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History > Great Depression > Flashcards

Great Depression Flashcards

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1
Q

Living on the bread line

A

Living in poverty;
waiting in line for food and charity

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2
Q

Buying on margin

A

Buying stocks on credit, get stock now pay later

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3
Q

Hawley-Smoot Tariff Act

A

Raised tariffs on
imported goods to protect farmers (1930)

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4
Q

Stock

A

A share in a company ownership

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5
Q

Black Tuesday

A

Oct. 29th 1929
stock market crashed

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6
Q

underconsumption

A

not purchasing enough goods to support production

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7
Q

the new deal

A

FDR’s economic and social reforms implemented to solve the depression

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8
Q

hoovervilles

A

aka shantytowns

homeless encampments

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9
Q

repatriation

A

return of someone to their own country (voluntary)

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10
Q

deportation

A

the act of deporting a foreigner from a country

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11
Q

welfare/relief

A

assistance programs for the welfare of people (housing, money, health, food, etc.)

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12
Q

scapegoating

A

person blamed for unfortunate events or actions of others

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13
Q

GDP

A

Gross Domestic Product: total of all value added/created in an economy selling goods and services

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14
Q

what are the two things that characterize the Great Depression

A

high unemployment and low GDP

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15
Q

explain what people were trying to do on Black Tuesday

A

trying to sell their shares, but no one will buy, so it became worthless and record number or trading their shares

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16
Q

what led up to black tuesday

A

a bull market (businesses are doing so well, so they think they’ll get a lot in return so there’s a steady rise in stock prices) > investor optimism (thinking tomorrows stock will be higher) > buying on margin > speculation (investing even if its not successful, just to make money fast) > creditors that lent money demand money > couldnt pay so they sold their cars, houses, etc and companies that invested their profits into the stock market had to close

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17
Q

how do banks work and what was the problem during the great depression

A

banks lend your money for interest; banks lent money to brokers so they could lend money to investors; so brokers couldn’t pay the banks since they weren’t getting paid by investors, so people were trying to deposit their money but banks didn’t have all the money to deposit to everyone

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18
Q

what are two other contributors to the economic downturn

A

people couldn’t afford to buy products (demand low) underconsumption, so overproduction > companies shut down > unemployment

19
Q

how did the wealth gap increase?

A

increased productivity led to increased business proft, but wages were not enough for people to buy products underconsumption; advertising promoted credit so more people went in debt

20
Q

how did underconsumption affect farms

A

farmers borrowed money but they couldn’t pay their debts, so they seized their farms

21
Q

how did the fed worsen the economy?

A

before the crash, interest rates were low which meant easier borrowing (money circulating), then they increased interest rates (money not circulating)

22
Q

trade troubles

A

wanted to protect businesses so they rose tarriffs which started a trade war with UK, so they rose their tarriffs on US imported goods too, couldn’t sell overproduction leftovers to other countries

23
Q

what were the causes of the great depression

A

stock market crash: bank panic and closures

financial crisis: banks lent out money to brokers who couldn’t pay them back so they had to close down, ppl lost their savings

unequal distribution of wealth

underconsumption: debt from credit increased so didn’t buy

overproduction: companies closed, unemployment

tight money: fed made money circulation decrease, so couldn’t produce, couldn’t spend

rising interest rates

decline in international trade

24
Q

conservatives, liberals, economists

A

conservatives (laiss fair, local govt. charity)
economics (panics are normal)
liberals (make some changes)

25
Q

what was hoovers og response? How did he change his policies in 1932?

A

conservative approach: did nothing, didn’t want ppl to rely on govt
- created the Reconstruction Finance Corp to give loans to banks and big bus, also to give money to states to help the needy, public works projects

26
Q

what new deal policies are still around today?

A
  • Securities & Exchange Commission
  • Federal Deposit Insurance Corp
  • Minimum Wage & Unemployment Insurance
  • social security
  • 21st admend.
  • gold standard
27
Q

what problems did the new deal aim to solve?

A

the stock market
bank failures
unemployment
home foreclosures
the elderly
poor farmers
children
govt. rev.
uninformed public

28
Q

sec

A

securities and exchange commision
govt. regulates stock market
* no secret deals
* provide accurate financial data

29
Q

fdic

A

federal deposit insurance corp
govt. regulates banks
* banks must keep x dollars at all times
* govt insurance for $

30
Q

WPA

A

Workers Progress Administration
* 8 mil jobs
* public works projects

31
Q

home owners loan corp

A

Gov. provide low interest loan to those facing foreclosure

32
Q

social security

A

small tax from workers’ paychecks given to the elderly

33
Q

AAA

A

Agriculture Adjustment Act
* govt ensures farmers make stable living
* buy/destroy surplus
* pay them not to grow stuff
* price controls

34
Q

TVA

A

Tennessee Valley Authority
* built 25 jobs to bring jobs, electricity, etc.

35
Q

CCC

A

civilian conservation corp
* jobs for 18-25 year olds to plant trees, trails, etcc

36
Q

NYA

A

National Youth Administration
* govt. loans to youth for college and grad school

37
Q

21st admendment

A

legalize alcohol, special tax

38
Q

gold standard

A

print money without gold to back it up

39
Q

fireside chats

A

Used radio addresses to calmly explain New Deal policies

40
Q

what was mexican repatriation

A

1 million people of mexican descent were deported because they were seen as the scapegoat

  • 60% were US citizens
  • federal govt. knew but did nothing
  • raids in LA
  • threatened them, employment discrimination
41
Q

2 reasons why ppl think the New Deal was a failure

A

Unemployment was still ten percent higher than pre-depression rates in 1939

Discriminated against African Americans because they didn’t get equal pay or opportunity for jobs. AAA land reduction hit them hard

42
Q

2 reasons why ppl think the New Deal was a success

A

Brought transparency and stability to the economy and restored people’s trust in the banks

WPA’s lunch program fed thousands of children

43
Q

how did the new deal change the role of the federal govt

A

expanded its power and influence, demonstrated its interest in the social and economic issues of its ppl

  • evidence
  • FDIC
  • unempolyment insurance
    *HOLC

History (8 decks)

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