New Deal Depression

only getting the third one

Credit

An arrangement in which a buyer pays later for a purchase, often on an installment plan with interest charges

Speculation

An involvement in risky business transactions in an effort to make a quick or large profit

Buying on margin

The purchasing of stocks by paying only a small percentage of the price and borrowing the rest

Black Tuesday

A name given to October 29, 1929, when stock prices fell sharply

Great Depression

A period, lasting from 1929 to 1940, in which the U.S. economy was in severe decline and millions of Americans were unemployed

Smoot-Hawley Tariff Act

A law, enacted in 1930, that established the highest protective tariff in U.S. history, worsening the depression in America and abroad

Shantytown

A neighborhood in which people live in makeshift shacks

Dust Bowl

The region, including TX, OK, KS, CO, and NM, that was made worthless for farming by drought and dust storms during the 1930s

Direct Relief

The giving of money or food by the government directly to needy people

Herbert Hoover

President of the U.S. (1929-1933); believed in a laissez-faire economic policy

Bonus Army

A group of WWI veterans and their families who marched on D.C. in 1932 to demand the immediate payment of a bonus they had been promised for military service

Franklin Delano Roosevelt

"FDR"; President of the U.S. (1933-1945); architect of the "New Deal"

New Deal

FDR's program to alleviate the problems of the Great Depression, focusing on relief for the needy, economic recovery, and financial reform

Glass-Steagall Act

The 1933 law that established the Federal Deposit Insurance Corporation to protect individuals' bank accounts; also separated commercial and investment banking.

Agricultural Adjustment Act (AAA)

A law enacted in 1933 to raise crop prices by paying farmers to leave a certain amount of their land unplanted, thus lowering production

Civilian Conservation Corps (CCC)

New Deal agency that put young unemployed men to work building roads, developing parks, planting trees, etc.

Deficit Spending

A government's spending of more money than it receives in revenue

Works Progress Administration (WPA)

Second New Deal agency that provided the unemployed with jobs in construction, garment making, teaching, the arts, etc.

Social Security Act

A law enacted in 1935 to provide aid to retirees, the unemployed, people with disabilities, and families w/ dependent children

Federal Deposit Insurance Corporation (FDIC)

An agency created in 1933 to insure individuals' bank accounts, protecting people against losses due to bank failures

Securities and Exchange Commission (SEC)

An agency, created in 1934 that regulates the stock market

Tennessee Valley Authority (TVA)

Federal corporation established in 1933 to construct dams and power plants in the TN Valley region to generate electricity as well as to prevent floods

Okies

Derogatory nickname for migrants of the Dust Bowl

"Hoovervilles"

Nickname for the shantytowns that sprang up in the United States during the Great Depression

Relief, Recovery, Reform

The three principal goals of the New Deal (relief to the unemployed; recovery of the economy; reform of financial systems)

Inflation

A general rise in prices

Samuel Leibowitz

The main defense lawyer for the Scottsboro Boys

Huey Long

Senator/Governor from Louisiana known as "the Kingfish"

"Share Our Wealth"

Huey Long's radical plan to redistribute wealth

Father Charles Coughlin

Catholic "Radio Priest" who wanted FDR to do more do combat the Great Depression; he claimed the Jews were the true enemy of the American people

Infrastructure

The physical structures that make an economy and society work (ex. roads and bridges)

"Court Packing"

FDR plan to add up to six new justices to the nine-member Supreme Court after the Court had ruled that some New Deal legislation was unconstitutional

Laissez Faire

Idea that government should play as small a role as possible in economic affairs

John Maynard Keynes

British economist whose theories helped justify New Deal deficit spending as a way of boosting national employment (creator of the circular flow model)