history test (great depression)
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22 Terms
6 causes of the Depression
Stock market (speculation that it could only rise), Agriculture (low crop prices, low farm income), income distribution (the poor were left behind while the rich became richer), Overproduction in industry (led to high inventories, then a decrease in production), Increasing consumer debt (borrowing), And Flawed government policies
Black Tuesday
October 29, 1929, was the day the U.S. stock market crashed as panicked investors sold off a record number of shares [a plunge in stock prices in 1929]
Recession
a time where the economy consistently declines over a time period of at least 6 months (2 quarters)
Depression
extreme recession [no perfect definition]
Hoovervilles
an ironic name for the camps of the poor during the Depression
Bonus Army
Summer 1932
Speculation
the trading of stocks to make quick profits
Deficit spending
using borrowed money to fund government programs
Public work projects
a government-funded construction program
New deal
the programs to fight the depression
Hundred days
a part of the session of congress in 1933
Social security act
law creating a pension program
Buying on margin
paying a part of a stock's price as a down payment and borrowing the rest
Fireside chat
the talks on the radio by FDR
FDIC
Federal Deposit Insurance Cooperation—1933-insured depositors at least 250,000 per insured bank (by identifying and addressing risks to the deposit insurance funds)
CCC
Civilian Conservation Corps—1933-42-as a work relief program employing 3 million
NRA
National Recovery Admin—1933-encourage national industrial recovery
WPA
Works Progress Admin—1935-largest and most diverse (alleviate mass unemployment)-infrastructure
TVA
Tennessee Valley Authority—1933-further the economic development of an impoverished mountainous region (mostly tennessee)
SSA
Social Security Act—1935-old-age pension system and unemployment as well as many other things
EBRA
Emergency Banking Relief Act— 1933-repair nations cunning back system