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111Dep. and New Deal

111Throck Depression and New Deal

Method of buying stock using mostly borrowed money? margin
method of buying stock putting down 10% cash and taking out a loan for the rest? margin
What effect did the Hawley-Smoot Tariff have on U.S. trade with foreign countries? it reduced trade by 40%
How did Hoover react to the Depression? thought it would blow over; did not increase government spending dramatically
What was Hoover's opinion of direct relief? He believed it was the job of state and local governments, and volunteers.
Which New Deal program created jobs by giving contracts to contruction companies? It also broke down racial barriers. The Public Works Administration
The Public Works Aministration forced construction companies to hire who in order to get the government contracts? African Americans
How did depositors lose their money in 1929? because banks collapsed after losing deposits in the stock market
What contributed to the Depression by keeping interest rates low enough to encourage too much debt? The Federal Reserve
How did Hoover plan to provide jobs that had been lost in the private sector? public works; although he did not create enough
Who came to Washington in 1932 to lobby Congress to get thier $1000 bonus early? The Bonus Army
How did the assembly line help contribute to the Depression? caused over production
How can the government pay for public works, other than raising taxes? borrowing from banks
What agency did Hoover create to loan money to banks, railroads, and farmers? Reconstruction Finance Corporation
What was Roosevelt's first plan of action when elected? restore people's faith in the banks by setting up the Emergency Banking Relief Act
What FDR agency was created to regulate the stock market and prevent fraud? Securities and Exchange Commission (SEC)
How did Roosevelt choose his advisors? He chose men from different backgrounds who disagreed with each other, that way he could get a lot of different ideas
What one thing did all of FDR's advisors agree on? government intervention in the economy (no laissez-faire)
What FDR act closed all banks and sent federal examiners to to issue license to those sound enough to open, and forced the rest to remain closed? Federal Emergency Banking Relief Act
What New Deal legislation lengthened the time to repay mortgages and lowered interest rates for people who had a job? Home Owner's Loan Corporation
What federal works program had the Federal Number One portion, which hired artists? Works Progress Administration (think of it as making "Progress in culture")
Who were people who made risky stock investments in hopes of getting rich quick, but actually helped contribute to the Crash of 1929? speculators
What caused many people to want to invest in stock and even buy on margin? overconfidence caused by the Bull Market.
FDR's policies for ending the Depression were known as? The New Deal
What effect did the New Deal have on the Depression? It did not end the Depression, but it made life for bearable.
How did FDR communicate with the public about his programs? "fireside chats"
What was the main argument of critics of the New Deal? deficit spending
When banks began closing, what happened? Also, these increased when Roosevelt was elected because many people feared he would abandon the gold standard. bank runs
What day did the stock market take the biggest dive? Black Tuesday- Oct. 29, 1929
What is a stock broker's demand for immediate repayment of loans? margin call
Which New Deal agency directly hired workers, rather than awarding gov't contracts to companies, to work in construction jobs? Civil Works Administration (like the government is paying a civilian)
What agency awarded contracts to construction companies, but did not pay workers directly? Public Works Administration (Like the contract went to a public company)
What act separated commerical banks from investment banks, prohibiting commercial banks from investing people's deposits in the stock market? Glass-Steagall Act
What two New Deal Programs are still in effect today (there are actually more than 2) Federal Depositors Insurance Corporation (FDIC) Social Security
What did state governors do to prevent bank runs after FDR was elected? declared bank holidays
What New Deal agency tried to help farmers by paying them not to grow crops, in efforts to reduce supply and increase demand? Agricultural Adjustment Adminstration
List the causes of the Depression 1. low interest rates 2. uneven distribution of wealth 3. stock market crash 4. over production 5. decreased buying power ect...
What is money given directly to families called? (Hoover did not approve) direct relief
Who was the Bonus Army? WWI vets who marched on Washington to get their bonus early.
What disease left FDR paralyzed? polio
What is the period of time in 1933 when FDR send bill after bill to Congress? Hundred Days
What is deficit spending? spending more money than you make in taxes...FDR was critcized for this and Hoover tried to avoid this
Who was ordered by Hoover to clear out the Bonus Army, but disobeyed orders and used tear gas? Douglas MacArthur
What happened to farms and homes when people could no longer make thier payments? they were foreclosed on
What New Deal program covered people's bank deposits against loss? FDIC, still around
What New Deal Agency employed men between the ages of 18 and 25 in the national forestry service? Civilian Conservation Corp
Shantytowns were often called this Hoovervilles
What did Hollywood movies and radio shows reflect? People's desire to "escape" thier lives for a while
What happened to the role of the federal government as a result of the New Deal? Gov't became a safety net
Created by: davislauren