Depression Last So Long?

Question 1

Hoover’s relationship w/ Congress

Answer 1

little control

• democrats making gains
• many Republicans disliked H

Question 2

What was Hoover’s central belief with the budget?

Answer 2

balanced budget crucial

did not accept deficit fianancing

Question 3

How much was allocated in the Agricultural Marketing Act?

Answer 3

$0,5bn

Question 4

What was the Agricultural Marking Act set up to do?

Answer 4

establish farmer owned cooperatives

Question 5

What policies was Hoover not prepared to consider?

Answer 5

export subsidies

direct aid to individuals

Question 6

What % was federal expenditure of GNP in 1929?

Answer 6

3%

Question 7

When was the Hawley-Smoot Tariff Act introduced?

Answer 7

1930

Question 8

What was the average tariff under the H-S Tariff Act?

Answer 8

42%

Question 9

When did Britain introduce a retaliatory tariff to the US?

Answer 9

1931

Question 10

What was significant about Britain introducing a retaliatory tariff?

Answer 10

Britain was free trade

Question 11

When was the National Credit Corporation set up?

Answer 11

1931

Question 12

How much funding did the National Credit Corporation have?

Answer 12

$500million

Question 13

What was the aim of the National Credit Corporation?

Answer 13

break liquidity crisis via purchasing dubious assets held by banks on verge of insolvency 


Question 14

What would purchasing banks dubious assets do for depositors?

Answer 14

raise their confidence in the banks themselves

Question 15

how much was spent out of the available funding for the National Credit Corporation?

Answer 15

only 10million

Question 16

Why was so little of the budget for the National Credit Corporation spent?

Answer 16

in the control of ultra-conservative bankers

Question 17

Where were most bank collapses?

Answer 17

rural mid-west and south

Question 18

When was the Reconstruction Finance Corporation set up?

Answer 18

Jan 1932

Question 19

How much funding did the Reconstruction Finance Corporation have?

Answer 19

$2bn

Question 20

What was the set up of the Reconstruction Finance Corporation recognition of?

Answer 20

volunteerism not working

Question 21

Where did the funding of the Reconstruction Finance Corporation go?

Answer 21

to rescue banks / financial institutions / credit unions

most went to larger banks / companies

Question 22

When was the largest peacetime tax rise?

Answer 22

June 1932

Question 23

Why was there a tax rise in June 1932?

Answer 23

to maintain the balanced budget

Question 24

What would a tax rise, such as the one in June 1932 mean?

Answer 24

a dampening of consumer spending

Question 25

What happened to public works expenditure under Hoover, who points this out?

Answer 25

doubled federal public works expenditure in 3yrs

Kennedy

Question 26

What were some steel factories working at in terms of capacity %?

Answer 26

12%