Great Depression, New Deal, and FDR Flashcards
Causes of Great Depression:
Stock Market and buying on Margin
- loans to buy stocks
- Black tuesday and bank run
WW1 overproduction
Smoot Harvey tarrif and european retaliatory tarrifs
Gold standard restricting money supply
German Reparations tied in with US credit
Dust bowl
Herbert Hoover and the great depression
Bad:
Initially did nothing
Revenue Act of 1932: STUPID raise on tax
Good:
loan to banks/railroads
Emergency release act: infrastructure loans (hoover dam)
Hoovers bonus army
WW1 veterans wanted early benefits
occupied capital and riot
Hoovervilles
makeshift settlements
New Deals RELIEF
end prohibtion (21st amendment)
FERA help poor
CWA, CCC, PWA JOBS
FCA Farmer loans
AAA solve farm overproduction
New Deals RECOVERY
Emergency banking act (close bank)
Economy Act (lower gov. employees wages)
Tennessee Valer Authority (south infrastructure)
New Deals REFORM
Glass Steagall banking act (seperate diffferent investment types)
securities act (mandatory details on stock)
Securites exchange act (create SEC)
Nation Recovery Administration (codes for fair competition)
Indian Reorginization act
give up making natives farm. Return to tribe unity
Upton Sinclair and New Deal
“New deal is not enough”
wants to seize factories and return to peopel (socialist style)
Huey P Long
“New deal is not enough”
wants to tax ruch way more and give poor money
Francis townsend
“New deal is not enough”
give elderly pensions
Father Charles Coughlin
“New deal is not enough”
wants government to control banks
2nd new deal (think more radical)
Work Progress Administration:
-Hire 2 million more anually, including artist
Social Secutiry Act of 1935:
-elderly pension, unemployment insurance, welfare for disabled
Revenue Act of 1935: ‘Soak the rich’
Court Packing? Why? How?
SCOTUS shooting down new deal (AAA) so FDR wants to retire justices so he can put 6 new ones
EVERYONE HATED IT
