The Great Depression
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| The stock market had become a... | national mania. Everyone was trying to get rich quickly
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| stock exchange | an organized system for buying and selling shares in corporations.
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| The stock market BOOM | stock market was going so high, so fast, many people invested heavily in it.
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| What is buying on margin? Why is it dangerous? | buying a margin-paying only a fraction of the stock price and borrowing the rest from their brokers, who borrowed money from banks. If stock prices fell, investors and brokers would not have enough cash to pay off the loans.
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| nervous stock sellers? | investors sold their stocks in sept fearing the boom market would end>stock prices fell. On Oct 21, prices plunged for 3 straight days. Panicked traders sold 13 million shares on Oct 24 (Black Thursday)
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| Tuesday, October 29, 1929 | The selling pressure was coming from everywhere. People were frantic with orders to sell. The NY exchange closed for a few days to prevent more panic selling.
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| The Great Depression | severe economic crisis in which total economic output dropped from $104 billion (1929) to $58 billion (1932)
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| what caused the great depression? (3 answers) | 1. overproduction-factories make too much stuff and aren't selling enough>lose money. Factories lay off workers>people have no $>people don't buy.
2.75% Americans in poverty; Rich doing well.
3. People bought lots of credit + couldn't pay back
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| what caused the GD?(4-7) | 4. banks invested heavily in stock>market fell=banks lost $>no $=no loans
5. thousands of banks closed
6. people lost all savings when banks closed
7.banks stopped making loans to foreign countries (US was the world's bank) no $=no buy our stuff
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| what caused the GD?(8-10) | 8. high tariffs (Hawley Smoot)
-no sell/buy our stuff overseas
9. 25% unemployed>depressed people
10. stock market crash
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| Hoovervilles | shantytowns
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| Herbert Hoover | orphaned at age 9, was in the first class of stanford>became and engineer. When he was 21 he was a multi-millionaire.
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| quakerism | quakerisms believed that every individual has a relationship with God. They didn't need priests or churches. They just sat quietly and did everything themselves. They believed in the power of the individual.
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| rugged individuals | do it yourself. Everything is your responsibility.
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| bonus army | congress agreed to give the veterans of WWI a bonus in 1945 in 1924. Jobless veterans wanted it right away. 1932: they formed the bonus army and demanded money. congress refused to pay. police tried to disband their camp.Hoover called army>Americans mad
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| What did FDR pledge to the nation? | to get America out of GD
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| March 4, 1933 | FDR's inauguration
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| 2 things FDR immediately did to restore people's confidence? | -Emergency bank relief act:closed banks for 4 days to stop the panic
-fireside chats: he directly communicated with the citizens while sitting next to a fireplace in the white house.
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| The New Deal? | New deal laws and regulations affected banking, the stock market, industry, agriculture, public works, relief for the poor, and conservation of resources.
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| CCC | Civilian conservation corps: they dealt with outdoor stuff and employed 3 million.
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| FERA | Federal Emergency Relief Administration: gave money to states for use in helping people in need.
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| AAA | Agricultural Adjustment Act: raised farm prices quickly and controlled production so farm prices would stay up. They had to pay farmers to throw out crops and food.
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| TVA | Tennessee Valley Authority:aimed to control flooding, promote conservation, and BRING ELECTRICITY TO RURAL AREAS ALONG THE TENNESSEE RIVER
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| NIRA | National Industrial Recovery Act: boosted the economy by helping business regulate itself.
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| NRA | National Recovery Administration: encouraged businesses to set a minimum wage and abolish child labor.
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| PWA | Public Works Administration: stimulated the economy through the building of huge public works projects.
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| FDIC | Federal deposit insurance corporations: insured bank deposits. $ placed in a bank would not be lost if bank failed.
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| SEC | Securities exchange commission: had the power to punish dishonest stockbrokers/speculators.
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| How did the ND work as a whole? | It helped but not completely
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| women | -many thought that women should not work while men were unemployed.
-women made their own clothes + baked their own bread to save money.
-Frances Perkins>first women to serve in the cabinet
-Eleanor Roosevelt campaigned vigorously for people in need
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| Dust Bowl | Kansas, Oklahoma, Texas, Colorado, New Mexico. Farmers cleared acres of sod for wheat farming, when crops failed, nothing held down soil. Black blizzards occured. Famers became migrant workers in CA.
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| African Americans | moved to Northern cities. NAACP-national Assoc. for the Advancement of Colored People: lessened discrimination in the labor movement; blacks joined labor unions. Black cabinet: Mary McLeod Bethune.
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| Native Americans | Indian Reorganization Act (1934): restored traditional tribal government and provided $ for enlarging reservations
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| Latinos | resentment against Latinos grew b/c they were taking jobs. Many demanded they leave the US. The govt. encouraged them to leave by giving them train tickets to Mexico.
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| Radicals | supported extreme and immediate change.
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| art trends during the GD? | -escapism:light or romantic entertainment that helped people forget their problems
-social criticism: portraits of the injustice and suffering of America
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| FDR and conservatives? | accused FDR of spending too much money. They saw the govt's expansion of power as a threat to individual liberty.
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| FDR and liberals? | thought he wasn't doing enough. 3 men (Coughlin, Townsend, and Long) did schemes to help the average american
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| Revenue Act of 1935 | raised taxes on wealthy people and corporations
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| Second New Deal | 1935: a new set of programs and reforms, did more than the Hundred days
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| WPA | works progress administration: gave people jobs and helped the country. WRITERS FOUND SLAVES AND WROTE THEIR STORIES. built airports, bridges, and roads.
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| Social Security Act | 1935: created a tax on employers and workers which provided pensions for retired people, created employment insurance payments for jobless people, and helped people with disabilities.
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| Labor | Fair Labor Standards Act(Wagner Act): made child labor illegal and set up minimum wage
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| FDR and the supreme court | supreme court began to declare new deal legislation unconstitutional.. IN 1935
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| court packing | He increased the court justices from 9 to 15 filling in with 6 people who would uphold the new deal
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| end of new deal | WWI
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