Vocabulary
a hands-off approach to economic policy (used by Hoover)
What is Laissez -Faire?
Name 1 state that Hoover won in the election of 1932.
What are: Pennsylvania, Delaware, Connecticut, Vermont and New Hampshire
October 29, 1929 is also known as what day?
What is Black Tuesday?
The stock market crash weakened the nation's banks in 2 main ways: Name one way the banks and crash were related.
What is:
1. many banks had lent money to stock speculators
or
2. many banks themselves had invested depositer's money in the stock market-hoping for higher returns
Name one example of New Deal legislation that still exists today
What are Social Security, FDIC, SEC (Securities and Exchange)?
A derogatory term to describe dwellings for the homeless during the Depression
What are Hoovervilles?
In his 1929 State of the Union Address, Hoover appealed to Congress to make $160 million dollars in what?
What are tax cuts
In June of 1930 Congress passed the Hawley-Smoot Tariff which wanted to protect American manufacturers from what or who?
What is foreign competition?
What is an item that Americans might have bought on an installment plan in the 1920's?
What are refrigerators and cars?
What elected office did FDR hold before becoming president?
What is governor of NY? Also a seat in NY State Senate
Direct talks (by radio) that FDR had with the American public to inform him of actions he was taking
What are fireside chats?
Most historians agree that the Great Depression began with what event?
What is the Stock Market crash of 1929?
What were 3 MAJOR causes of the Great Depression?
What are: overproduction and low demand, bank failures, stock market crash, speculative boom, drought, uneven distribution of wealth
Name a mistake made by the Federal Reserve Board in the decades of the 1920's-1930's
What is: The FRB kept its rates very low in the 1920's which allowed banks to make risky loans that people would ultimately not be able to pay back
or
The FRB raised interest rates, tightening credit at the start of the downward cycle in the economy
Congress passed how many major acts in the First Hundred Days of FDR's presidency?
What is 15?
Hoover supported this concept- the idea that an individual is self-reliant and independent from the government
What is rugged individualism?
WW 1 veterans who had been promised bonuses for their service in 1924 - to be distributed in 1845- were known by what name?
What is the Bonus Army>
Was is a bull or a bear market heading into the 1930's?
What is a bear market? Bear Market- prices on a decline; Bull Market-stock prices are on the rise and economically sound
What was one weakness in Alfred E. Smith's presidential campaign against Hoover that contributed to his loss?
What is: Being a Catholic, being anti- prohibition, being a democrat following the republican prosperity under Coolidge
Under the Agricultural Adjustment Act (AAA), the government paid farmers for what?
What is NOT to grow certain crops and raise certain livestock due to overproduction
a term applied to one of FDR's first acts as president, where he closed all banks for 4 days
What is a bank holiday?
The public works project that Hoover commissioned which generated a great number of jobs- provided a regular supply of water and produced hydroelectric power to cities in the SW and was completed in under 5 years
What is the Hoover Dam?
What economic period generally precedes a Depression- this was the case prior to the country falling into a Depression in 1929
What is a Recession?
A terrible drought in 1932 effected which region of the United States?
What is the Great Plains? (from the Dakotas to Texas)
What were the 3 R's in the first New Deal?
What are relief, recovery and reform?