Depression/New Deal Flashcards
Deficit spending
- “go into debt to get out of debt”
- spending more than what the government brings in
Black Tuesday
Name of the day the stock market crashed: October 29, 1929
Direct relief
Government providing assistance
Speculation
- RISK
- investing in risky businesses ventures
- overestimating how long the good times will last
Hoovervilles
Makeshift shaft name after Hoover. Blaming him for the way they were living
Bank holiday
- First major action of FDR
- allowed banks to close so they can get an extra day to “catch their breath”
- only reopened solid banks after evaluation
100 days
First 3 months of FDR presidency where the new deal programs were put in use
Dust Bowl
Drought and wind storm that caused depreciation of farm goods
Court packing incident
- tarnished FDR reputation
- packing supreme court with people he knew would support the new deal
Wagner act
- created and allowed FDIC
- Second part listed and protected against unfair business practices and helped settle disputes
Social Security
Provided pensions for retired workers
Glass-stegall banking act
Bell dealt with banks = FDIC
Smoot-Hawley tariff act
Bill raised tariffs to the highest level ever and was a failure
Federal project act (3parts)
- promoted the arts
- paid artists
- created scholarships and education opportunities
The brain trust
- FDR’s close group of advisers
- political dream team
TVA
- dam built in Tennessee
- provided jobs to build, contracts for workers, and very inexpensive electricity for that region
FDIC
- insure banks
- insures investments in banks (US government guarantees investments in banks)
WPA
Created jobs mostly for younger people (similar to CCC)
AAA
Government paid farmers to not grow crops to increase price of farm products
CCC
- 18-25 worked to build parks, roads, etc.
- more strict than WPA
NRA
- Government takes over means of production, prices, etc. (socialism)
- you didn’t have to join
- groups of businesses involved set prices for businesses and quotas
- benefits for businesses who joined
- declared unconstitutional
NYA
Created to help all youths
American Gothic
- famous painting that symbolized the depression and portrayed the hardships
- painted by grant wood
Huey long
- One of the members of American liberty league
- slogan: share the wealth
What were Hoovers attempts/programs to help or fix the depression?
- volunteerism to get out of depression
- believed in work programs. Did not believe in direct relief
- Lent money to banks
- created Hoover/boulder dams
- RFC
- Hooverville’s were not created by Hoover
What were FDR’s attempts/programs to help or fix the depression?
- believed in direct relief and deficit spending
- created the new deal with many programs including: CCC, AAA, NRA, WAA, FDIC, SEC, and social security
List three pieces of the new deal and what they did
- FDIC: insured banks and investments in banks
- AAA: government paid farmers to not grow crops to increase price of farm products
- CCC: ages 18 to 25 worked to build parks, roads, etc. more strict than WPA
ESSAY: what were the causes of the Great Depression? Which was the most significant?
- overproduction from World War I
- over speculation in stock market
- irresponsible spending habits, installment plan, buying stocks on margin, buying on credit
American Liberty league
Conservative group that opposed the new deal
