Great Depression Flashcards
What were the causes of the Great Depression?
Stock Market Crash, weak banks, overproduction
Who made up the Bonus Army?
WWI veterans who wanted a promised bonus early.
What was a major cause of the stock market crash?
buying stocks on margin
Which New Deal programs still exist today?
Social Security and Federal Deposit Insurance Corporation
What was the purpose of the Tennessee Valley Authority?
provide jobs and electricity to the Tennessee River Valley
What were FDRs goal for the solving the problems of the Great Depression?
relief, recovery, reform
Which New Deal program established a system of unemployment insurance and pensions for retired workers?
Social Security Act
What area of the United States did the Dust Bowl occur?
Great Plains
Which New Deal program employed men between the ages of 18-25 working conservation jobs?
CCC-Civilian Conservation Corp
Which New Deal program was enacted to protect people’s savings?
FDIC-Federal Deposit Insurance Corporation
What were the causes of the Dust Bowl?
drought and overgrazing
What was FDR’s first action as President to try and end the economic crisis?
declare a bank holiday
Why did critics oppose the New Deal?
interfered too much with business and with people’s lives, increased the power of government.
Why did President Roosevelt try to enlarge the Supreme Court?
to appoint Supreme Court Justices who would support his programs.
How did critics of the New Deal propose to end the depression?
heavy taxes on the rich, provide a pension for people over 60, provide every family with a house, a car, and a decent income.
How did relief programs help the unemployed?
gave them jobs and financial assistance
When did the stock market crash?
Black Tuesday- Oct. 29, 1929
Define bankrupt.
unable to pay debts.
How did Hoover respond to the Depression?
He believed that government should not get involved.
Define relief programs.
programs designed to help the needy.
What was the Reconstruction Finance Corporation?
it loaned money to banks, railroads, and insurance companies to help them stay in business.
What were public works projects?
projects built by government for public use. The government hired workers to build schools, construct dams, and pave highways.
Define bonus.
additional sum of money.
Define brain trust.
college professors who were experts on economic issues hired to provide advice to FDR.
Define bank holiday.
FDR closed every bank in the country for four days. The banks were not allowed to reopen until they could meet the needs of depositors.
Define fireside chat.
radio speeches FDR gave from a chair near a fire place in the White House. FDR gave 30 radio speeches.
Buying on Margin
the purchasing stock with a little money down with the promise of paying the balance at sometime in the future.
Hoovervilles
shanty towns that the unemployed built in the cities during the early years of the depression; the name given to them shows that the people blamed hoover directly for the depression.
Dust Bowl
the geographic area, including the Texas panhandle, hardest hit by the drought during the 1930s where the soil was so dry it blew away in great clouds of dust.
New Deal
series of new laws and programs introduced by president Roosevelt during depression to create jobs and improve the economy. Programs like P.W.A. and W.P.A.
WPA-Works Progress Administration
put jobless to work building hospitals, schools, parks, and airports
National Industrial Recovery Act
set standards in wages, production,and prices
AAA-Agricultural Adjustment Act
asked farmers to reduce production and destroy surpluses
TVA-Tennessee Valley Authority
gave jobs rebuilding the Tennessee Valley; brought flood relief and hydroelectric power to the area
Huey Long
critic of the New Deal; claimed that the US did not do enough for the poor; called to “Share our Wealth”
Francis Townsend
critic of the New Deal; felt that the New Deal did not do enough for the elderly
deficit spending
spending more than the government has
national debt
total sum of money that the government owes; caused by deficit spending
