Ch 22 Flashcards
What industries made little profits in the 20s?
Coal, framing, and steel
What happened when farmers defaulted?
They lost their property and rural banks failed
This is a bill that would maintain a price at a certain level by the government
Price supports
What happened because of credit?
People lived beyond their means… Buy now and pay later
How was the wealth distribution uneven?
The rich get richer and the poor get poorer
This man was the 1928 D candidate
Alfred E. Smith
This man was the 1928 R candidate who won
Herbert Hoover (1929-1933)
How did Hoover win the office?
The republican success of the 20s (the stock market)
This is a measure of 30 large firms trading in the NYSE
Dow Jones Industrial Average
This is a period of rising stock price
Bull market
This is a risky transaction to try and make a quick profit
Speculation
This is paying a small percent of a stock price as a down payment and borrowing the rest
Buying on a margin
This was the day the stock prices fell drastically and lowered confidence
Black Tuesday oct. 29, 1929
This was a period when the economy worsened and unemployment rose
Great Depression 1929-1940
What was the unemployment rate during the depression?
25%
This was the highest tariff in US history
Hawley-Smoot Tariff Act
What factors cut down the market for US goods?
The tariff, war debt, and politics
This is a neighborhood of makeshift shacks
Shantytown