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38 Cards in this Set
- Front
- Back
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causes of the great depression |
overproduction, uneven spread of income, stock market crash, unstable banking system, weak industries, weak economy |
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Black Tuesday |
the day the stock market crashed; Oct 29, 1929 |
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over speculation |
people would buy stock bc they believed in it potential; made the stock of a company more valuable than the company itself |
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weak industries |
cotton was in competition with synthetic materials, railroads by cars, and farming with processed food |
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overproduction |
consumers began to spend less on goods and there was too much surplus and not enough demand |
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uneven distribution of income |
5% of the population made 30% of the income; low wages for unskilled laborers; 50% of the nation lived in poverty |
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unstable banking system |
due to mismanagement and over speculation; 1% of banks controlled 46% of bank resources |
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weak economy |
trade policies stopped international trade; Hawley Smoot Tariff is the highest in US history; 23 nations imposed tariffs on the US |
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Crash of 1929 |
caused by a bull market, overspeculation, and buying on margin |
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bull market |
people are continuously investing in the stock market |
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bear market |
people save their money and invest less in stocks |
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buying on margin |
banks and businesses loaned money to investors to pay portions of their stock investments; lost a lot of money this way |
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mass production |
production of large amounts of products in factories |
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credit |
people bought hints on credit to substitute paying with real money until they actually could |
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boom and bust markets |
stock market goes through cycles; boom is when the market is high and banks are at their peak and bust is when things decline in value and a recession has begun |
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interest rates |
the proportion of a loan that is charged as interest to the borrower |
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Dust Bowl |
period of dust storms and drought that swept the midwest and dried up the land; led to people like Okies and Arkies moving west to find new land and resources to places like california
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Hoovers Response |
do nothing and let it ride out on its own; Federal Farm Board lent money to create agricultural surplus and used federal spending to give money to banks and to restore buildings and landmarks |
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Bonus Army |
WW1 vets marched in DC to get bonus payments for their time in the military; Hoover sent them away |
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New Deal |
FDRs plan to restore the US in its time of need; addressed banking crisis, economy, created new jobs, and created organizations to help the people; from 1932-5; expanded the role of federal gov in helping restore these things; relief, recovery, reform |
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Second New Deal |
2nd part; from 1935- WW2 |
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Emergency Bank Act |
expanded gov. assistance to sound banks and reorganized weak ones |
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Federal Deposit Insurance Corporation (FDIC) |
guaranteed bank deposits up to $2,500 |
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Securities and Exchange Commission |
regulated the stock market |
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Federal Emergency Relief Administration |
furnished funds to state and local agencies |
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Civilian Conservation Corps |
combined work relief and conservation; reforested, built roads and bridges, created new jobs |
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Social Security Act |
provided unemployment compensation, old age pensions, and aid for dependent mothers and children and the blind; excluded more that 1/4 of all workers and did not include health insurance; funded by payroll tax |
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Banking Act of 1935 |
decreased power of private bankers |
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Agricultural Adjustment Act |
allowed farmers to receive money for empty land bc overproduction of crops was an issue and raise the values of crops |
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Civil Works Administration |
created 4 million jobs including unskilled labor, teachers ad singers and artists |
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National Industrial Recovery Act |
halted the slide in prices, wages, and employment; promote interest in both small and big business |
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Public Works Administration |
work relief through building schools, hospitals, dams, roads, bridges, sewers, etc; created useful structures and provided employment and nations structure |
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Tennessee Valley Authority |
provided Tennessee and other states with navigation, flood control, electricity, fertilizer, and economic development |
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Work Progress Administration |
gave 9 million jobs, schools, hospitals, and parks, bridges, roads and sewers |
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Wagner National Labor Relations Act |
provided employees with rights, created unions, and penalized unjust employers |
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essay against |
being socialist and killing individualism, adding debt, wasting money, encouraging laziness, violating Constitution and states rights. and increased gov. power |
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essay for |
gave poor people compensations and jobs, gave electricity, improved economy and work conditions, gave optimism and hope to the people |
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Bank Holiday |
after FDR's inauguration, he declared a 4 day banking holiday where money could not be exported to deal with the banking crisis |
