Roaring Twenties --> WWII Flashcards
Roaring 20s
1920s=dawn of new era? Breaking barriers. architecture=skyscrapers. Broadway, madison ave, wall street, park + 5th–billionaires
Prohibition (18th Amendment)
(18th Amendment)–1/29/1919 ratified—18th Amendment— no manufacturing, transport, sale of liquor
Radio
KDKA–night radio station transmitting election result
radio=instant communication
(Fireside Chats)
Prohibition (18th Amendment)
(18th Amendment)–1/29/1919 ratified—18th Amendment— no manufacturing, transport, sale of liquor
Emergency Bank Act
reopened good banks and delayed the opening of struggling
banks.
FDIC
1933–Federal Deposit Insurance Corporation (FDIC) was created and guaranteed a customer
$5,000.00 in the bank, even if banks closed. People were afraid to put their money back in banks because,
when the banks crashed, many lost everything. The New Deal created FDIC to guarantee people would get their
money back, to a certain amount, if their bank failed. Today, this amount is $250,000.00.
Buying on Margin
buying w borrowed money
Stock Market Crash (Causes)
Bc of no confidence a bunch of people tried to withdraw and since small bit is currency and everything else is invested the banks couldn’t keep up
Hawley-Smoot Tariff
U.S. legislation (June 17, 1930) that raised import duties to protect American businesses and farmers, adding considerable strain to the international economic climate of the Great Depression
Black Tuesday
stock market crash 10/29/1929
Bank Failures
Majority--use banks for deposits, checks Information Bank invests money Only small bit is currency Bc of no confidence a bunch of people tried to withdraw and since small bit is currency and everything else is invested the banks couldn’t keep up By 3/3 barely any banks open
Bank Holiday
FDR then froze banks
Then legislation confirming proclamation and broadening powers to make it possible bc of time to extend holiday and gradually lift
it also allowed a rehab program of banks
Hoovervilles
a shantytown built by unemployed and destitute people during the Depression of the early 1930s.
Dust Bowl
the Dust Bowl was a period of severe drought and dust storms that damaged farms and towns across the Midwest and Central Plains.
New Deal
A group of government programs and policies established under President Franklin D. Roosevelt in the 1930s; the New Deal was designed to improve conditions for persons suffering in the Great Depression.
Social Security
The Social Security Act was signed into law by President Roosevelt on August 14, 1935. In addition to several provisions for general welfare, the new Act created a social insurance program designed to pay retired workers age 65 or older a continuing income after retirement.
Relief, Reform, Recovery
- Relief - Immediate action taken to halt the economies deterioration.
- Recovery - Temporary programs to restart the flow of consumer demand.
- Reform - Permanent programs to avoid another depression and insure citizens against economic disasters.
“Alphabet Soup” Agencies
“FDR’s Three R’s - Relief, Recovery and Reform - required either immediate, temporary or permanent actions and reforms and were collectively known as FDR’s New Deal. The many Relief, Recovery and Reform programs were initiated by a series of laws that were passed between 1933 and 1938. The initiatives were called “Alphabet Soup Agencies” as they were referred to by their acronyms.”
Securities and Exchange Commission (SEC)
enforced rules as a referee for the stock market. Entities like these prevented people with “inside” information from manipulating the market, known as “insider trading.”
The 21st Amendment
ended
Prohibition and allowed the taxing of alcohol.
The Agricultural Adjustment Act (AAA)
planned to lower production and pay farmers to not plant
crops. FDR ordered the slaughter of pigs to prevent their consumption. He wanted to destroy food surpluses.
Many protested; this was destroying food in the midst of a depression. Yet, FDR asserted that, as long as supply
was too great, farmers could not reap profits. A low supply would make farming profitable again.
Fireside Chats
one of a series of radio broadcasts made by President Franklin Delano Roosevelt to the nation, beginning in 1933.
Appeasement
chamberlain from britain promised hitler part of Czechoslovakia in exchange for Hitler not invading rest of world
then Hitler invades Poland, starting WWII
Isolationism
US trying to stay out of war