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Great Depression
AP US History
| Question | Answer |
|---|---|
| Great Depression | a very long period in which there were business failures and a huge amount of unemployment, it also affected more people |
| stock market; Wall Street | this is where stock exchange went on; this si the name of the famous street where stock exchange took place...stock prices had gone up and up from 1928-1929, but then it crashed and millions were lost |
| Black Tuesday (October 29, 1929) | the bottom of the stock market fell out, as millions of panicky investors ordered their brokers to sell, when there were practically no buyers to be found |
| Dow Jones Index | this fell from its all time high of 381 to 198. Three years later, stock prices would finally hit bottom at 41, less then one-ninth of their peak value |
| income distribution | this was uneven; wages had risen relatively little compared to the large increases in productivity and corporate profits; economic success was not shared by all, as the top 5 percent of the richest Americans received over 33 percent of all income |
| buying on margin | this allowed people to borrow most of the cost of the stock, making down payments as low as 10 percent. Investors depended that the price of the stock would increase so that they could repay the loan. When stock prices dropped, the market collapsed. |
| Gross National Product | the value of all the goods and services produced by the nation in one year; it dropped from 104 billion to 56 in 4 years, while national income declined by over 50% |
| Herbert Hoover | president at the time the stock market crashed; he thought prosperity would return if people took his advice about exercising voluntary action and restraint |
| Hawley-Smoot Tariff (1930) | this tariff was passed by the Republican congress; set tax increases ranging from 31-49% on foreign imports. it only reduced trade between all the nations, and the economy only sank into further depression |
| debt moratorium | this was a suspension on the Dawes Plan for collecting war debts from Europe |
| Farm Board | this was authorized to help farmers stabilize prices by temporarily holding surplus grain and cotton in storage. The program however, was much to modest to handle the continued overproduction of farm goods. |
| Reconstruction Finance Corporation | this was created by Congress early in 1932 as a measure for propping up faltering railroads, banks, life insurance companies, and other financial institutions; Hoover figured these emergency loans would "trickle down" and bring money to the poorer |
| bonus march (1932) | 1000 unemployed WWI veterans marched to Washington DC demanding immediate payment of bonuses promised tot hem at a later date (1945); when they were broken up Hoover was viewed as heartless and uncaring |
| Franklin D Roosevelt | formerly the governor of New York, this man was nominated by the Democratic party, he pledged a "new deal" for the American people, the repeal of prohibition, aid for the unemployed, and cuts into government spending |
| Eleanor Roosevelt | Franklin Roosevelt's wife; became the most active first lady in history, writing a newspaper column, giving speeches, and traveling the country. served as presidents social conscience and influenced him |
| 20th Amendment (lame duck) | this is known as the lame duck amendment; passed in February of 1933 and ratified in October,it shortened the period between presidential election and inauguration, setting the new date to begin office as January 20 |
| First New Deal | when FDR entered the presidency, he did not have a detailed plan to end the depression, but he was committed and willing to experiment with solutions; he expanded the size of fed. gov. and enlarged powers of presidency |
| relief, recovery, reform | the 3 R's; ... for people out of work, ...for business and economy as whole, ... of American economic institutions |
| Brain Trust | FDR relied on this group of advisors for advice on economic matters; they were a group of university professors, including Rexford Tugwell, Raymond Moley, and Adolph A. Berle, Jr. |
| Frances Perkins | the first woman to ever serve in a president's cabinet |
| Hundred Days | FDR called Congress into a special 100 day long session, during which Congress passed into law every request of FDR,enacting more major legislation than any single Congress in history |
| bank holiday | to restore confidence in those banks that were still solvent, the president ordered the banks closed for a bank holiday on March 6, 1933. He went on the radio to explain that the banks would be reopened after the government reorganized them |
| repeal of prohibition | FDR kept his campaign promise and legalized the sale of beer and wine through the Beer-Wine Revenue Act |
| fireside chats | FDR often went on the radio talking to the people; one of these explained to listeners that banks were open again after the bank holiday, and they were safe to use, people poured money into the banks helping immensely |
| Federal Deposit Insurance Corporation | this guaranteed individual bank deposits of up to $5000 |
| Public Works Administration | this administration allotted money to stae and local governments for building roads, bridges, dams, and other public works. This created thousands of jobs |
