The Great Depression Flashcards
Why did the great depression begin?
Factories were overproducing products, wealth was unevenly distributed, Stock Market Crash, sales started to slow (Europe didn’t need products anymore).
Why did so many banks fail during the Great Depression?
Many people began pulling their money out of banks, and banks went bankrupt because they couldn’t give them all the money that they were pulling out of the bank
How did people lose money to banks during the Great Depression?
When banks shut down, they lost all their money because the banks couldn’t return it.
When was the date that stock prices hit a historical low and the Great Depression started?
October 29, 1929
What is buying stocks on credit?
When the stock is paid off later with the profit from the stock when sold. Example: buy a 1$ stock, but not pay for it. Pay for it later when you sell the stock for 2$
Why did so many people start selling stocks?
When people who knew about stocks started selling, everyone else panicked and started selling their stocks.
How long did the Great Depression last?
Almost a decade
What taxes typically went to schools at the time?
Local property taxes on homes and businesses
Why did schools have to make extreme budget cuts?
So many people lost their homes, and so many businesses and factories were being closed that the schools had barely any tax money to work with
What did schools do to cut expenses now that they had less money?
Hired less teachers, putting more students in classrooms (up to 60), desks and textbooks weren’t purchased, children sat on the floor, shared old desks, and shared old textbooks, kindergartens were cut from schools, schools nurses were not rehired, many classes like foreign language and PE were cut to save money. Teachers pay were also lowered extremely, some districts even payed them in script, or simply by allowing them to live at the school and donated food portions which they could cook over the classrooms stove.
What were okies?
People migrated from Oklahoma
Why did so many kids miss school?
They were working for their families to try to get money to get food, taking care of younger children at home, or they couldn’t afford school supplies
What does WPA stand for and what did it do?
Works Project Administration, and it made work projects across America in order to create jobs
What does the FDIC stand for and what did it do?
Federal Deposit Insurance Corporation, it made sure that the money of depositors in banks was protected
What was Roosevelt’s first 100 days?
Roosevelt’s first 100 days in office, where he and congress passed many new laws and programs to help recover from the great depression