U.S. History - Chapter 18-19 - The Great Depression & The New Deal

Flashcards covering key concepts from U.S. History regarding the Great Depression and the New Deal.

What were speculative investments?

Investments in financial assets that carry high risk with the hope of significant returns.

What is credit overextension?

A situation where borrowers take on too much debt, exceeding their ability to repay.

What catastrophic event occurred in October 1929?

The Stock market crash.

What was the unemployment rate during the 1930s due to the Great Depression?

Widespread unemployment reached heights of approximately 25%.

What were Hoovervilles?

Shantytowns named after President Hoover, where displaced people lived.

What title refers to Franklin D. Roosevelt's series of programs to help recover from the Great Depression?

The New Deal.

What was the purpose of the FDIC (Federal Deposit Insurance Corporation)?

To insure deposits in banks to prevent loss in the event of bank failures.

What major social safety net legislation was passed in 1935?

The Social Security Act.

What characterized the Dust Bowl?

A period in the 1930s characterized by severe dust storms that greatly damaged the ecology and agriculture of the US.

Who was John Steinbeck?

An author who wrote about the struggles of Dust Bowl migrants in his novel 'The Grapes of Wrath.'