Quiz #9 The Great Depression

Stock Market - The Crash

A massive drop in stock prices in 1929, signaling the start of the Great Depression.

Black Thursday (Oct. 24, 1929)

First day of panic-selling in the stock market.

Black Tuesday (Oct. 29, 1929)

The worst stock market crash in U.S. history; marked the beginning of the Depression.

Overproduction

Factories and farms produced more goods than people could buy, leading to surpluses and falling prices.

Stock speculation

Risky investment behavior; people bought stocks hoping prices would rise quickly.

Buying on margin

Purchasing stocks with borrowed money, contributing to inflated stock prices.

Bank run / run on the banks

Mass withdrawals from banks due to fears they would collapse.

Unemployment

Soared during the Depression; one in four Americans were jobless by 1933.

Dust Bowl

Severe drought and farming practices caused dust storms in the Great Plains.

Black blizzards

Intense dust storms that destroyed crops and homes in the Dust Bowl region.

Black Sunday (April 14, 1935)

One of the worst Dust Bowl storms, turned day to night in parts of the Midwest.

Migrant workers

People who moved from place to place seeking seasonal farm work.

Okies

Nickname for Dust Bowl refugees, especially from Oklahoma, who moved west, often to California.

Laissez-Faire

Hoover believed the economy would fix itself without government intervention.

Voluntarism & Charity

Encouraged businesses and individuals to help each other rather than rely on government aid.

Hoovervilles

Shantytowns built by homeless people; a symbol of the public's blame on Hoover.

Public Works

Government-funded construction projects (like dams, roads) to create jobs.

Reconstruction Finance Corporation (RFC)

Loaned money to banks and businesses; intended to boost confidence.

Trickle Down Economics

Belief that aiding big businesses would eventually help the rest of society.

Hawley-Smoot Tariff (1930)

Raised import taxes to protect U.S. businesses, but worsened the Depression globally.

Bonus Army march (1932)

WWI veterans demanded early payment of bonuses; forcibly removed by the army.

Election of 1932

Hoover vs. FDR: Roosevelt won in a landslide, promising a 'New Deal' for Americans.

Eleanor Roosevelt

FDR's wife; active First Lady, championed civil rights and social causes.

The Brain Trust

Group of academic and expert advisors who helped FDR craft New Deal policies.

Harry Hopkins

Close advisor; led WPA and other major relief programs.

Frances Perkins

First female Cabinet member; Secretary of Labor; helped shape Social Security and labor policy.

The New Deal (Relief, Recovery, Reform)

Three goals—help people now, rebuild the economy, and prevent future depressions.

First Hundred Days

First months of FDR's presidency, when many major New Deal laws were passed.

Emergency Banking Relief Act

Allowed only financially stable banks to reopen after FDR's 'Bank Holiday'.

Bank Holiday

Temporary closing of all banks to stop panic and restore public confidence.

Fireside chats

FDR's radio broadcasts to reassure and inform Americans.

Civilian Conservation Corps (CCC)

Employed young men in conservation projects (planting trees, building parks).

Agricultural Adjustment Act (AAA)

Paid farmers to reduce crop production, to raise prices.

Tennessee Valley Authority (TVA)

Built dams and power plants in the South; created jobs and electricity.

National Industrial Recovery Act (NIRA) / NRA

Encouraged fair wages and working conditions; later ruled unconstitutional.

Public Works Administration (PWA)

Funded large-scale public construction projects.

Federal Deposit Insurance Corporation (FDIC)

Insured bank deposits to prevent future bank runs.

Big businesses and the wealthy

Opposed government regulation and higher taxes to fund programs.

Francis Townsend

Proposed a government pension for the elderly, influencing the creation of Social Security.

Senator Huey Long

Criticized FDR; promoted 'Share Our Wealth' to tax the rich and redistribute income.

Works Progress Administration (WPA)

Employed millions in public works, arts, and education projects.

Social Security Act (1935)

Provided pensions, unemployment insurance, and aid to the disabled.

American welfare system

Foundation for ongoing federal aid to the needy.

Wagner Act (1935)

Strengthened labor rights; protected unions and created the National Labor Relations Board.

Fair Labor Standards Act (1938)

Banned child labor; set a national minimum wage and 40-hour workweek.

Court-Packing Plan

FDR's failed attempt to add more justices to the Supreme Court to support New Deal laws.

Roosevelt Recession (1937-1938)

Economic downturn caused when FDR cut back New Deal spending too soon.