Key facts (1920-45) Flashcards
What was Hardings policy?
- return to normalcy
- laissez faire
- isolationism
what was the budget and accounting act by Harding?
reduced budget from 5 billion to 3 billion in 2 years
what did Harding cut taxes to?
from 73% to 25% (post war boom)
what was the teapot dome scandal?
Albert fall found to have sold off contracts for federal oil reserves and accepted bribes from highest bidder
What was Coolidge’s policy?
- isolationist and restrict immigration
- didn’t interfere but supported big business and oversaw economic boom
What did US debt decrease to Under Mellon (Harding presidency)?
from 27 billion to 17 billon in 1929
why was hoover unpopular?
- bonus marchers
- laissez faire attitude was very bad during depression
- too little too late
when and what was the Hawley Smoot tariff act?
1930 increased tariffs (encourage US goods but massively reduced foreign trade)
what was the AAA in 1933?
- to stop over production
- 10.5 million acres of crop ploughed over
- 6 million piglets killed
- farm income rose from, 4.5 billion in 32 to 6.9 billion in 35
what was the TVA in 1933?
- harnessed power of Tennessee river
- built 20- dams
- stopped soil erosion and hydro-electicity
what was the 1933 emergency banking relief act?
gave treasury power to investigate banks in order to restore confidence
(get people putting money back in banks)
what was the 1933 Glass steagall act?
increased regulation of the banks
only certain banks can invest in stocks and deposits were insured
what was the 1933 NRA?
- help industrial recovery
- temporary lift of anti trust measures
- codes of practice like high wage (few successful)
what was the 1933 PWA?
- public works to boost economy
- $3.3 billion spent
- 13,000 schools and 50,000 miles fo road (lots of jobs)
what was the 1933 Federal relief act?
- $500 million to states for welfare for unemployment
what was the 1933 CCC?
- for unemployed 17-24
- planted 1.3 billion trees
what was the WPA in 1935?
- recruited for public works projects
- employed 2 million by 1941 (wages lower than industry)
what was the 1935 Wagner act?
- workers rights to collective bargaining
- increased rights to unions
what was the 1935 social security act?
- pensions (after 1940)
- unemployment benefits with max of $18 for 16 weeks
what was the 1935 banking act?
- banks centralised
- control moved from NY to Washington (now under government control)
when and what was the Fordney Mccumber Tariff act?
1922
- raised taxes to highest ever level
what did wages increase by between 1923 and 1929?
8%
how did advertising develop in the 20’s?
became a scenic where advert tailored to specific people
what were car production times in 1913 and 1920?
a car every 3 minutes in 1913 and every 10 seconds in 1920
how many cars were there by the end of the 20’s?
4.5 million
how many shares were trade in 1926 and 1929?
451 million and 1.1 billion
how many people were still below poverty line in the boom?
40%
how many farmers were in poverty by 1928?
50%
what did over production after ww1 do to the price of wheat?
dropped from $2.5 to $1 for a bushel
how many banks were there in the 20’s?
30,000 (lots od small banks)
not well regulated meant they couldn’t deal with withdrawals during crash