Great Depression
(1929-1939) The dramatic decline in the world's economy due to the United State's stock market crash of 1929, the overproduction of goods from World War I, and decline in the need for raw materials from non industrialized nations. Results in millions of p
Crash of 1929
The massive crash of the U.S. stock market on Black Tuesday, October 29, 1929. The crash occurred after American investors dumped more than 16 million shares in one day. Within two months, more than $60 billion had been lost. The crash was the primary cat
speculation
An involvement in risky business transactions in an effort to make a quick or large profit.
Buying on margin
buying stock by paying only a portion of the full cost up-front with promises to pay the rest later
black Tuesday
October 29, 1929; date of the worst stock-market crash in American history and beginning of the Great Depression.
Herbert Hoover
1928; Republican; approach to economy known as voluntarism (avoid destroying individuality/self-reliance by government coercion of business); of course, in 1929 the stock market crashed; tried to fix it through creating the Emergency Relief and Constructi
bonus army
1932 - Facing the financial crisis of the Depression, WW I veterans tried to pressure Congress to pay them their retirement bonuses early. Congress considered a bill authorizing immediate assurance of $2.4 billion, but it was not approved. Angry veterans
public works projects
government funded programs that helped rebuild and build roads, schools etc.. gave people jobs.
FDR
..., Roosevelt, the President of the United States during the Depression and WWII. He instituted the New Deal. Served from 1933 to 1945, he was the only president in U.S. history to be elected to four terms
Fire side chats
President Roosevelt's radio talks about issues of public concern (especially New Deal) explained in clear, simple language
Three r's
Relief, Recovery, and Reform. The purpose of FDR's New Deal measures to combat the three D's - Depression, Decline, and Despair.
First hundred days
This term refers to March 4 to June 16, 1933. During this period of dramatic legislative productivity, FDR laid out the programs that constituted the New Deal. Today, presidents are often measured by their actions in the same period of time.
social security act
(FDR) 1935, guaranteed retirement payments for enrolled workers beginning at age 65; set up federal-state system of unemployment insurance and care for dependent mothers and children, the handicapped, and public health
agricultural adjustment act
Recovery: (AAA); May 12, 1933; restricted crop production to reduce crop surplus; goal was to reduce surplus to raise value of crops; farmers paid subsidies by federal government; declared unconstitutional by the Supreme Court in US vs Butler on January 6
Civilian Conservation Corps
Hired young, unemployed people to do restoration projects throughout the country, employed over 3 million people.
New Deal
A series of reforms enacted by the Franklin Roosevelt administration between 1933 and 1942 with the goal of ending the Great Depression.
Tennessee valley authority
Built dams to provide cheap electric power to seven southern states, set up schools and health centers, A relief, recovery, and reform effort that gave 2.5 million poor citizens jobs and land. It brought cheap electric power, low-cost housing, cheap nitra
Federal Deposit Insurance corporation
(FDI) A United States government corporation created by the Glass-Steagall Act of 1933. It provides deposit insurance, which guarantees the safety of deposits in member banks, currently up to $250,000 per depositor per bank
federal emergency relief administration
1933, The Act was the first direct-relief operation under the New Deal, and was headed by Harry L. Hopkins, a New York social worker who was one of Franklin D. Roosevelt's most influential advisers. Law provided money for food and other necessities for th
works projects administration
1930s depression era welfare program built dams and reservoirs, salvage arch, public works/reconstruction- lots of data/little analysis, employed large number of people, spent million of dollars, built infrastructure: roads, airports, public buildings, ho
second new deal
A new set of programs and reforms launched by FDR in 1935, (1935) a new set of programs in the spring of 1935 including additional banking reforms, new tax laws, new relief programs. improved use of national resources, security against old age, unemployme
opposition to the new deal
1938 last a lot of momentum/foes said it was wasteful, incompetent, confusing, contradicting,etc./others said it was communism adn acting "dictatoraque"/budged was not longer balance due to handouts/state rights ignored/failed to cure depression/newdealer
father coughlin
A Catholic priest from Michigan who was critical of FDR on his radio show. His radio show morphed into being severly against Jews during WWII and he was eventually kicked off the air, however before his fascist (?) rants, he was wildly popular among those
Huey long
As senator in 1932 of Washington preached his "Share Our Wealth" programs. It was a 100% tax on all annual incomes over $1 million and appropriation of all fortunes in excess of $5 million. With this money Long proposed to give every American family a com
Francis townshend
Critic of the New Deal who claimed the way to end the Depression was to give every senior citizen $200 per month which would create spending and monetary circulation
packing the supreme court
FDR wanted to have 6 new justices in the Supreme court, who would vote for his New Deal. It split up the Democratic Party. it was deemed unconstitutional, and Roosevelt only wanted it so he could pass all of his laws.
deficit spending
Government practice of spending more than it takes in from taxes.
dust bowl
drought
ruined Great Plains crops. bad farming practices and high winds blew away millions of tons of dry topsoil and turned farms into dust. This forced tens of thousands of families to abandon their farms.
native son
A novel by Richard Wright about a young black man whose life is destroyed by poverty and racism.
okies
Displaced farm families from the Oklahoma dust bowl who migrated to California during the 1930s in search of jobs.
Eleanor roosevelt
FDR's Wife and New Deal supporter. Was a great supporter of civil rights and opposed the Jim Crow laws. She also worked for birth control and better conditions for working women.
sit down strike
method of boycotting work by sitting down at work and refusing to leave the establishment.
congress of industrial organizations
A federation of labor union for all unskilled workers. It provided a national labor union for unskilled workers, unlike the AFL, which limited itself to skilled workers., proposed by John L. Lewis in 1928, was a federation of unions that organized workers
securities and exchange commision
government commission created by Congress to regulate the securities markets and protect investors. In addition to regulation and protection, it also monitors the corporate takeovers in the U.S.
Packing the Supreme Court
He wanted to have 6 more liberal judges in order to pass any law that he wanted. He knew that if he had more people from his party he could accomplish anything.
100 days
He shut down banks until they were safe to reopen, He ensured people it was safe to put money in banks again, FDR started his fire side chats which would comfort and inform Americans on what his plans were for the nation.
Three r's
The three R's Relief, Reform, Recovery
Relief-targeted one third of the of the country it gave relief to the hungry and jobless. Roosevelt wanted to contain the depression from it getting any worse, he also wanted to relieve and calm the American people's
social security act
The social security act gave retirement funds for those over the age of 65.
it targeted unemployed senior citizens and provided them with the funds they needed to go on with. this was important due to the fact millions of Americans were unemployed and thi
credit and margin
Many Americans felt that the stock market was going to be reliable and invested money that they didn't have, so they borrowed loans. when the crash of 1929 hit those who withdrew loans could not pay the banks back this caused several banks to close and sh
Chain of events
many people bought stocks on margin, they borrowed money which they didn't have from banks in exchange they would pay the banks back. when the crash of 1929 hit or black Tuesday many lost their stocks and couldn't afford to pay banks back. They banks took