Period 7 Part 3 Flashcards
This is the name given to October 29, 1929. This date signaled a selling frenzy on Wall Street–days before stock prices had plunged to desperate levels. Investors were willing to sell their shares for pennies on the dollar or were simply holding on to the worthless certificates.
Black Tuesday
Purchasing stock with a little money down with the promise of paying the balance at sometime in the future
Buying on margin
reduced flow of goods into united states and prevented other countries from earning american currency to buy american goods.
Hawley-Smoot Tariff
govt. lending bank, provided indirect relief by assisting insurance companies, banks, agricultural enterprises, etc.
Reconstruction Finance Corporation
A march of 1000 unemployed veterans who were soon joined by many others to demand immediate payment of the bonuses promised them at a later date.
Bonus march
President Franklin Roosevelt’s precursor of the modern welfare state (1933-1939); programs to combat economic depression enacted a number of social insureance measures and used government spending to stimulate the economy; increased power of the state and the state’s intervention in U.S. social and economic life. Three r’s Relief Recovery and Reform.
New Deal
America’s first female cabinet member- Secretary of Labor under FDR; ironically supported the exclusion of women from many New Deal programs, in favor of men as breadwinners
Frances Perkins
March 6, 1933- all banks closed for 4 days so that congress could enact legislation to stabilize the banking system; goal to restore confidence in the banks and avoid panic and withdrawal; congress passes the Emergency Banking Act during this time
EBA= Treasury inspects banks before they can reopen, give $ to get banks back on their feet; reestablished confidence
Bank holiday
established by the Glass-Steagall Act in 1933; insures bank deposits up to $5,000 (now $100,000); helps bring confidence and stability in banks
Federal Deposit Insurance Corporation
(ref) 1933- FDR personal favorite; employed 18-25 year old men to work in the national forests and parks; conservation work, planted trees, built reservoirs, parks, irrigation systems; 90% of money was sent back to families
Civilian Conservation Corps
(rec) 1933; goal to build dams to provide electricity for rural areas in TN, NC, GA, AL, KY;
subgoals: stop flooding, provide cheap electricity, encourage industry and reforestation, improve farm production, provide jobs
effects: eliminated flooding, gave 1000s electricity, improved transport, had to move families
Tennessee Valley Authority
1935, court declared the NIRA unconstitutional; president’s code making power was an unacceptable grant of law-making authority to the executive branch
Schechter v. U.S.
2nd New Deal- WPA (rel) 1935; most expensive of programs; “starving artist act”; gave jobs in construction, art, music, history, and literature; employed many women; created NYA youth admin; many labor-themed murals
Works Progress Administration
(ref) 1935; created National Labor Relations Board- could force companies to collectively bargain with unions, companies could not discriminate against unions or force workers not to join unions;
protected the growth of unions- the “magna carta” of labor; wins over labor and cements them in the new deal voting coalition
National Labor Relations (Wagner) Act
(ref) 1935; created pensions for the elderly and disabled; created unemployment insurance; gave aid to dependent children; didn’t cover all workers (agriculture, domestic, government workers)
Social Security Act
Previously governor of LS, a leftist-populist; criticized the New Deal for not going far enough; formed the Share-Our-Wealth Plan (wealth redistribution)= taxes on high incomes and limits on high incomes- no more than $15 mill; also started Share-Our-Wealth social clubs
Huey Long
Roosevelt’s proposal in 1937 to “reform” the Supreme Court by appointing an additional justice for every justice over age of 70; following the Court’s actions in striking down major New Deal laws, FDR came to believe that some justices were out of touch with the nation’s needs. Congress believed Roosevelt’s proposal endangered the Court’s independence and said no.
Court Packing Plan
led by John Lewis, orginially began as a group of unskilled workers who organized themselves into effective unions. As there popularity grew they came known for the revolutionary idea of the “sit down strike”, there efforts lead to the passage of the Fair Labor Standard Act and the organization continued to thrive under the New Deal.( page 790-791)
Congress of Industrial Organizations
United Mine Workers, created congress of Industrial Organization [ CIO ] - helped create industrial unions that accepted all workers and used sit-down striking methods
John L. Lewis
