Great Depression & New Deal

Herbert Hoover

US president blamed for Depression; did "Too Little, Too Late"

speculation

making high risk investments in the stock market in hopes of getting rich quick

buying on margin

practice that contributed to inflated stock prices in the 1920s; required only 10% downpayment to purchase stock

Black Thursday

October 24, 1929; on this day J.P. Morgan's quick buying prevented a stock market crash

Black Tuesday

October 29, 1929; Stock Market Crash

stock

share of a company

Hoovervilles

this is the name for shanty towns that sprung up around major cities during the Great Depression

Dust Bowl

period of widespread drought and dust storms in the plains states during 1930s

"Okies"

name given to migrants fleeing the Dust Bowl

Dorothea Lange

WPA photographer most known for her photographs of migrant workers

Migrant Mother

famous Dust Bowl image of mother and children taken by Dorothea Lange

21st Amendment

repealed prohibition

Bonus Army

group of WWI veterans who marched to Washington DC in 1932 to demand early pensions

Election of 1932

Hoover vs. FDR; two competing ideologies - laissez faire vs. government intervention

New Deal

the name given to FDR's massive plan for relief, recovery, and reform

Franklin Delano Roosevelt

popular American president most remembered for the New Deal

"Nothing to fear but fear itself"

famous phrase from FDR's first inaugural address in 1933

Eleanor Roosevelt

she was FDR's "legs" and a strong advocate for the New Deal

Hundred Days

this early period in FDR's first term as President is notable because of how many programs and laws were created

bank holiday

temporary bank closures that allowed for federal inspection of financial institutions

3 R's of the New Deal

Relief, Recovery, and Reform

Relief

New Deal programs that provided direct and indirect aid to individuals and families

Recovery

New Deal programs designed to speed economic recovery

Reform

measures designed to regulate operation of banks and the stock market to prevent another crash

fireside chats

talks given by FDR to explain government policies in a reassuring, informative fashion

deficit spending

government spending in excess of tax revenues; done in 1930s to stimulate the economy

"Priming the Pump"

another phrase for deficit spending

FDIC

government program that insures bank deposits in case of a bank failure

CCC

job creation program that employed young men in environmental projects

NRA

New Deal program that attempted to set prices and wages in key industries; declared unconstitutional

AAA

New Deal program that attempted to boost farm prices by paying some farmers not to plant

TVA

New Deal program that led to creation of hydroelectric dams on Tennessee River

Second New Deal

renewed burst of legislative activity 1935-36

WPA

program of Second New Deal that employed artists and construction workers

Wagner Act

law recognizing rights of unions to organize

Social Security System

program created during Second New Deal; provides old-age and disability pensions & unemployment insurance

American Liberty League

organization that opposed the New Deal on the grounds that it limited American freedoms

court packing

attempt by FDR to increase the size of the Supreme Court so judges favorable to his policies would be appointed

Father Charles Coughlin

the "radio priest" who criticized FDR

Huey Long

Governor and senator from Louisana who promoted a "Share Our Wealth" program