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American History depression > American History: The Great Depression > Flashcards

American History: The Great Depression Flashcards

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1
Q

What illness did FDR have which meant he needed assistance to walk?

A

Polio and so is often pictures standing next to his son for support

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2
Q

when did the depression occur?

A

1929-1939

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3
Q

When was the stock market crash?

A

1929

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4
Q

what did the drop in consumer spending and investment cause?

A

caused steep declines in industrial output and rising levels of unemployment

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5
Q

in 1933, at the peak of the depression how many were unemployed?

A

13 - 15 million people unemployed

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6
Q

On October 24th 1929, how many stock shares were traded?

A

a record breaking 12.9 million shares traded that day

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7
Q

what is October 24th 1929 known as?

A

“Black Thursday”

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8
Q

what happened on October 30th 1929?

A

16 million shares were traded after another wave of fear hit Wall Street

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9
Q

What is the 30th October 1929 known as?

A

“Black Tuesday”

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10
Q

what helped spread the Depression from the USA to around the world?

A

The fixed currency exchange

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11
Q

In 1930 how many Americans couldn’t find work?

A

4 million

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12
Q

What is Voluntarism?

A

The theory that the economy will right itself

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13
Q

What did Hoover believe would happen if there was too much state intervention?

A

President Hoover believed that too much state intervention would destroy individuals and the nation

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14
Q

How did Hoover view ‘Federal Relief Program’ ?

A

He viewed it as ‘private charity’ that would imbalance his budget

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15
Q

What did the 1932 Revenue Act do?

A

it meant falling personal and corporate income

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16
Q

What year was the Revenue Act introduced?

A

1932

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17
Q

What year was the Hawley - Smoot tariff Act?

A

1930

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18
Q

What did the 1930 Hawley - Smoot Act do?

A

It raised import duties to the highest levels in American History

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19
Q

What did Hoover specifically propose in 1931 with regard to war?

A

Hoover proposed a moratorium of its (Germany’s) debts for 18 months as long as other countries did the same

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20
Q

What does FFB stand for?

A

Federal Farm Board

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21
Q

When was the Federal Farm Board created?

A

1930

22
Q

What did the Federal Farm Board unfortunately depend on?

A

the power of reductions depended on Volunteerism

23
Q

What did the Federal Farm do for Farmers?

A

Paid them artificially high prices which meant increasing production couldn’t last long term

24
Q

What was ACT in 1929 was the Federal Farm Board part of?

A

The Agricultural Marketing Act 1929

25
Q

What does RFC stand for?

A

Reconstruction finance corporation

26
Q

what year was the RFC introduced?

A

1932

27
Q

Name THREE things the RFC lent money too:

A

1) Failing Banks
2) Railroads
3) Credit Unions

28
Q

What was the RFC designed to do?

A

Restored confidence in the financial institutions

29
Q

What was the impact of the RFC?

A

Only $41 million of the $61 million donated by RFC was loaned…and ONLY to THREE institutions

30
Q

How did the public view Hoover after the introduction of the RFC?

A

That Hoover was supporting failing concerns rather than supporting relief for ordinary people

31
Q

What did the Home Loan Act do?

A

It gave loans to building societies to support and prevent them from failing and closing down

32
Q

What percentage of property did the Home Loan Act cover?

A

50% of property

33
Q

why was the Home Loan Act largely ineffective?

A

it was largely ineffective due to the seriousness of the situation of the depression

34
Q

In what year was the Emergency Relief & Construction Act introduced?

A

1932

35
Q

What did the Emergency Relief & Construction Act do?

A

it empowered the RFC to lend $1.5 billion to state governments for public works

36
Q

What was the problem with the Emergency Relief & Construction Act?

A

It was an Act based very much on eligibility and conditions (ensuring that the loans would eventually be paid back)

37
Q

How did James M. Beck compare Hoovers Government?

A

Beck compared it to that of Soviet Russia

38
Q

What happened to the Federal Budget under Hoover?

A

Hoover (nearly) doubled Federal Budget Public Works Expenditure in THREE years

39
Q

What amount did the Federal Budget end up at in 1932?

A

ended up at an amount of $2.7 billion in the red-largest peacetime deficit in American History

40
Q

What was the impact of the Federal Relief Budget?

A

The economy lost even more money while ordinary people still weren’t receiving necessary relief from their situation

41
Q

what happened in 1924 to the American Veterans of WWI?

A

The veterans were awarded $3,500,000 by congress

42
Q

What was done to avoid strain on funds in 1924 payout to Veterans?

A

The money was to be paid over a 20 year period

43
Q

What was the impact of the Veterans measure?

A

Veterans were financially supported and it also led to the Veteran Bill’ (which mandated the immediate payout of cash payment promised to the Veterans).

44
Q

What was the impact of Volunteerism?

A

Businesses did not respond due to wage cuts in steel in 1931

45
Q

In 1931 what general wage cuts were announced?

A

announced wage cuts between 10% - 20%

46
Q

Due to wage cuts, how many workers ended up applying for work in the Soviet Union?

A

100,000 people applied for work in the Soviet Union

47
Q

What did the Hawley-Smoot Act lead to?

A

Duties on agricultural and industrial goods at 40%

48
Q

What was another impact of the Hawley-Smoot Act?

A

Disastrous impact on world trade

49
Q

Due to the Hawley-Smoot Act, how much did international trade fall by?

A

$500 million

50
Q

What was the impact of repudiating war debts in 1931?

A

America wasn’t receiving the money it needed and so depression continued to remain

American History depression (5 decks)

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