The Great Depression Key Terms

Great Depression

The worst economic crisis in American history

Causes of the Great Depression

Republican policies, consumer debt, overproduction, and bank failures

Trickle down economics

A republican policy of Herbert Hoover that lifting tax cuts from the wealthy would trickle down to the poorest and help businesses, benefit the workers with better salaries, and the workers would spend more money

Huge tax breaks

The Republican party believed that huge tax breaks would encourage the wealthy to spend more, but nothing trickled down to the poor

The middle class

Most responsible for providing for the lower class

Farms faced the great depression..

In the 1920s, (2 decades instead of 1)

Europe loans

the u.s loaned money Europe that they could not pay back because they needed for reparations. no goods sent to countries

Unequal distribution of wealth

Over half of families were living below the poverty line when the wealthy were earning more but did need to purchase as many goods

Herbert Hoover

president who was blamed for the Great Depression and resentment towards helping citizens.

speculation

during the bull market, investors in the stock realized how much money they were losing which led to debt

black tuesday

as stock prices began to increase, everyone dropped their prices and sold all stocks, but no one was able to purchase them, which ultimately led to loss of money.

hawley-smoot tariff

herbert hoover signed to help u.s businesses by making foreign goods more expensive

bread lines

only food source where restaurants gave out free bread

hooverville

homeless encampments outside of cities, the name blamed president hoover for conditions

tenant farmers

some farmers remained on their land after losing their farms and worked for larger landowners

The dust bowl

acres of farms covered in drought and poor farming practices, dust created dunes as they blew

Okies

displaced farmers heading to better conditions in the dust bowl leading to more jobs

repatriation

mexicans/foreigners were sent back to home countries in fear they may be competition

reconstruction finance corporation

gave money to banks big businesses and wealthy people to hire workers and get businesses running

trickle down economics

if wealthy americans spend more money, the economy will improve and keep businesses running

the bonus army

veterans who fought in WW1 demanded payment of bonus promised by the government. marched on washington dc

the grapes of wrath

tells the hardships endured by one farm family in the dust bowl

franklin d roosevelt

president after the great depression. offered the new deal and promised great change in the economy. gave hope.

eleanor roosevelt

The first lady who was very involved in politics

the new deal

FDR promised government programs that would help the depression and get citizens back to work

fireside chats

FDR’s radio talks that gave americans confidence in the federal government and america

FDIC

Federally insured bank deposits to prevent bank failures.

TVA

A new program designed to improve the quality of life for those living along the tennessee river, built dams and provided cheap electricity

civilian conservation corps (CCC)

the government gave more jobs to work in national parks and forests. invested in our country and more benefits

NRA

protected the rights of works to collective bargaining by providing minimum wage and allowed labor unions

Public works administration (PWA)

built infrastructure (bridges, tunnels, etc) and provided more jobs

Charles coughlin

roman catholic priest who believed that the government should control banks and everyone should receive the same loans

dr. francis townsend

wanted the government to help the elderly

Huey long

dangerous person and wanted to be dictator, wanted to share wealth

the second new deal

enacted more relief/reform measures to the elderly, poor, and unemployed for the second hundred days

Works progress administration WPA

Primary relief agency of 2nd new deal towards infrastructure for jobs

Social Security Act SSA

Direct help for 65+ for retired and unemployed who receive money funded by tax on wages of workers when working

Wagner act

guaranteed right of labor to unionize and collective bargaining, outlawed unfair labor practices

Fair labor standards act

established a minimum age, outlawed child labor and set a maximum work hour

court packing scheme

roosevelt wanted to pack the supreme court with judges who supported his programs

frances perkins

first woman to join the head of cabinent department

the black cabinet

eleanor roosevelt sat with the black delegates and encouraged FDR to invite many african american leaders to advise him

Mary mcleoid bethune

member of the black cabinet and promoted racial equality

The indian new deal

gave indians economic assistance and greater control of their own affairs and land

welfare state

people believed that the new deal made people rely on the u.s goverment to live now