Chapter 21 and 22 Reading Flashcards
roaring 20’s
republican decade; supported republicans by electing Hoover
republican presidents
led the nation and took credit for the good economic times
American farmers
borrowed money to buy land and machinery to increase the harvest yields during WW1; still producing large harvests; problems worsened during the depression
demand for American crops
fell after the war
cheap food
flooded the markets lowering farmers profits and making debt harder to pay off
industrial workers
wages rose steadily; did better than farmers
owners of companies
did even better than industrial workers; became very rich
1929 percentage
wealthiest .01% of the population earned about the same amount of money as the bottom 42%
easy credit meant many workers
took advantage to buy products; disguised the problem and helped the economy grow
1929 too much money was
being poured into stock speculation
investors
borrowed money to buy stocks then sold them to turn a quick profit
inflating the prices of stocks
led to frantic buying and selling; unrealistic levels
sharp drop in stock prices
led to panicked selling
black Tuesday
Oct 29, 1929; stock market crashes and stock prices bottomed
stock market crash marked the beginning
of the Great Depression
the Great Depression
period lasting from 1929 to 1941; US economy faltered and unemployment soared; thousands of banks closed and many businesses failed; cities and minorities hit hardest
Hawley-Smoot tariff
government tried to boost the sale of American goods; placed high taxes on foreign goods; result was closed markets and unsold goods; destroyed international trade
bread line
people lined up for handouts from charities or public agencies
Hoovervilles
makeshift shantytowns of tents and shacks built on public land or vacant lots
tenant farmers
working for bigger land owners rather than for themselves
severe drought and over farming
turned soil to dust on the Great Plains; made farming impossible and creating huge dust storms
dust bowl
high plain regions in Texas, Oklahoma, Kansas, New Mexico, and Colorado; many farmers left and moved to California for work
Okies
dust bowl refugees from California
African American sharecroppers
thrown off the land they were working on and migrated north
repatriations
government efforts to send Mexico immigrants and their American children back to Mexico; southwest white Americans urged it
Herbert Hoover
president; struggled to respond to the nation’s problems; felt the government shouldn’t interfere with what he thought was the natural downswing of the business cycle; volunteerism; later called in the military on the bonus army
volunteerism
Hoover asked business leaders not to cut prices and wages; government to simultaneously reduce taxes, lower interest rates, and create public-works programs; wealthy to give to poor through charities
localism
asked the state and local governments to provide more jobs and relief measures; businesses instead cut wages and laid off workers
towns, states, and charities
didn’t have the resources to respond to the crisis; charities ran low on money
trickle-down economics
government would provide loans to bankers so they in turn could lend money to businesses; then hire workers, leading to the increase production and consumption and the end of the depression
reconstruction finance corporation
RFC; provide loans to businesses; businesses that did receive loans didn’t always use them to hire workers
Hoover Dam
Colorado River; brought much-needed employment to the southwest in the early 1930’s
bonus army
group of almost 20 thousand unemployed WW1 veterans; marched in protest and set up camps in Washington, DC; wanted early payment of a bonus promised them; congress agreed; Hoover vetoed
general Douglas MacArthur
led army troops against the veterans
FDR
won the presidency by more than 7 million votes; lost the use of his legs to polio; congress passed 15 bills; used the legislation passed by the 2nd new deal to accomplish the goals of promoting the general welfare and protecting citizen’s rights
Eleanor Roosevelt
became FDR’s eyes and ears during his presidency; transformed the office of the First Lady to a politically active position; traveled extensively and advocated equal justice for all
first new deal
first 15 bills; 3 goals; relief, recovery, and reform; brought fundamental changes to the nation