question

What are some of the events that led to the stock market's Great Crash in 1929? -

answer

Dow was at an all-time high in Sept 1929. Prices for many stocks soared above the company's real value in terms of earnings and assets -Black Thursday (market dropped $3 billion in 1 day) - Bankers pooled money to buy stock and stop panic, but by Black Tuesday (Oct 29), a record 16.4 million shares were sold. - By Nov 1929, the stock fell from 387 to 198.7 or a loss of $30 billion

question

Why did the crash produce a ripple effect throughout the nation's economy? -

answer

Stocks directly effected only 4 million out of 120 million people. Indirectly: - risky loans hurt banks (businesses unable to repay loans) - consumer borrowing (Customers could not pay back) - bank runs (people withdrew money from banks - banks did not always have $ to give them due to lending $ and those people couldn't pay back) - bank failures (had to close when could not pay depositors $$ 5500 banks failed) - Savings wiped out (Banks failures wiped out peoples savings) - cuts in production -Rise in unemployment - further cuts in production

question

What were the main causes of the Great Depression? -

answer

Unstable economy (Uneven prosperity) - Overspeculation (bought stocks with borrowed $, then pledged those stocks to buy more stocks) - Government policies (Federal Reserve system limited $ to discourage lending which resulted in too little $ in circulation for economy to recover)

question

How did poverty spread during the Great Depression?

answer

People of all society levels were affected. Some moved in with relatives. There were estimated 15.000 homeless in NY. Many homeless became drifters moving from place to place. Many farmers suffered as low crop prices cut their incomes (in the South they protested and dumped thousands of gallons of milk and destroyed crops), Dust Bowl (60% of families there lost their farms)

question

What social problems were caused by poverty in the 1930s? -

answer

Impact on health (poor diet and inadequate medical care) - Stress on families living together and losing their jobs - Discrimination increased (whites took minority jobs; many were deported)

question

How did some people struggle to survive hard times?

answer

Children were put to work instead of school, swap work with neighbors, rent house/land, growing on own

question

In what ways did Americans pull together to survive during the Great Depression?

answer

*Farmers would bid mere pennies on land and machines auctioned by banks to help struggling neighbors * Many young people left home (out of necessity or seek better life) and road the rails * Rise in interest in radical and reform movements * Depression humor

question

What signs of change did Americans begin to notice in the early 1930s?

answer

* Prohibition was repealed * Construction of Empire State Building ($41 million) * Al Capone brought down; Coolidge died, Babe Ruth retired;

question

How did President Hoover respond to the Great Depression?

answer

His strategy was very limited. At first he insisted key to recovery was confidence, then met with business leaders and they agreed to maintain wage rates (worked for awhile); supported programs but insisted relief should be handled by state and local government

question

What did Roosevelt mean when he offered Americans a "new deal"

answer

A change from Hoover's administration

question

Why was the election of 1932 a significant turning point for American politics?

answer

Historical battle between those who believed that the federal government could not and should not try to fix people's problems and those who felt that large scale problems such as the Depression required the governments help.

question

What is the Dow Jones Industrial Average?

answer

an average of stock prices of major industries; a stock index based on the prices of the stocks of 30 large, well-known corporations

question

What happened on Black Tuesday-

answer

October 29, 1929. The Stock Market crashed. Losses are estimated between $6-$9 billion.

question

which part of the business cycle did the great depression?

answer

represent- the trough, contraction What could cause a country's GNP to decrease- a decrease in demand or wages

question

how did the unstable economy in the 1920s contribute to the great depression?

answer

the stock market crashed, a falling output for goods or services, HIGH UNEMPLOYMENT Who lived in Hooverville's- homeless people who lost their jobs

question

what factors led to the creation of the dustbowl in the 1930s-

answer

The depression, dust storms, farming practices, terrible weather, and low prices on farm products, over intense farming, drought and wind erosion

question

what were some causes and effects of increased discrimination during the Great Depression-

answer

1 suspicions of minorities 2 whites demanded lower jobs because they could not get another good paying job 3 blacks had no rights to jobs if whites were out of work 6 soup kitchens

question

what can you learn about the depression from Wilson Ledford's experiences-

answer

Times may be hard but you have to do what you can to provide for others as well as yourself.

