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Great Depression
| Question | Answer |
|---|---|
| Price Support | the maintenance of a price at a certain level through government intervention |
| Credit | an arrangement with a buyer pays later for a purchase, often on an installment plan with interest changes. BUY now PAY later |
| Dow Jones Industrial Average | A measure of based on the prices of the stocks of 30 large companies, widely used as a barometer of the stock market’s health |
| Speculation | an involvement in risky business transactions in an effort to make a quick or large profit |
| Buying on Margin | the purchasing of stocks by paying only a small percentage of the price and borrowing the rest |
| Black Tuesday | A name given to October 29,1929, when the stock prices fell sharply |
| Great Depression | a period, lasting from 1929 to 1940, in which the U.S. economy was in severe decline and millions of Americans were unemployed |
| Shantytown | a neighborhood in which people lived in makeshift shacks. Often called a "Hooverville" |
| Soup Kitchen | a place where free or low cost food is served to the needy |
| Bread line | a line of people waiting for free food |
| Dust Bowl | the region, including Texas, Oklahoma, Kansas, Colorado, and New Mexico, that was made worthless for farming by drought and dust storms during the 1930s |
| Bonus Army | a group 20,000+ WWI veterans and their families who marched on Washington, DC in 1932 to demand the immediate payment of bonus they had been promised for military service |
| New Deal | President FDR’s program to alleviate the problems of the Great Depression, focusing on relief for ready, economic recovery, and financial reform |
| Glass- Steagall Act | the 1933 law that established the Federal Deposit insurance Corporation to protect individuals bank accounts |
| AAA | a law enacted in 1933 to raise crop prices by paying farmers to leave a certain amount of their land unplanted, thus lowering production. AGRICULTURAL ADJUSTMENT ACT |
| CCC | an agency, established as part of the New Deal, that put young unemployed men, age 18-25, to work building roads, developing parks, planting trees, and helping in erosion-control and flood-control projects. CIVILIAN CONSERVATION CORPS |
| NIRA | a law enacted in 1933 to establish codes of fair practice for industries and to promote industrial growth. NATIONAL INDUSTRIAL RECOVERY ACT |
| Deficit Spending | a government’s spending of more money than it receives in revenue |
| WPA | an agency, established as part of the Second New Deal, that provided the unemployed with jobs in construction, garment making, teaching, the arts, and other fields. Created 100,000 + jobs. WORKS PROGRESS ADMINISTRATION. |
| Social Security Act | a law enacted in 1935 to provide aid to retirees, the unemployed, people with disabilities, and families with dependent children. Set money aside so you can retire! |
| Grapes of Wrath | A novel by John Steinbeck, published in 1939, that deals with a family of Oklahoman's who leaves the Dust Bowl for California |
| FDIC | an agency created in 1933 to insure individuals' bank accounts, protecting people against losses due to bank failures. Insured up to $5,000 in the bank. FEDERAL DEPOSIT INSURANCE CORPERATION |
| SEC | An agency, created in 1934, that monitors the stock market and enforces laws regulating the sale of stocks and bonds. SECURITIES EXCHANGE COMMISSION. |
| TVA | A federal corporation established in 1933 to construct dams and power plants in the Tennessee Valley region to generate electricity as well as to prevent floods. Hired 40,000 workers. TENNESSEE VALLEY AUTHORITY |
| Herbert Hoover | President from 1929-1932. Could not get America out of the depression. The "failer". Famous quote: "I HAVE NO FEARS FOR OUR COUNTRY, IT IS BRIGHT WITH HOPE!" |
| Franklin Delano Roosevelt | President from 1932-1945. 4 terms. The "fixer". Famous quote: "THE ONLY THING WE HAVE TO FEAR, IS FEAR ITSELF" |
| Huey Long | Political radical. Believed in the "share the wealth" idea of taking from the rich to give to the poor. Assassinated. |
| Hidden causes of the depression: | 1). unequal distribution of wealth 2). Installment buying 3) Banks fail. 7,000 in the 20's. 800 + in the 30's 4). Increase in unemployment 5). High taxes 6). Farm surplus, plus land is drying up |
| Immediate cause of the depression | The stock market crash |
| Children of the 1930's: | 300,000 + homeless, forced to work, often sent away |
| Hobo's | Homeless men who left home in search of work, or just to get away. Some rode the trains. |
| Fireside Chats | Weekly updates from FDR given over the radio about what he was doing to try to help/ fix/ improve things in the depression. |
| Eleanor Roosevelt | Married to FDR. Became his eyes and ears because he was not able to travel well and see what was happing across the country |
| What "officially" ended the Great Depression? | WWII |
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KOSKINEN425
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