HISTORY - 1930's The Great Depression Section

Black Tuesday

1. October 29, 1929

2. Three-day period of “stock market crash”

3. More than 16 million stocks were traded

4. $14 billion was lost in a single day 

“Okies”

Offensive term used to identify people from Oklahoma during the Great Depression.

Herbert Hoover

1. President during the Great Depression

2. Against Government aid towards the Great Depression

3. Believed in “Rugged Individualism”

4. Wanted states and local governments to take responsibility for fixing the depression

Rugged Individualism

The belief that if citizens work hard enough they can pull through any crisis.

Trickle-Down Economics

The belief that by rewarding the wealthy, their extra money will trickle down to the lower classes, supplying food, jobs and higher wages. (FAILED)

Hoovervilles

Small towns built by the homeless people during the Great Depression.

Franklin D. Roosevelt

1. Born in Hyde park, NY in 1882

2. Cousin of Theodore Roosevelt

3. Contracted Polio in 1921

4. Elected Governor of NY in 1922 to 1930

The Three R’s

1. Relief

2. Recovery

3. Reform

1932 Presidential Election

When the Depression was at its worst. The people of America were desperate for a new president to end the chaos. FDR won in a landslide victory. 

The New Deal

A series of programs and policies created to address the severe economic challenges. It aimed to create provide and create jobs for the unemployed. Using, CCC,WPA,etc.

Keynesian Economics

1. AKA “Pump-spending”

2. The Federal Government needs to create jobs for the unemployed in order for them to spend money, thus raising the economy. (Like a balloon)