question

penny auction-

answer

farmers would bid mere pennies on land and machines auctioned by the banks in order to help their struggling neighbors

question

why was there an interest among some Americans in radical and reform movements-

answer

they promised a fair distribution of wealth

question

why was the 21st amendment passed-

answer

it ended a failed social experiment and stopped a curve on gangsters who profited from bootlegging

question

how did hoover hope to end the depression and its hardships-

answer

"confidence is key" attitude towards economy

question

what was the intent of the hawley-smoot tarriff?-

answer

at attempt to protect domestic industries from foreign imports. backfired and slowed trade

question

what was the intent of the Reconstruction finance corp-

answer

to help big businesses in trouble and to help banks extend loans

question

describe Franklin Delano Roosevelt's appeal to the American voter in 1932-

answer

optimism was something the country needed and he had it. he was for the average people People/ places and more

question

Black Tuesday-

answer

This is the name given to October 29, 1929. This date signaled a selling frenzy on Wall Street--days before stock prices had plunged to desperate levels. Investors were willing to sell their shares for pennies on the dollar or were simply holding on to the worthless certificates.

question

bank runs-

answer

Banks could no longer meet the demands of their depositors. People rushed to withdraw money at the same time, since they were losing confidence in the banking system.This accounted for a shrinking money supply, as circulation of currency slowed.

question

GNP-

answer

The value of good and services produced both INSIDE and OUTSIDE of a country within a year.

question

Eleanor Roosevelt-

answer

Wife of FDR who helped him monitor New Deal programs and became a strong voice for women and minorities. She became a social reformer who combined her deep humanitarian impulses with great political skills. She advocated for civil rights, opposed the Jim Crow laws, worked for birth control, andbetter conditions for working women. She brought the New Deal to the street face to face with Americans.

question

Douglas MacArthur-

answer

United States general who served as chief of staff and commanded Allied forces in the South Pacific during World War II.

question

New Deal-

answer

program of President Franklin D. Roosevelt to end the Great Depression

question

FDR-

answer

32nd President of the United States, 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.

question

John Maynard Keynes-

answer

British economist who argued that for a nation to recovery fully from a depression, the government had to spend money to encourage investment and consumption

question

Federal Home Loan Bank Act-

answer

Lowered mortgage rates for homeowners and allowed farmers to refinance their farm loans and avoid foreclosure; avoided eviction by reducing mortgage and loan rates as well as providing loans.

question

Black Blizzards-

answer

Great dust storms that occurred in the Dust Bowl

question

Scottsboro Boys-

answer

Nine black boys were accused of raping two white women near Scottsboro, Alabama. Without given a defense lawyer, 8 of the 9 were convicted to death.

question

Hobos-

answer

young people riding the rails to look for more hope. witnessed the depression of the whole country

question

Hoover Blankets-

answer

old newspapers used as blankets

question

Empire State Building-

answer

Symbol of hope, symbol to the world that American will survive hardship, 2500-4000 workers employed to built, people payed to get to the top.

question

Agricultural Marketing Act-

answer

Established the first major government program to help farmers maintain crop prices with a federally sponsored Farm Board that would make loans to national marking cooperatives or set up corporations to buy surpluses and raise prices. This act failed to help American farmers.

question

Election of 1932-

answer

Historic battle between those who believed that the federal government could not and should not try to fix people's problems and those who felt that large scale problems (ie. Depression) required the government's help ↳ FDR won by a huge margin in part from the huge support from urban workers, coal miners, and immigrants of Catholic and Jewish descent

question

The Federal Reserve System-

answer

Founded in 1913 by Congress, the Fed is the central bank of the U.S. It is an independent agency that supervises and regulates over 7,500 commercial banks. The U.S. is divided into 12 Federal Reserve districts, each with its own Federal Reserve bank.

question

Boulder Dam- What did it do?

answer

It provided work for many southerners in the Southwest region.

question

How did Franklin and Eleanor Roosevelt work to restore the nation's hope?

answer

White House provided campsites for veterans on Bonus March; Eleanor visited veterans (showed compassion) - FDR spoke to country on radio of "fireside chats"

question

What major New Deal programs were created in the first hundred days, and who were some of FDR's key players in these programs?

