Chapter 14&15 Flashcards
what industries were experiencing trouble that were “warning signs” of the GD?
railroads textiles steel mining lumbering
what economic philosophy goes along with Coolidge’s statement
price supports
what are 4 reasons Americans started buying less -
rising prices
stagnant wages
unbalanced distribution of income
overbuying on credit
what was the trouble w/ credit
credit would just build up large consumer debt that couldnt be paid off
when hoover is elected in 1928, what were peoples views on the economy ?
americans maintained the utmost confidence in the nations economic health
describe the fall of the stock market
- stock prices peeked then fell
- investors pulled out fast
- market took a plunge
- people left in debt
what signaled the beginning of the GD?
the stock market crash
describe the total financial collapse -
stockmarket collapse
so then bank, business, jobs, houses, credit all came crushing down
what are some effects of the GD
markets fell
people became poor
unemployment
high tarrifs
what are the underlying causes of the GD
easy credit availibility
unequal distribution of income
crisis in farm sector
war debt
effects of GD in the city -
jobs lost evicted from homes ended on streets shanty houses soup kitchens
effects of GD in country -
could grow food
then lost land
tenant farm
how did the GD effect men -
unemployment
hoboes
wanderers
how did the GD effect women -
canned food
sewed clothes
managed household budgets
worked outside of home
how did the GD effect children
poor diets
lack of healthcare
shortened school year
how did the GD affect minorities
tough time finding jobs & were used to poverish conditions before the GD
describe the effects left on people from GD
- people lost their will to survive
- suicide
describe hoover’s belief and approach to the GD issues at the beginning of his precidency
says people should people should take care of themseleves
how did Hoover view the governement’s role in the economy -
that they could encourage it but not control it
governement could play a little role in solving problems
its the idea that people should succeed through their own efforts
individualism
why did Hoover oppose any forms of governement bailouts or “direct relief” -
he believed that handouts would weaken people’s self-respect and “moral fiber”