Second New Deal | 1935-1937 extension of Roosevelt's First New Deal |
| Dust Bowl | Region of the Great Plains that experienced a drought in 1930 lasting for a decade, leaving many farmers without work or substantial wages. |
| What were the causes of the Crash of 1929 and the Great Depression? How was life in America changed by these events? | buying stock on margin; stock market crash; bank failures; people were using too much credit; Dust Bowl (drought). |
| What were the 3 main goals of the New Deal? Give one example of each. | FDR created the New Deal program which were a series of programs that provided relief, recovery, and reform. Relief: FERA (Federal Emergency Relief Program)- used money for relief projects for unemployed Recovery: NRA (National Recovery Act)- Regulated industry and raised wages and prices Reform: Social Security Act- provided workers with unemployment insurance and retirement benefits |
| How was the federal government changed by the New Deal, even today? | The federal government took on the role of providing for the welfare of the people. Deficit spending increased. This. Related a stronger central government. Today: A number of his programs remain important. FDIC (Federal Deposit Insurance Corporation) insures bank deposits. |
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