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American history > Return To ‘Normalcy’ > Flashcards

Return To ‘Normalcy’ Flashcards

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1
Q

How did the value of the Stock market grow from 1925-1929?

A

1925 = $27 Billion
1929 = $87 Billion

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2
Q

How many share holders were there in the USA by summer 1929?

A

20 Million

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3
Q

What are three reasons for the Wall Street Crash?

A
  • The banking system
  • Over-speculation on the stock market
  • Avalibilty of easy credit
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4
Q

What was wrong with the banking system by the end of the 1920?

A

It was outdated
- Reserve banks favoured bankers (over nation)
- Local banks struggled (not part of centralised system)
- Interest rates kept low to keep market a float

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5
Q

What are four long term problems with the economy in the 1920’s?

A
  • Falling demand for consumer goods
  • Instability of the ‘get rich quick’ system
  • Problems with Agriculture
  • Problems with ‘old’ industries
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6
Q

What % of the US population lived below the poverty line?

A

42%

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7
Q

What did the population of Florida grow by from 1920-1925?

A

1920 = 968,000
1925 = 1.2 million

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8
Q

How much did wheat prices fall after WW1?

A

$2.5 a bushel
$1 a bushel

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9
Q

which ‘old’ industries struggled in the 1920’s?

A
  • Coal
  • Textiles
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10
Q

What happened in Florida in 1926?

A

Hurricane - Killed 400 people and left 50,000 homeless.
Caused thousands to go bankrupt due to investments in ‘Land boom’

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11
Q

What was the problems with Agriculture in the 1920’s?

A
  • Falling prices
  • Machenery led to overproduction
  • Couldn’t sell abroad due to high tariffs.
  • Competitive market (Canada)
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12
Q

Who became President after Wilson?

A

Warren Harding (1921-23)

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13
Q

Who became President after Harding?

A

Calvin Coolidge (1923-29)

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14
Q

Who became President after Coolidge?

A

Herbert Hoover (1929-1933)

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15
Q

Who were the three Presidents in the 1920’s?

A
  • Warren Harding (1921-23)
  • Calvin Coolidge (1923-29)
  • Herbert Hoover (1929-33)
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16
Q

What were Harding’s Policies?

A
  • Return to ‘Normalcy’
  • Little governemnt involment
  • Isolationism
17
Q

What achievements did Harding have?

A
  • Returned to Normalcy - Was popular with the US people
  • Made good appointments
  • The Sheppard-Towner Maternity Aid Act
  • Cut Gov spenidng
  • Fordny-McCumber Act (1922)
18
Q

How much did Hardinf cut government spending from 1920-1922

A

1920 = $5,000 million
1922 = $3,333

19
Q

What was the Sheppard-Towner Maternity Aid Act?

A

Gave federal aid to encourange the development of infant and maternity health centers

20
Q

What was the Fordney-McCumber Act?

A

1922
Increased protective tariffs

21
Q

What were Harding’s shortcomings?

A
  • Scandel (Extramarital affairs)
  • Corruption (e.g Teapot Dome Scandel)
  • Limited Government intervention (achieved very little)
22
Q

What were Cooliage’s achievements?

A
  • Very popular
  • No scandel
  • Continued ‘Million Plan’
  • Largest economic boom in US history
23
Q

What were Coolidge’s failings?

A
  • Did very little
  • Didn’t speak up on American problems (named ‘Silent Cal’)
24
Q

What was the ‘Million’s Plan’?

A
  • Low Tax
  • Low Interest Rates
  • Low Government Spending
25
Q

What was the Revenue Act?

A

1924
- Cut income tax
- Part of the ‘Millions Plan’

26
Q

What was Hoover’s economic beliefs?

A
  • Very laisez Faire attitude
  • Believed in rugged individualism - people should help themselves or others
  • Federal Government shouldn’t be involved
27
Q

What was the Hawley-Smoot Tariff?

A

1930
- increased tariffs = increase in prices = no domestic demand + decrease in trading = over-production

28
Q

What was the Revenue Act?

A
  • 1932
  • Increase in tax
29
Q

Who were the Bonus Marchers and how did Hoover treat them?

A
  • Wanted to get their promised bonus from serving in world war early
  • Camped in Washington
  • He set the federal army on them = injured over 100
30
Q

What was the Reconstruction Finance Corporation?

A
  • Began in Jan 1932
  • Let $2 bil to rescue banks, companies ect
31
Q

What was the Emergency Relief & Construction Act?

A

1932
- Gave $300 mil to state governments to help unemployed

32
Q

What was the Home Loan Bank Act?

A

1932
- stimulated house building
- Gave government loans to buy houses (but had to give a 50% deposit)

33
Q

what was the Grain Stabilisation Corporation?

A

1930
- Government bought grain to keep prices up

34
Q

What was the Agricultural Marketing Act?

A

1930
- Provided loans to farmers (Government backed)

35
Q

what was the result of Hoover trying to help farmers?

A
  • It didn’t work
  • Were backed by artificially high prices and Tariffs increase meant less trade.
36
Q

Why wasn’t Hoovers actions during the depression that bad?

A
  • Unprecident situation
  • 1930 Agricultural Marketing Act
  • 1930 Grain Stabilisation Corporation
  • 1932 Reconstruction Finance Corporaion
  • 1932 Emergency Relief and Construction Act
  • 1932 Home Loan Bank Act
  • FDR’s New Deal copied some of his policies
37
Q

Why was Hoover’s actions during the depression bad?

A
  • Believed in Rugged individualism
  • Was involved in the 1920’s gov that added to depression
  • 1930 Hawley-Smoot Tariff
  • 1932 Revenue Act
  • 1932 Bonus Marchers Treatment
  • Public Opition - Blamed him (Hoovervilles)

American history (4 decks)

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