Vocab
What was the Social Security Act?
Social Security Act - provided pensions for retired workers, compensation for unemployed and disabled workers
What was the Emergency Quota Act?
An act that limited the number of people who could enter America from each country.
What was the Great Depression?
The period from 1929 to 1940 in which the economy went down and unemployment went up. Basically causing bank failures, business closures, and widespread unemployment.
Did Hoover directly help the people who were suffering during the Great Depression?
Hoover did not directly help the people, however he tried to create organizations to help charities raise money for the poor. He also tried to support businesses and organizations to bring more money to the American economy rather than directly to the people.
Why was buying on margin so dangerous for investors?
Because it allowed the investors to pay a small percentage of a stock’s price as a down payment and borrow the rest, leading to debt.
What was the Ku Klux Klan, and who did they oppose (were against/did not like)?
They were a secret group that participated in secret rituals and racial violence. They opposed immigrants, unions, Roman Catholics, and Jews.
Give two causes of the Great Depression.
Name two of the four categories that Franklin Delano Roosevelt focused on in the first 100 Days in office.
Legislation focused on 4 major areas: banks, agriculture, businesses, and unemployment.
What was credit, and why was "living on credit" so dangerous for consumers?
Many Americans lived beyond their means, buying goods on credit (an arrangement in which consumers agree to buy now and pay later for purchases, usually using an installment plan) and ended up gaining debt quickly.
How did war effect the United States? Think about the effects on citizens, soldiers, and the government.
Citizens and soldiers were exhausted from the war, and had to adjust to life. The government was trying to get ahead of the post war boom and help the economy adjust.
When people lost their homes and couldn't afford to eat, where did they live, where could they get free food?
Extra Credit- what was someone called who wandered the country on railroad box cars in search of food or work?
People lost jobs and were kicked out of their homes, causing them to have to live in Shantytowns/Hoovervilles- settlements consisting of shacks that were in cities.
They could get food at Soup Kitchens which gave free or low-cost food for the needy.
EC- Hobos
How did Union membership increase after the New Deals?
Union membership increased through the Wagner Act - workers had the right to join unions, and couldn’t be fired for joining a union.
What was Stock Market Speculation?
Stock Market Speculation: The stock market boom of the 1920s was fueled by speculation- making bets on the future price of an asset in the hopes of earning a quick return on investment, which led to overinvestment and instability in the economy.
What was the Communist Party, and why was the United States afraid of them?
The Communist Party was a political party that emphasized the creation of a government/economic system where all people creating and sharing wealth as a nation.
The United States was afraid of them because they were against the United States' government (democracy), and were known to be anarchists (publicly causing trouble by going against the government).
Give two social/psychological effects of the Great Depression.
What was the purpose of the organizations formed by the government during the Great Depression? Give two goals/purposes.
The organizations formed were to provide relief/work to the unemployed, give money to relief programs, and fund construction projects.
Give a basic definition of Isolationism and Nativism. How did those two ideas change the lives of immigrants living in the United States?
Isolationism is a policy that resists involvement in foreign affairs.
Nativism is prejudice against foreign born people.
These ideas changed the lives of immigrants as they led to anti-immigrant sentiment (feelings), and led to many policies made against immigrants/immigration.
What was the three parts to the Dawes Plan?
The United States would loan money to Germany, Germany would repay the allies reparations (money to pay for the destruction caused), and the allies would then pay back the United States the money they owed from the war.
Why were farmers in crisis as the Great Depression was starting?
Prices fell after World War I, leading to overproduction, debt, and foreclosures on farms (farmers not being able to afford payments for the land).
Summarize the First New Deal and Second New Deal in a few words.
1st New Deal - economic recovery, 2nd New Deal - social justice and safety net