Topic 5

What were some key causes of the Great Depression?

Increasing unemployment, fluctuating stock prices, decline in farming and major industries, growing debt, decline in overseas trade, and consumers being unwise in investments.

What was the impact of overproduction during the Great Depression?

Overproduction led to a decline in prices, farmers living on credit, and bank foreclosures on farms.

What was the Smoot-Hawley Tariff and its effect?

The Smoot-Hawley Tariff angered Europe, leading to retaliatory tariffs and causing world trade to nearly stop.

How did wealth distribution contribute to the Great Depression?

The rich were getting richer while the poor were getting poorer, leading to widespread debt and underconsumption.

What was the significance of October 29, 1929?

It was Black Tuesday, the day the stock market crashed, marking the worst day in Wall Street history.

What banking policies contributed to the Great Depression?

Banks invested deposits in the stock market without regulation, leading to bank failures and a panic that caused many banks to close.

What was Hoover's stance on government intervention during the Great Depression?

Hoover believed in limited government intervention and localism, advocating for aid through local organizations rather than direct federal relief.

What was the Boulder Dam (Hoover Dam) and its purpose?

The Boulder Dam was built for flood control, electricity generation, water supply, and job creation as a public works project.

What was the Bonus Army and its significance?

The Bonus Army was a group of WWI veterans who marched to demand promised bonuses; Hoover's violent dispersal of them damaged his reputation.

What were the main promises of Roosevelt's New Deal?

Relief for the needy, economic recovery, and financial reform.

What was the 'Brain Trust' created by Roosevelt?

A group of advisors to help formulate policies to combat the Great Depression.

What was the Emergency Banking Relief Act?

It closed banks temporarily, propped up failing banks, and aimed to restore public confidence in the banking system.

What did the Glass-Steagall Act establish?

It created the FDIC, which insures bank deposits to protect consumers.

What was the purpose of the Tennessee Valley Authority (TVA)?

To build dams for flood control, provide cheap electricity, and create jobs.

What was the Civilian Conservation Corps (CCC)?

A program that provided jobs for young men to build roads, plant trees, and improve national parks.

What did the National Industrial Recovery Act (NIRA) accomplish?

It established the National Recovery Administration (NRA), set minimum wages, banned child labor, and regulated working hours.

How did Eleanor Roosevelt contribute to social reform?

She urged FDR to appoint women to government offices and advocated for equal rights for women and minorities.

What was the Federal Housing Administration (FHA)?

A program that provides loans to homeowners and still exists today.

What was the significance of 'Hoovervilles'?

They were shantytowns named after Hoover, symbolizing the failure of his policies to address the needs of the poor during the Depression.

What was the 'get rich quick' attitude associated with Wall Street?

It was characterized by speculation and risky investments that contributed to the stock market crash.

What was 'Buying on Margin'?

A practice where investors made small down payments on stocks while borrowing the rest, inflating stock prices.

What was the role of technological advancements during the Great Depression?

They led to increased production but did not result in higher wages for workers, contributing to economic imbalance.

What was the impact of 'Rugged Individualism' as promoted by Hoover?

It emphasized self-reliance and limited government aid, which many criticized as inadequate during the crisis.