Quiz 2/13 🔥☺️💅❄️😈✨⚡️💵🔪 Flashcards
Herbert Hoover (3 things)
Rags to riches, orphaned at age 10–>mining millionaire
Food administrateur under Wilson
Secretary of commerce under Harding and Coolidge
1928 election (who vs who)
Herbert Hoover-republican,dry,Protestant, traditional values, rural, nativism
campaign slogan “chicken in every pot in a car in every garage”
Alfred Smith- Democrat, Catholic, wet, urban, immigration , help the working class
Who won the 1928 election
Herbert Hoover
Hoovers philosophy
Initially not aid from the government but from volunteers problems resolved by cooperation but business and local government
Smoot Hawley tariff (when and what)
1930
Protective tariff which raised the taxes on imported goods
European companies retaliated with equally high tariffs
makes things a whole lot worse reduced exports and imports by more than half
Reconstruction finance
Government agency government loans to banks railroads and other big businesses in 1932
To loan money to states
finance many public projects
Hooverville
Home shelter belt from old boxes and other debris group together and pitiful shanty towns
Bonus army
1932 World War I veterans marched on Washington demanding money they were promised by 1945 congress refused
Hoover sends General MacArthur to burn shantytown and gass men
Hoover’s reputation was ruined
Depression
. When economic activity decreases an unemployment is high
Six causes of Great Depression
1.Unbalanced economy /Farmers /overproduction
2. Credit crisis:Buying on margin
3.banks failed
4.failed international crisis (tariff)
5.poverty
6. Stock market crashed
Unbalanced economy
Supply high but demand low
Credit crisis
Ping a fraction of the stock price and borrowing the rest
Banks failed
People panicked and withdrew their money
International crisis: tarifs
Tax on imports but nationally
Poverty
People lose jobs due to the boys coming back, not pumping in money to the economy
Stock exchange
Organized system of buying and selling shares (stocks) in a company
Stock
Share of value in a company
Broker
Experts who buy sell stocks for consumers (for a fee)
Black Tuesday/Thursday
October 24th (began)
October 29th (bottom fell out)
Speculation
Buying stocks and bonds hoping for a quick profit