Chapter Twenty-Two & Twenty-Three: The Great Depression Flashcards
causes of the Depression
- stock market crash
- buying on credit
- slowdown in industry and business cycle
- high unemployment
- bank failures
- drought
List and Explain the 3 R’s of the New Deal
- Relief- measures for emergency assistance
- Recovery- measures or acts to bring about the end to Depression
- Reform- measures and acts passed to save the problems that caused the Depression
Objectives of the New Deal
- provide programs of public works & gov’t building projects to create industry & jobs
- direct relief payments for Americans w/o jobs
- lower tariffs
- create higher prices for agriculture
- old age pensions
- regulate banks & stock market
Goals of Second New Deal
- make better housing available
- more help for unemployed
- protection for elderly & disabled
- labor regulations
Legacy of the New Deal
- created a bureaucracy & safety net
- created long lasting & some permanent programs
- many conservation projects
- helped minorities
- strengthened government authority
Hoover’s idea that employed people should give an unemployed persona day’s work
Give-A-Job
created a pool of money to enable troubled bank’s to continue lending money
National Credit Corporation
NY bankers lent money and couldn’t meet the nation’s needs
National Credit Corporation
set up by Congress to make loans to banks, railroads, & agricultural institutions
Reconstruction Finance Corporation
didn’t work because it was very cautious
Reconstruction Finance Corportation
Hoover was opposed but sign it any way
Emergency Relief & Construction Act
gave $1.5 billion for public works
Emergency Relief & Construction Act
gave $300 million in loans to states for relief
Emergency Relief & Construction Act
created a Federal Farm Board to buy up surplus wheat, corn, cotton
Agricultural Marketing Act
wasn’t successful because farmer’s didn’t limit production
Agricultural Marketing Act
authorize the federal examiners to survey all banks and then issue a license to those banks that were financially sound
Emergency Banking Act
required companies that sold stock and bonds to provide complete and truthful information
Securities Act
formed Securities and Exchange Commission
Securities Act
separated commercial & investment banking
Glass-Steagull Act
created Federal Deposit Insurance Corporation
Glass-Steagull Act
created Agricultural Adjustment Administration
AAA #1
basic ideas was to pay farmers to not to raise certain crops or livestock
AAA #1
not all farmers benefited
AAA #1
did accomplish farmers income increase and surplus disappear
AAA #1
declared unconstitutional
AAA #1
created to stimulate business & industry & reduce unemployment
NIRA
created NRA
NIRA
created codes of fair competition
NIRA
guaranteed workers right to form unions
NIRA
declared unconstitutional
NIRA
bought mortgages of homeowners who were behind on payments, but could still foreclose on them if they didn’t make payments
Home Owner’s Loan Corportation
helped farmers refinance farm mortgages
Farm Credit Administration
helped push interest rates lower
Farm Credit Administration
CCC, PWA, TVA, FERA, WPA, NYA
Work Relief Programs
offered unemployed men 18-25 the opportunity to work under national forestry service
Civilian Conservation Corps
lived in camps and earned $1 a day
Civilian Conservation Corps
lasted until 1942
Civilian Conservation Corps