More..... Flashcards
Depression hit Arkansas
- 192 banks failed
- nearly one half of all businesses closed
- 245,000 Arkansans lost their jobs
- local and country governments were without funds
- States debt began to grow
Great depression
- serious and worldwide economic decline of the 1930s
- production of goods and service drastically
- unemployment rate jumped to 25%
- over 100,000 businesses and banks declare bankruptcy
Hattie Caraway
- Husband, Thad Caraway died while senator for Arkansas
- hattie was named to fill the Senate seat in the November 1931
- In 1932 hattie complained to full Senate seat for full-term opposing six men
- she won by a large margin
Election of 1932
-pres. Herbert hoorer did nothing to help Americans and it cost him reelection
-Franklin Delano Roosevelt
•Elected president in 1932
•Willing to try new federal programs to help Americans
• hundred days
Hundred days
Actions taken by FDR during his first days in office to alleviate the effects of the depression
The new deal
FDR's plan to bring the US out of depression -relief for the needy -recovery for businesses -reform for the economic system Bank holiday Peficit spending
Bank holiday
Close all banks in the US; only allowed to reopen when proved financially strong
Preficit spending
Using borrow money to fund government programs
New deal programs
FDIC
FARA
SOCIAL SECURITY
AAA
FDIC
Federal deposit insurance Corp.
Formed to back savings account
FERA
Federal emergency relief administration
9 million to AR; provided food, shelter, and money for the unemployed
FERA ended because of
WPA
Social Security
Collected taxes to pay pensions for retired, disabled and unemployed
AAA
Agricultural adjustment act
Paid farmers not to grow crops, as quantity decreased prices stabilized
Southern tenant farmers union
- aaa
- Payments went to landowners not tenants, who farmed the land. Landowners did not share money. Union was formed by black and white sharecroppers.