| Harold Ickes | directed the Public Works Administration, was the secretary of the Interior |
| Civilian Conservation Corps | this employed young men on projects on federal lands and paid their famillies small monthly sums |
| Tennessee Valley Authority | this hired thousands of people in one of the nations poorest regions, the Tenessee Valley, to build dams, operate electrical power plants, control flooding and erosion,etc; it sold electricity to residents at lower than private power companies |
| National Recovery Administration | directed by Hugh Johnson, this Administration was an attempt to guarantee reasonable profits for business and fair wages and hours for labor |
| Schechter v. US | this case declared the National Recovery Administration illegal |
| Securities and Exchange Commission | this commission was created to regulate the stock market and to place strict limits on the kind of speculative practices that had led to the Wall Street Crash in 1929 |
| Federal Housing Administration | this Administration gave both the construction industry and homeowners a boost by insuring bank loans for building new houses and repairing old ones |
| Second New Deal | a batch of new legislation concentrated on relief and reform ( the earlier deal was for recovery mostly) |
| Works Progress Administration | this administration spent billions of dollars between 1935-1940 to provide people with jobs; after its first year it employed 3.4 million men and women who had formerly been on the relief rolls of state and local governments |
| Harry Hopkins | a prominent member in Roosevelt's administration, who headed the Works Progress Administration |
| National Labor Relations (Wagner) Act (1935) | this act guaranteed worker's right to join a union and a union's right to bargain collectively; outlawed business practices that were unfair to labor; the Board made sure worker's rights were protected |
| Social Security Act (1935) | this act created a federal insurance program based upon the automatic collection of taxes from employees and employers throughout people's working careers |
| Father Charles Coughlin | this catholic priest attracted a huge popular following in the early 1930's through his weekly radio broadcasts, founded the national Union of Social Justice |
| Francis Townsend | a retired physician from Long Beach, California, became an instant hero to millions of senior citizens by proposing a 2% federal sales tax that would be given to the elderly; led to Social Security |
| Huey Long | "Kingfish" from Louisiana; an immensely popular senator, proposed "Share our Wealth" program, promosing a minimum income of $5000 for every American family, to be paid by taxing the wealthy, was killed by an assassin |
| Supreme Court Reorganization Plan | critics called this the "Court Packing" Bill; it proposed that the president be authorized to appoint to the Supreme Court an additional justice for each current justice that was older then 70.5 years of age |
| Congress of Industrial Organizations | this concentrated on organizing unskilled workers in the automobile, steel, and southern textile industries |
| John L. Lewis | was president of the United Mine Workers Union, became leader of the Committee of Industrial Organizations (CIO) |
| sit-down strike | literally sitting down on an assembly line and refusing to work |
| Fair Labor Standards Act (1938) | Congress enacted this to provide a host of regulations on businessin interstate commere, calling for minimum wage, 40 hour work week, child labor laws against working under 16 years of age |
| new Democratic Coalition | (blank) |
| John Maynard Keynes | the writings of this British economist taught Roosevelt that he had made a mistake in attempting to balance the budget |
| depression mentality | millions of people developed an attitude of insecurity and economic concern that would always remain, even in times of prosperity |
| drought, dustbowl, Okies | this climatic disaster of the early '30's ruined crops in the Great Plains;it soon became this as high winds blew away millions of tons of dried topsoil;this group of Oklahoma people moved to CA for better farming conditions, which were hard to find |
| John Steinbeck, The Grapes of Wrath | author who wrote about the hardships of the Oakies in his classic study of economic heartbreak called ... |
| Marian Anderson | this distinguished African American singer had been refused the use of the Constitutional Hall in Washington, D.C by the all white Daughters of the American Revolution; Eleanor Roosevelt and Ickes promptly arranged for her to give a special concert at LM |
| Mary McLeod Bethune | had been a long-time leader of efforts for improving education and economic opportunities for women; established the federal Council of Negros |
| Fair Employment Practices Committee | this committee was set up to assist minorities in gaining jobs in defense industries |
| A. Philip Randolph | head of the Railroad Porters Union; threatened to march on Washington to demand equal job opportunities for African Americans |
| Indian Reorganization (Wheeler-Howard) Act (1934) | this measure returned lands to the control of tribes and supported the preservation of Native American cultures |
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