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Unit 7
Boom and Bust
| Speculation | Making high risk investments to gain a large profit in a short time. |
| Franklin D. Roosevelt | Democratic President (1933 - 1945) who sought to use the power of the federal government to combat the Great Depression. |
| New Deal | Federal programs created by President Roosevelt to help Americans during the Great Depression. |
| Fireside Chats | Radio addresses by President Roosevelt to promote confidence and optimism during the Great Depression. |
| Federal Deposit Insurance Corporation (FDIC) | New Deal reform program - Established federal insurance for the deposits of bank customers. |
| National Industrial Recovery Act (NIRA) | New Deal recovery program - Established codes of fair competition by regulating wages, hours, and prices in industry. |
| Agricultural Adjustment Administration (AAA) | New Deal recovery program - Farmers were paid to destroy certain crops and livestock in an attempt raise farming prices. |
| Works Progress Administration (WPA) | New Deal relief program - Created public works projects for millions of Americans to create art, roads, bridges, schools, libraries, and airports. |
| Social Security Act | New Deal reform program - Established a payroll tax on workers to fund direct payments for older, disabled, and unemployed Americans. |
| On Margin | Buying stock using a loan that had to be repaid to a stock broker. |
| Bull Market | A long period of rising stock values. |
| Great Depression | The longest and most severe economic downturn in U.S. history - Lasted from 1929 through the 1930's. |
| Bank Run | When customers rush to a bank all at once to withdraw their money. |
| Dust Bowl | Prolonged drought, high winds, and dust storms that destroyed crops and livestock during the Great Depression. |
| Wagner Act | New Deal reform program - Protected the right of labor to organize in unions and collectively bargain with their employers. |
| Emergency Banking Act | New Deal relief program - President Roosevelt ordered all banks to shut down to be examined and only stable banks reopened. |
| Smoot Hawley Tariff | 1930 - Law by Congress that raised taxes on imports 20% to protect U.S. industry during the Great Depression. |
| Installment Plan | Allows buyers to buy goods using credit and to pay back debts over time. |
| Calvin Coolidge | Republican President (1923 - 1929) who worked to lower taxes, remove regulations, decrease spending, and grow the economy. |
| Speakeasies | Secret bars where illegal alcohol was served. |
| Bootlegging | The act of transporting and selling illegal alcohol. |
| Radio | Form of mass media purchased by Americans in the 1920's. |
| Jazz | Style of music became popular across the nation in the 1920's. |
| Harlem Renaissance | A 1920's movement where art, literature, music, and culture flowered among Black residents in New York City. |
| Mass Production | Manufacturing process that efficiently produces large quantities of goods. |
| Assembly Line | Method created by Henry Ford to organize a series of workers and machines on a line to assemble automobiles. |
| Model T | The first automobile produced to be affordable and widely owned by the average American family. |
| Consumerism | The excessive buying and consumption of goods. |
| Flappers | Young women who broke social norms by the way they dressed and behaved in public. |
| Prohibition | A ban on the manufacture, distribution, and sale of alcohol. |
| Civilian Conservation Corps (CCC) | New Deal relief program - Employed 3 million young men to plant trees, maintain parks, and build reservoirs. |
| Hoboes | Homeless people who wandered the country during the Great Depression, often riding on boxcars along railroads. |
| Hoovervilles | Shantytowns where homeless gathered on unused public lands. |
| Henry Ford | Created the assembly line and Model T Ford to produce an affordable automobile for Americans. |
| Liberals | Criticized the New Deal saying it did not do enough to provide aid to poor Americans. |
| Conservatives | Criticized the New Deal saying it was too expensive and gave the federal government too much power. |
| Herbert Hoover | Republican President (1929 - 1933) who was viewed by many as not doing enough to help suffering Americans during the Great Depression. |
| Public Works | Work projects that are funded by government. |
| Stock Market Crash of 1929 | The mass selling of stocks and collapse of stock values that led to $30 billion being lost. |
| Banks | The failures of these institutions across the nation led to $140 billion being lost. |
| 25% | The highest unemployment rate during the Great Depression. |
| Great Plains | The U.S. region most impacted by the Dust Bowl. |
| Hoover Dam | Major public works project that was authorized by President Hoover. |
| Reconstruction Finance Corporation (RFC) | Government agency created in 1932 by President Hoover that lent $300 million to States to be used for relief |
| Tennessee Valley Authority (TVA) | New Deal relief program - Employed workers to build dams to provide electricity to 7 States in the South. |
| Huey Long | Louisiana politician who called for the redistribution of wealth to the poor in his "Share Our Wealth Plan". |
| Deficit Spending | When a government's spending exceeds it's revenue. |
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