answer

In the first hundred days of his presidency, Roosevelt pushed many programs through Congress to provide relief, create jobs, and stimulate the economy.

question

What caused the New Deal to falter?

answer

Supreme Court declared NIRA unconstitutional and struck down tax that funded AAA subsidies to farmers

question

What were the key goals and accomplishment of the Second New Deal?

answer

New agencies attacked joblessness more aggressively than before - responded to worsening plight of agricultural workers - Brought electricity to American countryside (98% of farms) -new labor regulation -started Social Security system for old-age and pension benefits, unemployment insurance, aid for dependent children, the blind, and disabled

question

What did the outcome of the 1936 election indicate?

answer

Most Americans support the New Deal (won 523-8 in electoral college)

question

What steps did FDR take to restore the nations hope and boost public confidence in the economy?

answer

His direct communication with the American people (fireside chats). He renewed confidence in economic institutions --Bank holiday --Glass-Steagall Banking Act

question

What role did public works programs play in FDR's plan for economic recovery?

answer

They employed a large number of people building roads and public facilities. Reenergized the people through employment. The nation benefitted from the work done by the programs

question

What benefits did the TVA bring about?

answer

Provided cheap electric power, flood control, and recreational opportunities

question

How was the Wagner Act a Triumph for organized labor?

answer

Legalized collective bargaining, closed shops, Outlawed spying on union activities and blacklisting, Set up the National labor Relations Board to enforce its rules

question

What were some of the shortcomings and limits of the new deal?

answer

"Too much" vs. "Not Enough" - Chief complaint against the New Deal = Made Federal Government too powerful - The Right made this claim - Critics say the government was telling business how to operate, spending large sums of money , and pilling up a huge national debt - For conservatives the New deal was destroying free enterprise and undermining individualism - Some conservatives accused FDR of supporting socialism - Some leading socialists claimed that the New Deal did not do enough to end the depression - Norman Thomas, the Socialist Party's presidential candidate, claimed that FDR's only concern was saving the banking system and ensuring profits for big business - The American Communist Party described the New Deal as a "capitalist rule"

question

How did the court- packing fiasco Harm FDR's reputation?

answer

In the end, FDR still wound up with a Court that tended to side with him. Some of the older justices retired and Roosevelt was able to appoint justices who favored the New Deal. However, he also suffered political damage. Many Republicans and southern Democrats united against New Deal legislation. This alliance remained a force for years to come.

question

What effect does the new deal have on women in minorities?

answer

Women: 2 more female diplomats 1 new female federal judge -national recovery administration set wages, lowered minimum wage federal emergency relief administration and civil works administration hired fewer women -civilian conservation corps only hired men.. Blacks: black cabinet created -more participation in the gov. native americans? moved away from assimilation -returned land to them -returned to teaching cultural and traditional ways of living number of boarding schools lowered tribal councils given permission to govern -reserva-tion FULL CITIZENSHIP tion Mexicans? wages fell to 9 cents an hour -no benefits -needed permanent address most migrant workers, so the number of deportations increased Laborers: membership grows -CIO formed to organize industrial union (john lewis, david dubinsky) -name later changed from committee of congress of industrial organizations -walk-off's stopped, now sit down's

question

Why did the American liberty league view with the new deal as unconstitutional and un-American?

answer

felt the New Deal limited individual freedom too radically and that its mandatory programs resembled communism

question

Why did Upton Sinclair and Robert De Follette Believe that the new deal did not go far enough?

answer

•Sinclair believed that the nation's entire economic system needed to be reformed along Socialist lines •La Follette believed that wealth needed to be evenly distributed...also socialism

question

Describe FDR's "court-packing" maneuver and it's outcome.

answer

proposed that one new justice be added for each exisiting judge who had served for ten years and was over 70, in effect the proposed law would give Roosevelt the power to pack the court with up to six New Dealers who could outvote the elderly, conservative, republican justices

question

20th Amendment-

answer

the Constitutional amendment, ratified in 1933, changed the presidential inauguration from March 4th to January 20th

question

Emergency Banking Act-

answer

All banks were shut down until proven solid. Occurred in 38 states.

question

bank holiday-

answer

closed all banks until gov. examiners could investigate their financial condition; only sound/solvent banks were allowed to reopen

question

FDIC -

answer

A federally sponsored corporation that insures accounts in national banks and other qualified institutions.

