The Great Depression

Critics of the New Deal

Huey Long, Father Coughlin, Francis Townsend.

Election of 1928

Hoover defeated Al Smith due to prosperity of the 1920s.

Buying on Margin

Buying stocks with borrowed money.

Margin Call

When brokers demand investors repay their loans immediately.

Speculation

Risky stock market investments hoping for quick profits.

Stock Market Crash

Collapse of stock prices in 1929, triggering the Great Depression.

Black Tuesday

October 29, 1929 — the worst day of the stock market crash.

Bank Run

When many people withdraw money from banks at once.

Hawley-Smoot Tariff

Law raising tariffs on imports, worsening the global depression.

Bailiffs

Court officers who evict people unable to pay rent or mortgages.

Hoovervilles

Shantytowns built by homeless people; named after President Hoover.

Herbert Hoover

President at the start of the Great Depression; believed in 'rugged individualism'.

Alfred Smith

Democratic candidate in 1928 election; first Catholic nominee.

Hobos

Unemployed men who traveled by train in search of work during the Depression.

Okies

Farmers from Oklahoma who fled the Dust Bowl seeking jobs.

Bonus Army

WWI veterans marching on Washington in 1932 demanding early bonus payment.

Franklin D. Roosevelt (FDR)

President elected in 1932; created the New Deal.

Brain Trust

Group of advisors who helped FDR develop New Deal policies.

Harry Hopkins

Key FDR advisor; led programs like FERA and WPA.

Bull Market

A period when stock prices are rising.

Dust Bowl

Severe drought and poor farming practices that destroyed farmland.

Rugged Individualism

Hoover's belief that individuals should solve their own problems.

Bonus Army March

WWI veterans protesting in D.C. for early bonus payment.

Election of 1932

FDR defeated Hoover; Americans demanded government action.

FDR's First 100 Days

Period of intense legislative activity to fight the Great Depression.

New Deal

FDR's programs for Relief, Recovery, and Reform.

Bank Holiday

FDR temporarily closed all banks to restore confidence.

Emergency Banking Relief Act

Reopened stable banks under government supervision.

3 R's

Relief, Recovery, and Reform.

Fireside Chats

FDR's radio talks that reassured and informed the public.

FERA

Federal Emergency Relief Administration; gave direct aid to the unemployed.

PWA

Public Works Administration; funded large public construction projects.

CWA

Civil Works Administration; created temporary jobs during winter.

CCC

Civilian Conservation Corps; hired young men for conservation jobs.

AAA

Agricultural Adjustment Administration; paid farmers to reduce production.

TVA

Tennessee Valley Authority; built dams and provided electricity to the South.

NRA

National Recovery Administration; set industry codes for fair wages.

SEC

Securities and Exchange Commission; regulated the stock market.

FDIC

Federal Deposit Insurance Corporation; insured bank deposits.

HOLC

Home Owners' Loan Corporation; refinanced home mortgages.

FCA

Farm Credit Administration; helped farmers refinance loans.

Resettlement Administration/FSA

Helped poor farmers relocate and rebuild.

WPA

Works Progress Administration; created jobs in construction and art.

Federal One Programs

WPA programs supporting artists, writers, and musicians.

Wagner Act

Protected workers' right to unionize and collectively bargain.

Social Security Act

Established pensions, unemployment insurance, and aid for the disabled.

REA

Rural Electrification Administration; brought electricity to rural areas.

Revenue Acts

Increased taxes on the wealthy to fund New Deal programs.

Election of 1936

FDR won re-election by a landslide, showing support for the New Deal.

Court Packing Plan

FDR's failed attempt to add justices to support New Deal laws.

Recession of 1937

Economic downturn caused by reduced government spending.

Fair Labor Standards Act

Set a minimum wage and maximum work hours.

Safety Nets

Government programs protecting people from economic hardship.

Roots of the Depression

Overproduction, uneven wealth, credit debt, farm crisis, weak banking system.

Stock Market Crash Causes

Speculation, buying on margin, and lack of regulation.

Immediate and Long-term Causes of the Depression

Immediate: stock crash, bank failures; Long-term: overproduction and debt.

Effects of the Depression

Massive unemployment, homelessness, bank failures, poverty.

FDR's Start Groups and Ideas

Left wanted more reform, Right opposed government expansion.

Change in government-citizen relationship

Government became more responsible for citizens' economic welfare.

Pros and Cons of Safety Nets

Pros: protection for vulnerable; Cons: increased spending and dependency.

Criticisms of FDR's New Deal

Too much government control, rising debt, not enough for poor or minorities.

Effectiveness of the New Deal

Eased suffering and restored confidence but did not end the Depression.

Legacy of the New Deal

Expanded federal power, created safety nets, reshaped expectations of government.