Great Depression Flash Cards
What were the 6 causes of Great Depression?
Collapse of farm economy, unequal distribution of wealth, buying on credit, bank failures, stock over speculation, tariffs and economic policy
What does over speculation mean?
Taking too much risk when investing in stock market
What does “buying stock on margins” mean
Borrow money that you don’t have to buy stocks
What was the bonus army?
The promise to WW1 veterans that they would get money for serving
How were peoples lives affected by the Great Depression?
Farms foreclosed, schools closed, could not pay taxes, people went hungry
What were Hoovervilles? Why were they called that?
They were shanty towns named after president Hoover because he had not helped the Americans
What were the causes of the dust bowl?
Unusually high temps, poor agricultural causing wind erosion
What were Roosevelt three Rs
Relief - (feeding people, jobs, farms)
Recovery - (economic movement to get back prosperity)
Reform - (to prevent from happening again)
What was deficit spending? Who opposed it?
Spending more than government receives in revenue. Conservatives opposed of this idea
Why was the election a landslide for FDR?
FDR had won by overwhelming amount
What was the brain trust?
The president had worked with a Group of experts (professors, lawyers, journalists, social workers) to come up with a new deal
Why were conservatives opposed to the new deal?
They had believed it went against “laizee faire” the conservative policy
Who was senator Huey long ?
He was an advocate for share our wealth, a movement that forced millionaires to give people of poverty 5,000 dollars a year
What was the bank holiday?
The 4 days that FDR had shut down the banks to make more money so they could re open
What were fireside chats?
Radio talks about public concern, gave Americans a sense of hope in leadership
