U.S. history final (Great Depression, New Deal, and World War II) Flashcards
What was the Great Depression?
The Great Depression was the worst economic downturn in the history of the industrialized world.
What financial event took place in 1929 and is considered the start of the Depression?
The Stock Market Crash, it lowered consumer spending, caused panic that worsened an ongoing recession.
What is Speculation?
Speculation is a risky investment strategy where the goal is more focused on making a quick profit by taking advantage of price fluctuations in the markets.
What is Overproduction?
An excess of supply over the demands of products being offered to the market/Producing more goods than people wanted or could afford.
What is buying on credit? What are the dangers?
A person would purchase stocks uncredited with a loan from their broker. Later they would sell the stocks at a higher price, pay back the loan, and keep the profit.
Dangers: It is very easy to buy on credit and overspend so when its time to pay up the loans then it becomes very difficult and it could lead to debt.
What is it called when you borrow money in order to buy more stock?
Buying on Margin
Where did people get free food during the Depression?
People got free food from soup kitchens. They often had to wait for hours in long “soup lines” to be served.
What was life like during the Depression?
- High rates of unemployment
- Lost wages
- Barely any food
- Unharvested crops
- Poor and malnutrition in children
- Long term health issues
- Dust bowl ruined crops
- Higher Crime rates
- Lost homes
- Families traveling for jobs
What were Hoovervilles?
They were shantytowns built by homeless citizens for a desperate need of shelter.
What was the Dust Bowl?
The Dust Bowl was the name for the drought-stricken region of the United States that suffered severe dust storms and ecological damage. Mainly affecting the Great Plains by killing people and livestock, destroyed crops, and forced families to migrate.
Why did many Americans prefer FDR over Herbert Hoover?
Many Americans prefer FDR over Herbert Hoover because he was willing to do more to combat the Great Depression. Also he was talking about how he was going to focus on the poor and he was talking about he was actually going to try to help them.
What was the Bonus Army? What happened to them?
The Bonus Army was a gathering of 12,000-15,000 World War I veterans who demanded bonus payment for wartime services to alleviate the economic hardship of the Depression. They did not pass the Patman Bill and the Bonus Army was evicted from their camps and disused buildings by the heavy hand treatment of the US Army. Many suffered from tear gas inhalation, 100 injuries, and 4 deaths.
What was FDR trying to accomplish with the New Deal?
New Deal-series of programs and projects he aimed to provide immediate economic relief and to bring about reforms to stabilize the economy after the Great Depression by using the New Deal.
What are relief, recovery, and reform?
- Relief: Immediate/Short term
- Help the poor($), feed the hungry, and stop people from losing their homes or farms
- Recovery: Overtime
- Revive the economy by getting industry going and people working in good jobs
- Reform: For the future/Long term
- Make the USA a better place in the future and prevent another Great Depression
What are some different agencies from the New Deal, and what were their goals?
AAA - Paid farmers for not planting crops
CCC - Took unmarried men aged from 18-25 from relief rolls and sent them to build outdoor recreational areas
FDIC - To restore confidence in banks and encourage savings
SEC - Serves as a federal “watchdog” administrative agency, no buying on margin
What was the goal of Social Security?
Social security is where people pay part of their income into social security fund when they work, and they collect it when they retire.
It was supposed to help old people, unemployed people, people with disabilities, children with a parent who is disabled or has passed away.
Why did some people oppose Social Security?
Some people oppose Social Security because of..
- charges of socialism
- high taxes
- weakened economy
- large powerful bureaucracy
Why did some people oppose the New Deal?
Some people oppose the New Deal because they believed that it harmed America’s business interests and ever-greater control to the central government in Washington.
Who was Huey Long, and what did he believe?
Huey Long was Roosevelt’s most dangerous opponent, he believed that the richer should give some money to the poor so that they could enjoy the luxuries of life as well. Overall he wants to limit poverty and help care for veterans and prevent overproduction in agriculture.
Why did FDR not agree with the Supreme Court?
FDR did not agree with the supreme court because his New Deal programs were being stopped for being declared unconstitutional.
What was “Court Packing?”
Court-packing was the practice of increasing the number of seats on a court in order to admit judges likely make decisions in one’s favor.
Why was Eleanor Roosevelt important?
Eleanor Roosevelt was important because she was the eyes, ears, and legs of the white house when FDR got polio. Also she received a lot of mails asking for help, letters came from little girls and boys and even adults who couldn’t really support themselves or their families. She gave people a sense of trust and hope in her that she will actually make a change or difference.
What made the New Deal a success?
The New Deal was a success in that its reforms prevented future economic depressions. It also provided important temporary relief to Americans in the 1930s that kept millions from experiencing total ruin.
What made the New Deal a failure?
The New Deal was a failure in that it did not end the Great Depression. Also several of its laws and programs were struck down by the supreme court. It also failed to help minorities and bring unemployment to acceptable levels.
