Great Depression

Bull Market

A market in which the prices of securities are rising or are expected to rise.

Bear Market

A market in which the prices of securities are falling or are expected to fall.

Hoovervilles

Shantytowns or makeshift homes built by homeless people during the Great Depression, named sarcastically after President Herbert Hoover, whom many blamed for the economic crisis.

Rugged Individualism

The belief that individuals should succeed through their own efforts and that the government should not provide direct relief to the unemployed.

Major Causes of the Great Depression

Stock market crash of 1929, bank failures, drought and agricultural overproduction (Dust Bowl), overleveraging and debt, decline in international trade.

Hawley-Smoot Tariff

A 1930 law that raised U.S. tariffs on imports, which worsened the global economic situation during the Great Depression.

Bonus Expeditionary Force

A group of World War I veterans who marched to Washington, D.C., in 1932 to demand early payment of a promised bonus. They were forcibly removed by the U.S. military.

Herbert Hoover

31st U.S. President (1929–1933), whose presidency was marked by the onset of the Great Depression, and his policies were criticized for not providing enough government intervention to address the crisis.

Franklin Roosevelt

32nd U.S. President (1933–1945), known for his New Deal programs to combat the Great Depression and his leadership during most of World War II.

New Deal

A series of federal programs and reforms introduced by Franklin D. Roosevelt to address the Great Depression, focusing on relief, recovery, and reform.

Keynesian Economics – Deficit Spending

An economic theory proposed by John Maynard Keynes which supports government spending and intervention to stimulate the economy, even if it means running deficits during periods of economic downturn.

Bank Runs

A situation in which a large number of people withdraw their money from a bank because they believe it may collapse, causing further instability in the financial system.

Emergency Banking Relief Act

A 1933 law that closed all banks for four days to prevent further bank runs and allowed only financially stable banks to reopen.

Securities and Exchange Commission (SEC)

A U.S. government agency created in 1934 to regulate the stock market and protect investors from fraudulent practices.

Dust Bowl

A period of severe dust storms in the 1930s, caused by drought and poor farming practices, leading to agricultural devastation and displacement of many families in the Great Plains.

Relief, Recovery, Reform

The three goals of FDR’s New Deal programs to provide immediate relief to the poor, economic recovery, and long-term reforms to prevent future depressions.

Social Security Act

A 1935 law that established the Social Security program, providing pensions for the elderly, unemployment insurance, and assistance to the disabled and families with dependent children.

Margin Buy

The practice of borrowing money from a broker to buy stock, where investors only pay a portion of the stock price upfront and borrow the rest. This led to increased risk during the Great Depression.

Reconstruction Finance Corporation

A U.S. government agency established in 1932 to provide financial support to banks, railroads, and other industries during the Great Depression.

Eleanor Roosevelt

First Lady of the United States (1933–1945), known for her advocacy for civil rights, women's rights, and the poor, as well as her active role in New Deal programs.

Agricultural Adjustment Act

A 1933 law that aimed to reduce agricultural surpluses by paying farmers to limit production, helping to raise crop prices during the Great Depression.

Civilian Conservation Corps

A New Deal program that provided jobs to young, unmarried men, primarily in public works projects such as reforestation, park maintenance, and soil conservation.

Works Progress Administration

A New Deal program that provided millions of jobs for the unemployed in public works projects, including the construction of schools, roads, and other infrastructure.

Tennessee Valley Authority

A New Deal program that focused on the economic development of the Tennessee Valley, including flood control, electricity generation, and reforestation.

Fireside Chats

A series of radio addresses given by Franklin D. Roosevelt to explain his New Deal programs and reassure the American people during the Great Depression.

National Industrial Recovery Act

A 1933 law that aimed to stimulate industrial recovery by setting up codes of fair competition, establishing labor standards, and providing public works programs.

Francis E. Townsend

An American physician and social reformer who advocated for old-age pensions, which influenced the development of the Social Security Act.

John Collier

Commissioner of Indian Affairs under FDR, known for his efforts to reverse policies of forced assimilation and promote Native American self-determination.

Fr. Coughlin

A controversial Catholic priest and radio broadcaster who initially supported FDR's New Deal but later became critical, advocating for a more populist approach to government.

Huey Long – “Share Our Wealth”

A Louisiana senator who proposed a radical redistribution of wealth through high taxes on the rich and providing direct financial support to the poor, as part of his “Share Our Wealth” program.

Wagner Act (N.L.R.A.)

A 1935 law that guaranteed workers the right to form unions and engage in collective bargaining, strengthening labor rights in the U.S.

Court Packing

A controversial proposal by Franklin D. Roosevelt in 1937 to add more justices to the U.S. Supreme Court, aiming to shift the balance in favor of New Deal policies.

Schecter v. United States

A 1935 Supreme Court case that ruled the National Industrial Recovery Act unconstitutional, as it gave too much power to the executive branch to regulate industries.

FDIC

The Federal Deposit Insurance Corporation, established in 1933 to insure bank deposits and restore public confidence in the banking system after the Great Depression.