Great Depression Flashcards
Black Thursday
Day when stock prices began to fall & leading bankers pooled $30 million to try and bring them back up
Black Tuesday
Prices dropped, no real recovery, great depression began
Hawley-Smoot Tariff Act 1930
- Hoover
- Raised tariffs on 1,000 items
- U.S. exports & imports dropped 50%
Agricultural Marketing Act
Aimed to keep crop prices up
Established by Hoover
Hoover’s Public Works Program
Used government money to build roads, buildings, etc.
Reconstruction Finance Corporation
Hoover
$2 billion to lend to large corporations
Traditional Methods
Hoover wouldn’t give direct hand outs
Made his work less effective on depression
Drought of 1930s
From Virginia to Oklahoma
Crops & livestock died of thirst
Hoover’s response - limited
Three R’s
Relief
Recovery
Reform
Harold L. Ickes
Secretary of the Interior
Henry A. Wallace
Secretary of Agriculture
Francis Perkins
Secretary of Labor
First woman cabinet member
Brain Trust
Informal group of advisors to FDR
Imagination & ability mattered, not government experience
Emergency Banking Act
FDR closed all banks
Re-opened as Secretary of Treasury saw fit
Fireside Chat
FDR’s radio chat where he explained what he was doing with the New Deal
Glass-Steagall Act
Goal - to keep people’s confidence in the banks
Established Federal Deposit Insurance Corporation