Causes & Early Crash
Describe the "hidden" economic problems of the Roaring Twenties.
While the economy appeared sturdy, farmers faced debt, and industrial wealth was highly concentrated.
How did the Hawley-Smoot Tariff impact international trade?
It led to retaliatory tariffs from other nations, closing markets and destroying international trade.
What were the three main goals of FDR's New Deal?
Relief, Recovery, and Reform.
In the 1932 election, how did FDR’s view of the crisis differ from Hoover’s?
FDR believed the crisis required strong action by the federal government.
What was the cause of the Dust Bowl in the Great Plains?
A combination of severe drought and bad land management (over-farming).
How did the practice of "Stock Speculation" contribute to the 1929 crash?
It involved high-risk investments using borrowed money, inflating stock prices to unrealistic levels.
President Herbert Hoover’s initial response to the Depression was a policy of "localism." What does localism mean?
State and local governments, along with charities, should be the primary agents of relief.
Which agency was created to insure bank deposits and restore confidence in the financial system?
FDIC
What is "Pump Priming," as argued by John Maynard Keynes?
Putting money in the hands of consumers through public works to stimulate the economy.
During the early 1930s, how did the "Dust Bowl" conditions on the Great Plains impact migration patterns?
Thousands of "Okies" and other families lost their farms and migrated toward California looking for work.
What is the significance of "Black Tuesday," October 29, 1929?
It marked a sharp drop in stock prices and the loss of billions of dollars in the Great Crash.
What was the primary goal of Hoover’s "trickle-down economics"?
Providing loans to banks and large businesses so the benefits would reach consumers.
The Civilian Conservation Corps (CCC) provided jobs for more than 2 million young men to do what?
Replant forests, build trails, and fight fires.
Why was the Wagner Act (National Labor Relations Act) significant?
Recognized the right of employees to join unions and use collective bargaining.
What role did "Fireside Chats" play during FDR’s presidency?
They were radio broadcasts used to talk directly to the public and calm their fears.
What happened immediately after many Americans saw stock prices fall in 1929?
They panicked and withdrew their money from banks, leading to bank closures.
Why were "Hoovervilles" named after the President?
Many Americans blamed him for the economic crisis and their homelessness.
Which New Deal act created a pension system for retirees and aid for the disabled?
The Social Security Act
What was the primary purpose of FDR’s "Court Packing" plan?
To add six new judges to the Supreme Court to prevent New Deal laws from being ruled unconstitutional.
Who was Dorothea Lange and what did she do?
She was an American photographer known for her portraits of displaced farmers and others suffering economic hardship during the Great Depression.
Which economic theory did John Maynard Keynes use to explain the cause of the Depression?
It resulted from a lack of government interference in the economy.
Who made up the “Bonus Army?”
WWI veterans seeking early payment of promised bonuses.
Which New Deal program helped bring electricity ot isolated rural areas in the US?
The Rural Electrification Administration (REA)
Explain how the powers of the federal government changed during FDR’s Presidency.
The role of the government and the presidency expanded through the creation of the welfare state. For example, the government began to do things it had never done before, like taxing workers' paychecks directly and distributing benefits to the elderly.
Which of the following best describes the cultural impact of John Steinbeck’s The Grapes of Wrath?
It depicted the grueling journey of a family fleeing the Dust Bowl, highlighting the social injustices of the era.