history quiz 4.2

Herbert hoover

pres during the great depression who did little to improve the economic conditions of the US

Deflation

a fall in retail prices

Buying on margin

when an individual or investor buys something based off of a borrowed loan from the bank

Speculation

investing in a stocks with the assumption it will increase

black friday

13 million shares were sold

Black tuesday

over 16 million shares were sold

federal reserve bank

central banking system of the United states

gold standard

inflexible monetary system that regulated how countries did business with eachother

Hooverville

public park, home shacks made out of material people could find

bonus marchers

WW1 veterans that protested in Washington DC for financial relief

new deal

a series of schemes introduced by pres Roosevelt in response to the GD

welfare state

national system which is committed by law to provide financial support to any citizan during periods of poverty

FDR

democratic candidate in 1932

hoovers state of the union

hoover thought that the us was capable of recovering but it was isolated and blamed other countries for the crisis

smoot Hawley tariff act

introduced high tariffs on many imports

pump priming

process of providing stimulus to the economy

agriculture marketing act

created the federal farm bond

federal home loan bank act

designed to prevent further foreclosures which were making millions homeless

RFC

provided loans to banks etc.

relief and reconstruction act

allocated 300 mil to the states