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All Flashcards
What is the Great Depression?
The most severe economic downturn in US history.
What is margin buying?
Investors borrowed money to buy stocks, inflating their value.
What was the Dust Bowl?
A period of severe dust storms causing ecological and agricultural damage in the Great Plains.
What were Hoovervilles?
Shantytowns where homeless people lived during the Great Depression.
What was the New Deal?
A series of programs and reforms enacted by FDR to combat the Great Depression.
What does 'run on the bank' mean?
Mass withdrawals of deposits causing banks to collapse.
Who were the 'Okies'?
Farmers who migrated to California from the Dust Bowl in search of work.
What was the Hawley-Smoot Tariff?
A tariff that raised taxes on imports, leading to a decline in global trade.
What is meant by FDR's 'First Hundred Days'?
The initial period of his presidency when many significant New Deal programs were enacted.
What does overproduction mean in the context of the Great Depression?
Companies and farmers produced too many goods, exceeding demand.
Who was Herbert Hoover?
President of the US during the start of the Great Depression, criticized for his limited response.
Who was Franklin Delano Roosevelt (FDR)?
President who won the 1932 election and implemented the New Deal to combat the Depression.
What was Black Tuesday?
October 29, 1929, the day the stock market crashed, triggering a massive sell-off.
What was the Bonus March?
WWI veterans marched on Washington demanding early payment of their bonus, but Hoover refused.
What happened in the Election of 1932?
Franklin Delano Roosevelt (FDR) won the election in a landslide, promising a New Deal.
What was the impact of bank failures during the Great Depression?
Lack of regulation and risky loans made banks vulnerable, and mass withdrawals caused them to collapse.
Describe the events of the Dust Bowl.
Overproduction and poor farming practices led to high winds, low rainfall, and soil erosion, devastating agriculture.
What was the effect of the Hawley-Smoot Tariff Act?
Raised taxes on imports, leading to a decline in global trade and worsening the Depression.
What were the key events during FDR's First Hundred Days?
FDR proposed numerous pieces of legislation to combat the Depression, launching the New Deal.
What was the impact of the stock market crash of 1929?
Triggered a downward economic spiral, leading to bank failures, unemployment, and reduced consumer spending.
What was the effect of purchasing reduction during the Great Depression?
Consumers reduced spending, further decreasing demand and exacerbating the economic downturn.
What was the impact of overproduction during the Great Depression?
Companies and farmers produced too many goods, exceeding demand and leading to surpluses and price drops.