Hoover's Response to the Depression

Black Thursday

The day on which stock prices collapsed, marking the beginning of the Great Depression.

Rugged Individualism

Herbert Hoover's belief that individuals should be self-reliant and that the government should not provide direct assistance.

National Credit Corporation (NCC)

A program established by Hoover to help troubled banks continue lending to their communities.

Reconstruction Finance Corporation (RFC)

A government agency that provided loans to businesses in an attempt to stimulate the economy.

Emergency Relief and Construction Act

A 1932 act that provided $1.5 billion for public works and $300 million for emergency loans to states for direct relief.

Hoovervilles

Shantytowns built by homeless people during the Great Depression, named after President Hoover.

Bonus Army

A group of World War I veterans who marched on Washington, D.C., in 1932 to demand early payment of a bonus they were promised.

Drought and Foreclosure

Conditions faced by farmers during the Great Depression, leading to the loss of farms and agricultural distress.

Consumer Confidence

The degree of optimism that consumers feel about the overall state of the economy and their personal financial situation.

Hunger Marches

Protests organized by groups such as the American Communist Party to demand food and relief during the Great Depression.