Unit 5 Day 2 Flashcards
What does this quote refer to and who said it? “Only a foolish optimist can deny the dark realities of the moment”
Great Depression/FDR
What plan contributed to the reinvention of liberalism
The New Deal
Classical liberals believed that what?
Government should be small and weak
What caused many to support the new deal
Many believed drastic action was needed
Why did the gold standard lead to the Great Depression?
The gold standard rendered nations unable to increase the supply of currency at precisely the moment when more was needed
What party was President Herbert Hoover
Republican
What 2 traditional beliefs did Herbert Hoover and most Republicans believe in?
Success went to those who earned it, business community could fight economic downturns without government assistance
“Any lack of confidence in the economic future or the strength of business in the United States is foolish.”
Herbert Hoover cutting taxes
What blunder led to the depression being prolonged?
Hover keeping the gold standard
What did Herbert do that caused damaged the economy greatly
Increased tarrifs
What law further hindered global trade and worsened economic contraction throughout the industrialized world.
Smoot-Hawley Tariff Act
After his two blunders, what was Herbert’s next move.
To increase federal spending in public works by $700 million
What program of Hoover’s provided federal loans to railroads, banks, and other businesses.
The Reconstruction Finance Corporation (RFC)>
Where did many evicted people move?
Hoovervilles
What group protested the falling commodity prices by cutting off supplies, barricading roads, and dumping milk vegetables, and other foodstuffs onto the roadways
Farmer’s Holiday Association
How did many unions end?
in violence
What group was a loose caravan of unemployed WWI veterans
The Bonus Army
What does this quote refer to: “We were heroes in 1917 but we’re bums now”
The Bonus Army
What did hoover do to the Bonus Army
Forcefully evicted them
Who was the republican nomination in the 1932 election?
Herbert Hoover
Who was the democratic nomination for the 1932 election?
Franklin Delano Roosevelt
T/F: Roosevelt’s ideas greatly differed from Hoover’s
False
What did FDR of to make him an intimate presence in home life
Establish the fireside chats
What was the hundred days
Congress enacted fifteen major bills to fight the depression
What 4 fronts were the bills of the hundred days passed
Banking failures, agricultural overproduction, the manufacturing slump, and soaring unemployment
What was a bank holiday
when all the banks were closed an Congress would have a secret session
What law permitted banks to reopen one a Treasury Department inspection showed they had sufficient cash reserves
Emergency Banking Act
What law further restored public confidence by creating the Federal Deposit Insurance Corporation
Glass-Steagall Act
What government agency insured deposits up to $2,500
The Federal Deposit Insurance Corporation (FDIC)
When did Roosevelt remove the US Treasury from the gold standard
June 1933
What law marked the first direct governmental regulation of farm economy
Agricultural Adjustment Act (AAA)
What did the AAA provide farmers with
cash subsidies to cut overproduction
What law established the NRA
National Industrial Recovery Act
What did the national Recovery Administration (NRA) do?
regulated wages, prices, and production quotas
What government agency provided federal funds directly to state relief programs
Federal Emergency Relief Administration (FERA)
Who directed FERA
Harry Hopkins
What was the nickname for government welfare payments
“the dole”
What was the name of the large scale construction program that would construct the Boulder and Grand Coulee Dams
Public Works Administration (PWA)
What government agency provided jobs for 4 million Americans and repaired bridges
The Civil Works Administration (CWA)
Who headed the (CWA)
Harry Hopins
What government agency annually mobilized 250,000 men to do reforestation and conservation work
Civilian Conservation Corps (CCC)