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Price Support
government policy that establishes a minimum price (price floor) for goods, often agricultural commodities, by purchasing surplus supply to keep market prices above equilibrium
credit
the ability to borrow money or obtain goods immediately with the promise of future repayment
Alfred E. Smith
four-time Democratic Governor of New York and the first Roman Catholic major-party nominee for U.S. President, losing the 1928 election to Herbert Hoover.
Dow Jones Industrial Average
stock market index tracking 30 major U.S. companies, acting as a crucial economic indicator
Speculation
High risk, high reward short term investment in stock market or assets
Buying on Margin
1920s investment practice where investors purchased stocks by paying a small percentage (often 10-20%) of the value, borrowing the remaining 80-90% from brokers
Black Tuesday
Day of stock market crash, October 29, 1929
Great Depression
the most severe economic crisis in U.S. history, characterized by 25% unemployment, massive bank failures, and a 50% decrease in GNP
Hawley-Smoot Tariff Act
disastrous protectionist measure that raised U.S. import duties to record levels (often 40-50%) to protect American farmers and industries during the early Great Depression
Shantytown
makeshift, squalid settlements built by homeless Americans on the outskirts of cities, in public parks, or near trash dumps
Soup kitchen
charitable, often volunteer-run food centers that became widespread lifelines during the Great Depression (1930s)
Bread line
public, charity-run, or city-operated queues during the Great Depression where thousands of unemployed people waited for free food, such as bread and soup, often in cities like New York
Dust Bowl
a severe environmental and economic disaster in the Great Plains, caused by extreme drought and poor farming practices (over-cultivation/removal of prairie grasses).
Direct Relief
immediate government assistance to individuals during the Great Depression, notably through the 1933 Federal Emergency Relief Administration (FERA), part of the New Deal
Herbert Hoover
Republican, Great Depression began during his term, believed voluntary cooperation and limited federal intervention, "rugged individualism"
Boulder Dam
Hoover Dam
Federal Home Loan Bank Act
measure aimed at combating the Great Depression by creating the Federal Home Loan Ban,to reduce foreclosure rates, stimulate the housing market, and make homeownership more affordable.
Reconstruction Finance Corporation
An agency established in 1932 to provide federal loans to banks, insurance companies, and railroads to prevent financial collapse.
Bonus Army
A group of World War I veterans who marched on Washington in 1932 to demand early payment of their service bonuses, only to be dispersed by military force.