Kuzian/Broking: Economy of the 1920s and 1930s

character requirements, learn English, Americanize

Henry Ford: $5/day wage--doubled workers' pay (1/2 pay, 1/2 bonus) and __________, ____________, and ____________

radicals and extremists

evidence, warrants, lawyers

Red Scare

Palmer Raids: US Attorney General A. Mitchell Palmer

Raids to capture ___________ and ________________; Made arrests with no _________________, ___________________, and denied _________________.

Added to the ___ _______ hysteria.

Sacco and Vanzetti

Accused Anarchists (people who oppose all forms of government)

robbery and murder

evidence, alibi

bias, foreigners, radicals

Sacco and Vanzetti: Two men who were accused Anarchists; they were convicted and executed for ______ and ________ even though there was little ___________ against them and they had a reliable ______________.

This case shows the hostility and __________ against ________________ and _________________ after World War I.

Calvin Coolidge, conservative

unsafe

National Guard

Boston Police Strike:

Governor __________ ____________ took a strong _________________ approach to this situation.

Boston was very _____________, so he brought in the ______________ ______________.

Coolidge made a name for himself because of how he handled the situation.

Return to Normalcy

Republican Warren G. Harding's Campaign Slogan...

business

spending, growth

Warren G. Harding's Return to Normalcy promoted a "Hands off" government concerning ________. He cut _________________ to promote economic _______________.

taxes, imports, American, competition

Fordney-McCumber Tariff:

A set of regulations, enacted by Congress in 1922, that raised ___________________ on ______________ to record levels!

This was created to protect ___________________ businesses against foreign _____________________________.

friends, supporters, cabinet

Ohio Gang:

A group of close __________ and political _____________ whom Warren G. Harding appointed to his ________________.

oil-rich, companies, money, corrupt

Teapot Dome Scandal:

Secretary of the Interior Albert Fall's secret leasing of _____________________ public land to private ____________________ in return for ____________________ and land.

This action was considered ______________________!

business leaders, open shops, unions

American Plan:

A policy promoted by ______ ________ during the 1920s that called for __________ _________, which means NO _______________!

Andrew Mellon

Secretary of the Treasury (Conservative Republican);

Wanted to reduce taxes and the National Debt;

Trickle Down Economics

Herbert Hoover and Alfred Smith

Candidates in the 1928 Election

Hoover

Winner of the Election of 1928

Conservative

Herbert Hoover was a _____ Republican

Dow Jones Industrial Average

a measure based on the prices of the stocks of 30 large companies, widely used as a barometer of the stock market's health

risky, quick, large

Speculation: An involvement in a ___ business transaction in an effort to make a _____________ or ___________ profit.

When large scale selling occurred, the Stock Market crashed!

percentage, borrowing, risky

Buying on Margin:

The purchasing of stock by paying only a small ____of the price and __________ the rest.

Very ________ to buy stocks with borrowed money.

Black Thursday

October 24, 1929; stock market crashes and almost 13 million shares are sold that day alone

The day that investors caused a panic on Wall Street by selling their shares

Black Tuesday

October 29, 1929; date of the worst stock-market crash in American history and beginning of the Great Depression.

People's life savings wiped out

Stockholders lost $30 billion dollars

People sold stock at huge losses

High Tariffs on Imports

Farming Crisis

Too much easy credit

Uneven distribution of income

Causes of the Great Depression

France and Britian

___________ and ___________ were not as affected by the Great Depression because colonies were forced to purchase their products

Great Depression

A period lasting from 1929 to 1940 in which the US economy was in severe decline and millions of Americans were unemployed

Shantytowns

little towns consisting of shacks

Called 'Hoovervilles'

mortgage, farmers, foreclosure

Federal Home Bank Loan Act

-Lowered home ________ rates and allowed _____ to refinance their loans and avoid _______

Hawely Smoot Tariff Act

1930- Raised U.S. tariffs on over 20,000 imported goods to record levels.

Worsened the depression in America and abroad in other countries

Dust Bowl

Region of the Great Plains (Texas, Oklahoma, Kansas, Colorado, and New Mexico) that experienced a drought in 1930 lasting for a decade, leaving many farmers without work or substantial wages.

Direct Relief

The giving of money or food by the government directly to needy people

Rugged Individualism

Herbert Hoover's belief that people must be self-reliant and not depend upon the federal government for assistance.

Hoover opposed welfare for those in need

Reconstruction Finance Corporation

Agency established in 1932 to provide emergency relief to large businesses, insurance companies, and banks.

Unfortunately, it was 'too little, too late'

Bonus Army

WWI veterans who marched on Washington demanding their $1,000 bonus pay before the 1945 due date.

Hoover sends in military to remove them

The event was violent; many Ameicans were upset with the President's actions

Hoover and FDR

Who were the candidates in the Election of 1932?

FDR

Who won the election of 1932?

New Deal

The name of President Roosevelt's program for getting the United States out of the depression

Helped alliviate problems caused by the depression

Relief for the needy, economic recovery, and financial reform

Emergency Banking Relief Act

Closed every bank in order to stop massive withdrawals; allowed the Treasury Department to inspect banks

FDIC

Glass-Steagall Act of 1933 established the...

Federal Deposit Insurance Corporation (FDIC)

Government will insure banking deposits

Fireside Chats

radio broadcasts made by FDR to the American people to explain his initiatives

Communication with the public

Pep talks throughout the Depression

unconsititutional, membership, public

The US Supreme Court ruled 7 New Deal measures _______________________. FDR wanted to increase the _____________ of the Supreme Court by 6 more seats.

The ________ was upset with this measure.

Tennessee Valley Authority

New Deal program that built dams to control flooding and produce cheap electric power

Social Security Act

A law enacted to provide aid to retirees, the unemployed, people with disabilities, and families with dependent children

Second New Deal

Government programs passed after the midterm elections of 1934, that provided relief and recovery, but emphasized REFORM!

Red Scare

Sacco and Vanzetti: This trial was important because it showed how the ____ _______ influenced how people felt about immigrants

Radical

Attorney General A. Mitchell Palmer felt that the ________ inspired revolutions was 'eating its way into the homes of the American workman..."

Calvin Coolidge

Was known for how well he handeled the Boston Police Strike

Palmer

The ______ Raids were associated with the Red Scare

hated

People who were in "Hoovervilles" (Shantytowns) would talk about how much they ______ Hoover.

WW1 Veterans and their Families

Members of the Bonus Army were:

Hoover, Great Depression, FDR

President _________________ was in office before and during the ______ ________________________. He was replaced as President by ______________.

President Hoover

______________________________ gave the order to remove the Bonus Army

Large Businesses

The Reconstruction Finance Corporation want to help....

making "sick banks" to close temporarily

Roosevelt tried to fix the nation's economic standing by...

Supreme Court

FDR was upset that the _____ _______ thought the New Deal laws were unconsitutional.

unemployed

FDR was most concerned about helping the....

Alfred Smith

Herbert Hoover defeated ___ ______ in the election of 1928

Run on the banks

The Emergency Banking Relief Act was a New Deal law that helped to stop the....

Buying on Margin

the purchasing of stocks by paying only a small percentage of the price and borrowing the rest

Election of 1932

Hoover vs. FDR; two competing ideologies - laissez faire vs. government intervention

Glass-Steagall Banking Act

this gave the President the power to regulate banking transactions and foreign exchange

social security act

(FDR) 1935, guaranteed retirement payments for enrolled workers beginning at age 65; set up federal-state system of unemployment insurance and care for dependent mothers and children, the handicapped, and public health