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10 Cards in this Set
- Front
- Back
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What were the causes of the Great Depression?
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1)The Stock Crash
2)Workers and consumers recieved too small a share of the enormous increases in labor productivity. 3)Rise in productivity itself encouraged overproduction in many industries. 4)The extremly unequal distribution of income and wealth. |
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What was the effect of the stock markets crash?
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It underminedthe confidence, investment, and spending of buisinesses. Manufacturs decreased thier production and began laying off workers, which brought a further decline in consumer spending.
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What was so catastrophic about losing a job in this time?
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There was no unemployment insurance and the public relief was inadequate.
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What did the depression do to the balance of household power?
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The women blamed the men for being jobless and witheld themselves sexually, also womens jobs paied less but they were easy to keep so women had jobs and were leaders of the household; underminging traditional authority.
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Where did most of the unemployed go?
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Warm weather, places like Claifornia and Florida.
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How did President Hoover respond to the growing depression?
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He failed to face the facts of the depression, he worried about injuring "the initiatve and enterprise of the American people" if he intervened. He encouraged local groups to raise money o help the unemployed. His plan for recovery was based on restoring buissness confidence.
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What was the RFC?
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The Reconstruction Finance Corporation was Hooevers most important institutional response to the depression. It was established in 1932 based on the War Finance Corp. of WWI. Designed to make government credits available to ailing banks, railroads, insurance companies, and other businesses, there by stimulating economic activity.
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What was the Emergency Relief Act?
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Passed in July 1932, this act authorized the RFC to lend $300 million to states that had exhausted their owen relief fund.
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What was the bonus army?
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It was the veterans of WWI who were promised $1000 bonus in an act from congress in 1924 that would be available to them in 1945. The house passed a bill for them to be paid immediatly but the senate rejected it. Most left after that but the remaining 2000 were forced out by army.
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What did FDR promise in his acceptance speech?
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A new deal for the american people.
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