APUSH Chapter 32 + Stock Market Crash

1928 Election

Republican nominated Herbert Hoover, Democrats nominated Alfred Smith → Hoover won due to representing most American beliefs (working class, dry, quaker)

Herbert Hoover

Anti-socialist, pro planned economy, endorsed labor unions, against government handouts and believed in rugged individualism

Rugged Individualism

“Pulling yourself up by your bootstraps“, braving the “wilderness“, no help from anyone

Hawley-Smoot Tariff

Originally protective tariff to help farmers compete with European producers, became highest tariff in US history → 60% tariff on all foreign goods, closed off US to all European trade, started depression

Stock Market Crash

Over speculation, unnecessary financing, and unpredictable stock led to panic where everyone sold their stock at once that the entire US economy dropped in value

Hoovervilles

Homeless encampments created during Depression because so many people had lost their homes due to going bankrupt and not being able to find work

Hoover Dam

Public works project by Hoover which built a dam in the CO river, powered the entire midwest at the time

Reconstruction Finance Corporation

Fed gov’s reserve of ½ billion to lend insurance companies, banks, RRs, state govs, etc → created too late to make a difference and so strict that it was almost never used

Bonus Army

Group of WWI vets who wanted a bonus they were promised in the 1940s earlier → fed gov refused so they set up an encampment outside the white house → Hoover sent military who beat them up

FDR

Won 1932 election, very progressive, his platform was called the “New Deal“ referencing TR’s Square Deal → goal to give relief, recovery, and reform

Brian Trust

Group of young progressive individuals who would ghost write Roosevelt’s speeches → made the New Deal very progressive but his speeches also very vague

Hundred Days

Period of time when Congress passed legislature to fix the depression, mostly to fix the financial system

Glass-Steagall Act

makes it illegal for banks to have your money in an account to use it for investments, banks could only take out low risk loans

Federal Deposit Insurance Corp

If your bank fails the US government will reimburse you up to 250k, This is per bank, not per person → encourages you have money in many different banks it stabilizes the banking system  

Civilian Conservation Corps

Provided employment to young men who performed environmental relief and protections →reforestation, firefighters, etc. Secretly trained young men to be ready for the military for WWII

Federal Emergency Relief Administration

Gave money to states to create projects to give people jobs

Agricultural Adjustment Act

Paid farmers to get rid of their crops and livestock to artificially raise prices so they could make money, later struck down by SC due to it not affecting interstate commerce

Charles Coughlin

Catholic priest from MI who had a radio show that became so anti-semitic and fascist it was taken off the air, critic of Roosevelt due to opening relations with Soviet Union and communism being atheist

Huey Long

Senator of LA who opposed Roosevelt in 1936 election, proposed 100% tax on the rich to give annual bonuses to everyone else, shot before anything could happen

Works Progress Administration

Created millions of jobs through infrastructure projects → airports, highways, goods (clothes), largest and most expensive program

National Recovery Administration

Attempted to combine relief and long term recovery, reduced hours to get more people working and protected unions rights → struck down by SC for being to strict as it affected poultry business’s ability to make money and was unconstitutional

Public Works Administration

Led by Harold Ickes, Federal Government building infrastructure, Grand Coulee Dam, arable land for farms

Grand Coulee Dam

Project in CO that increased irrigation for Midwest states and generated more electricity than TVA

Soil Conservation Act

Replacement for AAA, paid farmers not to plant on land to preserve the soil which decreases surplus

Dust Bowl

Great Plains/Midwest, very dry due to drought + bad farming practices leading to large dust storms that displaces majority of people to flee

Federal Securities Act

Creates Securities and Exchange Commision

Securities and Exchange Commision

Required transparency about stability of stock, prevented people from buying bad stock and regulated what stock could be on the market

Tennessee Valley Authority

Regulated dishonest electric companies in the area and built dams that allowed for the area to flourish from the increased infrastructure

Social Security Act

Pensions for the elderly, disabled, and unemployed → more types of people added later on, helped cycle people out of the workforce

Wagner Act

Created Labor Relations board that asserted the rights of laborers to organize and bargain, encouraged people to join unions

Fair Labor Standards Act

Min wage and child labor laws, Makes it illegal to force kids to work during school -> inc high school graduation -> trains up next generations

National Labor Relations Board

Created by Wagner Act to oversee relations with laborers and enforce workers rights

Court Packing

Roosevelt thought the current judges were too old and stood in the way of progress, wanted to inc the number of judges and make the court Democratic → very unpopular and struck down by congress, Roosevelt backed off

Mary McLeod

Director of Office of Minority Affairs, highest ranking African American in Roosevelt’s cabinet

Frances Perkins

First woman cabinet member, Secretary of Labor