hush 2 great depression

Stock market crash/Black Tuesday

catastrophic collapse of stock prices due to rampant speculation, buying on margin, and underlying economic imbalances, start of the great depression

bank runs

when many depositors withdrew money in a state of crisis

buying on margin

purchasing stocks by paying only a small amount upfront

causes of stock market crash

speculation/buying on margin

overproduction/underconsumption

weak banking regulations

uneven income distribution

dust bowl

ecological and economic disaster in the great plains(oklahoma, Texas, kansas, etc.)

causes by severe drought, high winds, and over plowing

lead to massive dust storms and migration to california

herbert hoover

didn’t gaf

“rugged individualism”

voluntary things

rugged individualism

belief that people should succeed with their own hard work, self reliance, and determination with minimal government intervention

Huey long

Louisiana’s populist senator and governor, major critic of FDR’s New deal, wanted to take money from the rich and give it to the poor

New deal

FDR’s series of programs and reforms designed to combat the great depression through relief, recovery, and reform(alphabet soup)

relief recovery reform

three core goals of FDR’s new deal, relief for immediate suffering, recovery to boost the economy back to normal, reform to make lasting changes

RFC

hoover era govt, agency that provided massive loans to banks, railroads, and businesses during the Great Depression to stimulate the economy from top down(trickle)

FDR

32nd US president, led america through great depression and WWII, implemented the new deal, fireside chats

Agricultural Adjustment Act

new deal program that paid farmers to reduce production to combat oversupply

Civilian Conservation Corps

created jobs for unemployed men (18-25) in environmental projects like reforestation, park development, and soil conservation, providing them with wages, food, and housing while also supporting the families

Federal Emergency Relief Administration

gave federal money to states for direct relief and work programs, provided food, shelter, and jobs to many

Federal Deposit Insurance Corporation

new deal agency to restore faith in banks by insuring individual deposits, preventing bank runs, and stabilizing the financial system

Securities and Exchange Commission

created to regulate stock parket, protect investors, and prevent fraud and manipulation

Works Progress Administration

massive new deal program to combat unemployment by employing millions in public works and cultural projects, providing relief, stimulating the economy, and leaving a lasting infrastructure legacy

Social Security Act

created federal safety net for the elderly, unemployed, and disabled, funded by payroll taxes, marking a huge expansion of government’s role in social welfare

Fair Labor Standards Act

established federal minimum wage, overtime pay, and restricting oppressive child labor

National Recovery Administration

created to combat great depression by setting “fair” industry codes for wages, hours, prices, and production, allowing collecting bargaining for labor

Tennessee Valley Authority

tackled regional poverty in Tennessee Valley by building dams for flood control and cheap hydroelectric power, creating jobs, modernizing infrastructure, boosting agriculture, and fostering economic development, serving as a major example of govt. intervention in regional planning and public welfare