American History – Chapter 22 – Flashcards
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Stock Market
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A system for buying and selling stocks in corporations
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Bull Market
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A long period of rising stock prices
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Margin
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Buying a stock by paying only a fraction of the stock price and borrowing the rest
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Margin Call
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Demand by a broker that investors pay back loans made for stocks purchased on margin
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Speculation
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Act of buying stocks at great risk with the he anticipation that the price will rise
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Installment
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Buying an item on credit with a monthly plan to pay off the value of the good
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Alfred E. Smith
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An American statesman who was elected Governor of New York four times and was the democratic US presidential candidate in 1928
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Black Tuesday
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Refers to October 29,1929, when panicked sellers traded nearly 16 million shares on the New York Stock Exchange which is four times the normal volume at the time and the Dow Jones Industrial Average fell 12%. Ofter cited as the beginning of the Great Depression.
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Hawley-Smoot Tariff
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Raised US tariffs on over 20,000 imported goods to record levels
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Explain the significance of the year 1929.
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The Great Depression began.
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How did the practice of buying on margin and speculation cause the stock market to rise?
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Speculation drove up market prices beyond the stocks value.
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Why did the stock market crash cause banks to fail?
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Banks had lent money to stock speculators and had invested depositor's money in stocks.
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Bailiff
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Minor officer of the courts
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Shanty towns
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An economically depressed section of town consisting of crudely built dwellings usually made of wood
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Hoovervilles
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Nickname given to shanty towns in the US during the depression
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Hobo
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A homeless and usually penniless wanderer
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Dust Bowl
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Name given to the area of the southern Great Plans severely damaged by droughts by droughts and dust storms during the 1930s
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Soap opera
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A serial drama on television or radio using melodramatic situations
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Walt Disney
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Produced the first feature length animated film
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Grant Wood
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Led the regionalist school which emphasized traditional American values, especially those of the rural Midwest and south. An American painter. Best known for his paintings depicting the rural American West, particularly American gothic, an iconic painting of the 20th century.
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John Steinbeck
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Added flesh and blood to journalists reports of poverty and misfortune
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William Faulkner
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Shows what his characters are thinking and feeling before they speak
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Explain what caused the Dust Bowl conditions on the Great Plain.
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Uncultivated fields, depletion of grasslands protecting soil, and drought.
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In what ways did people seek to forget about the depression?
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Americans looked to radio and motion pictures as an escape.
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Why do you think "Life Magazine" was so popular during the 1930s?
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It's photos provided a powerful commentary on American life.
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Public works
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Projects such as highways, parks, and libraries built with public funds for public use
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Relief
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Aid for the needy, welfare
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Foreclose
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To take possession of a property from a mortgager because of defaults on payments
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Reconstruction Finance Corporation
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Provided financial support to state and local governments and made loans to banks, railroads, mortgage associations and other businesses
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Bonus Army
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A popular name of an assemblage of 43,000 marchers - 17,000 WWI veterans, their families and affiliated groups - who gathered in Washington, DC in the spring and summer of 1932 to demand cash payment redemption of their service certificates
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Summarize three major initiatives taken by Hoover to improve the economy and the results of each.
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Funding from the National Credit Corporation and the Reconstruction Finance Corporation were insufficient; Emergency relief and construction funds came too late
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What did business leaders promise Hoover they would do to help the economy? Did they keep their promises?
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They promised to keep factories open and stop slashing wages; and no they did not keep their promise
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How did president Hoover's philosophy of government guide his response to the depression?
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Belief I volunteerism and loans, rather than direct relief, it restricted his actions
