Great depression and new deal

What were the underlying economic weaknesses of the 1920s that led to the Great Depression?

Uneven wealth distribution, reliance on credit, falling farm prices, and overproduction.

What is meant by 'stock market speculation' during the 1920s?

Rapid rise in stock prices due to heavy investment, often using borrowed money, leading to an unstable bubble.

What were the banking and credit problems that contributed to the Great Depression?

Banks invested depositors' money in risky ventures without federal deposit insurance, leading to bank failures.

How did global economic factors contribute to the Great Depression?

Europe's struggle to recover post-WWI and high tariffs hurt international trade, worsening the depression.

What event is referred to as Black Tuesday?

October 29, 1929, when investors panicked and sold millions of shares, causing stock prices to collapse.

What was the unemployment rate in the U.S. by 1933 during the Great Depression?

About 25% of the workforce was unemployed.

What were Hoovervilles?

Shantytowns that appeared during the Great Depression, named after President Hoover.

What caused the Dust Bowl during the Great Depression?

Severe drought and poor farming practices led to massive dust storms, forcing many farmers to migrate.

How were minorities and women affected during the Great Depression?

African Americans were often the last hired and first fired; women faced fewer job opportunities but supported families.

What was Herbert Hoover's belief regarding government intervention during the Great Depression?

He supported rugged individualism and believed federal aid would weaken Americans' independence.

What was the Reconstruction Finance Corporation (RFC)?

A program created by Hoover to loan money to banks and industries to stimulate the economy.

What was Franklin D. Roosevelt's promise during the election of 1932?

A 'New Deal' for the American people, promising change and more government action.

What are the three goals of the New Deal?

Relief for the unemployed, Recovery of the economy, and Reform to prevent future depressions.

What did the Emergency Banking Relief Act accomplish?

Closed banks temporarily to restore public confidence in the banking system.

What is the FDIC and its purpose?

Federal Deposit Insurance Corporation, created to insure bank deposits and protect consumers.

What was the Social Security Act?

A New Deal program that provided pensions for the elderly and aid for the disabled and unemployed.

Who were some critics of the New Deal?

Conservatives who believed it expanded government too much and liberals who thought it did not go far enough.

What was the Supreme Court's response to some New Deal programs?

Some programs were ruled unconstitutional, leading FDR to propose a court-packing plan.

What was the legacy of the New Deal?

It did not end the Great Depression but restored confidence, provided relief, and expanded the federal government's role.

What does 'rugged individualism' mean?

The belief in self-reliance and minimal government intervention in people's lives.

What was the purpose of the Civilian Conservation Corps (CCC)?

To provide jobs for young men in conservation projects.

What did the Agricultural Adjustment Act (AAA) aim to achieve?

It aimed to reduce production by paying farmers to lower crop output.

What was the National Recovery Administration (NRA)?

A New Deal agency that set wages and prices to stabilize industry.

What was the Tennessee Valley Authority (TVA)?

A program that provided electricity, flood control, and jobs in the Tennessee Valley region.