question

Federal Securities Act/Truth in

answer

the 1933 act which required promoters to transmit to the investor sworn information regarding the soundness of their stocks and bonds

question

Securities Act-

answer

Federal Emergency Relief Administration- the 1933 legislation designed to help adult unemployment by giving $3 billion to states for work projects and doles

question

CWA (Civil Works Administration)-

answer

put people directly on the federal payroll to repair roads, paint schools, rake leaves, and build playgrounds

question

IRA (Indian Reorganization Act)-

answer

Restored tribal ownership of lands, recognized tribal constitutions and government, and provided loans for economic development.

question

NRA (National Recovery Administration)-

answer

established and adminstered a system of industrial codes to control production, prices, labor relations, and trade practices

question

Home Owner's Loan Corporation-

answer

the 1933 legislation designed to refinance mortgages on non-farm homes and bail out mortgage-holding banks

question

Federal Housing Administration-

answer

the agency created in 1934 which gave small loans to householders, both for improving their dwellings and for completing new ones Public Works Administration- the agency created in 1933 intended for industrial recovery and unemployment relief whose outstanding achievement was the building of the Grand Coulee Dam Brain Trust- the nickname given to the small group of reform-minded intellectuals who served as FDR's kitchen cabinet

question

Frances Perkins-

answer

FDR's secretary of labor was this first women cabinet member

question

Mary McLeod Bethune-

answer

Black woman appointed by FDR to head national youth administration; resulted in many blacks deserting Rep party for democratic FDR

question

Eleanor Roosevelt-

answer

Unlike earlier presidential wives, she became a major public figure in her own right

question

Works Progress Administration-

answer

(WPA); 1935 with $5 billion for new jobs; led by Harry Hopkins; built/improved nation's highways, dredged rivers and harbors, promoted soil and water conservation; art programs

question

Second New Deal-

answer

addressed problems of elderly, poor, and unemployed; created new public works projects; helped farmers; protected workers rights Rural Electrification

question

Administration- (REA);

answer

loaned money to electric utilities to built power lines, bringing electricity to isolated rural areas; successful!

question

National Labor Relations Board-

answer

organization to help look into worker complaints; part of Wagner Act

question

Revenue Act of 1935-

answer

the "soak the rich" tax raised tax rates to 75% for highest incomes sought to address the maldistribution of income a redistribution of wealth

question

Father Charles E. Coughlin-

answer

Catholic priet in Detroit suburbs had weekly sermons boradcasted nationally over radio. Later was notorious for sympathy for fascism &outspoken anti-semitism. Before known primarily as advocate for changing the banking & currency systems; proposed a series of monetary reforms that he insisted would restore prosperity &ensure economic justice. 1935, est the Nat Union for Social Justice &believed to have 1 of the largest regular radio audiences of anyone in US

question

Huey Long-

answer

flamboyant Louisiana governor and U.S. senator; he challenged FDR to do more for the poor and needy and proposed a popular "Share-Our-Wealth" program to tax the wealthy in order to provide a guaranteed income for the poor. He was assassinated in 1935

question

Court-Packing Plan-

answer

Roosevelt felt the conservative Supreme Court was bad for reform programs. proposes a general overhaul of the federal court system add 6 new justices give himself the opportunity to appoint liberal justices and change the ideological balance of the Court Conservatives are outraged 2 justices who could sway either way, suddenly vote progressive and the Wagner Act and Social Security Act are passed. court packing plan became unnecessary, congress defeated it. Roosevelt still "won"

question

AFL-CIO-

answer

The Congress of Industrial Organization (CIO)- Create unions in the main bastions of the American economy

question

The United Auto Workers (UAW)-

answer

Employed the tactic of the sit-down - rather than leave the plant, workers halted production but remained inside John Steinbeck-

question

Federal Writers Project-

answer

this subprogram of the WPA which employed 5,000 workers on a variety of programs, one of which, most notably, being the 150 pg. "Life in America" which detailed oral histories of former slaves, studies of ethnic and Indian cultures, and pioneering collections of American songs and folk tales

question

Social Security Act-

answer

this act passed as part of the 2nd New Deal in 1935 created federal old-age pensions and unemployment insurance for American citizens; it still exists today

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