Hoover's Response to Depression
What is a Bank run?
When people come to withdraw all their money from a bank
What is the Gold Standard in terms of the U.S. Economy?
every dollar is backed by gold in the Federal Reserve
What is Deficit Spending?
government practice of spending borrowed money rather than raising taxes to boost the economy.
Why did FDR want to add more Justices to the Supreme Court?
Having people on the court that will agree with him, the New Deal would get done quicker and easier.
How do you buy a stock on margin?
when you borrow money from a bank to purchase a stock with the hopes that the return is higher than the loan you bought it for
How did the Govt. restore confidence in the banking system?
Created the FDIC to federally insure deposits in banks
How did the political right feel about FDR's New Deal?
They felt is was too much like communism.
How did environmental factors contribute to the Great Depression (Big Sad)?
Drought and poor farming practices led to the Dust Bowl.
How did Hoover believe the government should help individuals?
He believed the govt. should not help the individual.
Name 2 New Deal Agencies that are still around today and are a social safety net?
Social Security and FDIC
How did the Social Security Act help and still helps Americans today?
Provides a safety net of money for when you retire based on how much you worked and put in to the system
Which branch of Government is supposed to be in control of Federal Spending?
Legislative.
Who was part of the Bonus Army and why did they march?
WWI veterans wanting their $1000 bonus early.
How did the New Deal affect Native Americans
loosened federal control of Native American affairs, tribal self-government, returning lands to tribal control, and providing funding for economic development and educational opportunities
Name 2 things the WPA worked on while it operated from 1935 to 1941
roadways, public buildings, airports, bridges, and parks
How much money did Townsend want to give people over 60 to not work?
$200 a month (which is like 4,600 today)
How did banks make the stock market crash of 1929 worse?
Banks overextended themselves and did not have enough money to cover bad loans, which forced them to close, and then customers of the bank lost their life savings.
How many laws were passed in FDR's first 100 days?
76
name 2 of the 3 opponents that wanted to run against FDR in 1936.
Huey Long, Charles Coughlin, and Francis Townsend.
What is the SEC and what does it regulate?
Securities Exchange Commission, and it regulates the stock market and tries to stop fraud.