Herbert Hoover and the Great Depression

Flashcards covering key concepts related to Herbert Hoover and the Great Depression.

Herbert Hoover

President of the United States during the Great Depression.

Bull Market

A period during which stock prices are rising.

Speculation

Betting on the stock market continuing to rise.

Margin

Paying only a fraction of the stock price while borrowing the rest.

Margin Call

A demand by a broker that investors pay back loans on margin.

Black Tuesday

The day (October 29) when the stock market crashed.

Bank Runs

When depositors rush to withdraw their money from banks.

Hoovervilles

Shantytowns built on public land during Hoover's presidency.

Dust Bowl

A period of severe drought that affected the Great Plains, causing dust storms.

Bonus Army

Veterans who marched to Washington demanding bonus checks.

Rugged Individualism

Hoover's belief that individuals, not the government, should be responsible for overcoming hardships.

Emergency Relief and Construction Act

Legislation signed by Hoover to provide emergency relief despite his reluctance to involve government.

Four Roots of the Great Depression

Uneven income distribution, farm crisis, loss of export sales, and federal reserve mistakes.

Hoboes

Individuals who traveled seeking work during the Great Depression.

Hoover's Success and Failures

Failure in resolving the economic crisis; success in expanding government’s role in the economy.