Great Depression & New Deal: Key Events, Policies, and Figures

Who won the election of 1928?

Herbert Hoover

What was the main issue in the election of 1928?

Continuing economic prosperity

What was the Farm Board?

A government agency created to help farmers stabilize prices

What happened to stock values from 1925-1929?

They rose rapidly

What happened as stock prices rose?

People bought stocks on margin (credit)

What did the Federal Reserve advise banks?

To stop risky loans

What happened in late October 1929?

The stock market crashed

When was Black Tuesday?

October 29, 1929

What was the result of the stock market crash?

Bank failures and the Great Depression

What were the economic policies before the Depression?

Laissez-faire

Who was blamed for the Depression?

Herbert Hoover

Who was hit hardest by the Depression?

Farmers and industrial workers

Which organization loaned money to banks and businesses?

Reconstruction Finance Corporation (RFC)

What was the U.S. policy toward Latin America?

Good Neighbor Policy

What was the Hoover Moratorium?

Temporary halt on war debt payments

As the Depression deepened, what continued?

Unemployment increased

How did business leaders respond to the Depression?

Cut wages and laid off workers

What did bankers do during the Depression?

Called in loans and closed banks

What happened to stocks during the Depression?

Lost value

Despite crop surplus, what problem remained?

Farmers couldn't sell crops for profit

As unemployment grew, what were states given?

Responsibility for relief

How much relief money was provided per family per week?

About $2-$3

What is socialism?

Government ownership of industry

What is communism?

Classless society with government control

Who won the election of 1932?

Franklin D. Roosevelt

What did the 20th Amendment do?

Moved inauguration to January

What disease did FDR get in 1921?

Polio

What was FDR's political experience before the presidency?

Governor of New York

Describe FDR's political style.

Optimistic, experimental, hands-on

Who was Eleanor Roosevelt?

Active First Lady and reformer

What did FDR promise about banks?

They would be stabilized and safe

What is the FDIC?

Insures bank deposits

What is deficit spending?

Spending more than collected in taxes

What is pump priming?

Government spending to stimulate economy

What was FERA?

Direct relief to unemployed

What was the TVA?

Dams, electricity, and jobs

What was the CWA?

Temporary jobs program

What was the AAA?

Paid farmers to reduce production

What was the Indian Reorganization Act?

Restored tribal self-government

When was the Dust Bowl?

Early-mid 1930s

What happened to Native Americans in the 1930s?

Gained more rights under New Deal

Who was Charles Coughlin?

Radio priest critical of FDR

Who was Huey Long?

"Share Our Wealth" politician

Who was Dr. Francis Townsend?

Proposed pensions for elderly

How was the Second New Deal different?

Focused on long-term reform and welfare

What did FDR demand in the Second New Deal?

More worker and social protections

How did Congress respond to the Second New Deal?

Passed major reforms (Social Security)

By what year had the economy nearly recovered?

1937

What is a recession?

Temporary economic decline

What did families do during the Depression?

Shared housing and grew food

What happened to schools during the Depression?

High schools and colleges increased

One group that benefited from the New Deal?

Workers, farmers, or elderly

Why was progress limited for minorities?

Discrimination and segregation

How did films change in the 1930s?

More escapist and optimistic