Factors that Contributed to The Great Depression
What was installment buying?
When people would use a "buy now pay later" thing, where usually, they had to pay a little bit then, and then over months pay a little bit until it added up to the (usually expensive) thing they bought.
What was laissez-faire?
What were "bread lines"?
Lines that people waited in with the promise of free food.
What were fireside chats?
When FDR went onto the radio & spoke, usually during evenings, and this was considered revolutionary, because FDR was essentially able to talk to Americans while they're still resting in their living room.
What did the 3 R's stand for & what did they mean?
The 3 R's were supposed to represent the 3 goals of the new deal, which was relief, recovery, & reform.
When people did a "buy now pay later" on stocks. They paid about 10% of the stocks actual price at the time, and then borrowing the rest from a stockbroker.
When the stock market prices went unfathomably high.
What was the key difference between Hoover & FDR's response to the great depression?
Hoover believed that over time the economy would fix itself & believed that people shouldn't rely on the government for goods & should instead rely on themselves, vs. FDR who believed that it was the government's responsibility to take care of their citizens.
List one of the key PROGRAMS of the new deal.
CCC, AAA, FDIC, or SSA.
What did CCC stand for & what did it mean?
CCC stood for Civilization Conservation Corps, & they provided jobs to young men because a lot of people were unemployed during the great depression.
What was the growing gap between the rich & the poor?
The growing gap between the rich & the poor was, because there was a huge stock market crash, the employees usually didn't get a lot of pay, and weren't able to afford basic necessities.
What was happening to the stock market prices at the start of the 1920s?
They were rising steadily.
Villages built by homeless people during the great depression.
What did the 3 R's mean? (As in they were the goal of ______)
The 3 R's were the 3 goals of the new deal.
What did AAA stand for & what did it mean?
It stood for Agricultural Adjustment Administration, & what they did was they tried to raise crop prices by paying farmers to produce less.
Why did farmers experience the great depression significantly worse & earlier than the rest of the country's great depression?
The US wanted farmers to produce a lot of resources during WW1. But after WW1, the resources weren't needed anymore, and no one bought them, causing the farmers to lose a lot of money & go though the Great Depression earlier.
The day the stock market crashed very horribly, it dropped about 12%.
What was "bank holiday"?
When FDR declared that for 4 days, all banks would be shutting down, so that panicked people from the stock market crash won't try to withdraw all their money, and causing banks to go out of business.
Relief, recovery, and reform.
What did FDIC stand for & what does it mean?
FDIC stood for Federal Deposit Insurance Corp, & it gave insurance to bank deposits so people didn't have to worry about losing the money in their bank if the bank shut down.
When there was so much stuff being created and not a lot of people buying them due to the stock market crash.
What were "the first hundred days"?
They refer to FDR having a lot of action through his first 100 days, passing 15 pieces of registration, which was a record at the time (and may still be, I just don't know & I'm not searching it up because it's 10:00 PM & I'm tired & I want to get this done as soon as possible).
What was the Dust Bowl?
A severe environmental phenomenon during the 1930s in the great planes, with very bad dust storms hitting & causing loss of agriculture & property, & caused many families to leave their homes.
What does SSA stand for & what does it mean?
SSA stand for Social Security Act & it created a safety net for the elderly, unemployed, & disabled.