great depression

Great Depression

A severe and prolonged economic downturn marked by a significant decline in economic activity.

Economic Recession

A time when a nation's real output (GNP) declines.

Black Tuesday

October 29, 1929, the single most devastating financial day in the history of the New York Stock Exchange.

Buying on Margin

Purchasing stocks by paying a small percentage of the price as a down payment.

FDIC

Federal Deposit Insurance Corporation, which protects bank depositors by insuring deposits.

Shantytowns

Towns on the fringes of cities comprised of shacks, often inhabited by migrants looking for work.

The Dust Bowl

A region in the Midwest severely affected by drought and poor agricultural practices, leading to loss of soil.

New Deal

A series of programs and reforms enacted by Franklin D. Roosevelt to combat the Great Depression.

Civilian Conservation Corp (CCC)

A program that put men ages 18-25 to work on projects related to conservation and infrastructure.

Agricultural Adjustment Act (AAA)

Legislation that paid farmers to reduce crop production to raise prices.

Social Security Act

A 1935 law that created a system of old-age insurance, unemployment compensation, and aid for disabled individuals.

Wagner Act

Legislation supporting the rights of workers to join unions and engage in collective bargaining.

Huey P. Long

Political leader who promoted the 'Share the Wealth' program in response to the Great Depression.

Francis Townsend

Proposed a pension plan for Americans over 60, promoting monthly payments from the government.