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us hist ch. 24

Terms

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"priming the pump"
Using government money to generate money
A philosophical basis of Franklin D. Roosevelt's New Deal was he
combination of relief, recover, and reform
Agricultural Adjustment Act (AAA) 1933
Paid farmers to reduce production and offered aid to them.
Banking Act of 1933 (Glass-Steagall Act)
Provided for banking reform and set up the FDIC
Black Tuesday
October 29, 1929: when the stock market crashed. The value of the companies that people invested in by buying stocks had declined, thus causing people to lose a lot of money.
Bonus Army
Group of WWI Veterans who had been promised money. They marched to Washington, demanding that they get their pay owed to them. Many hate Hoover more after this incident because he looks so uncaring.
Civilian Conservation Corps (CCC) 1933
Provide employment for young men in the areas of forestry, flood control, and soil conservation.
Court packing scheme
FDR proposed that Congress appoint one new justice for every justice over 70 and number of justices on the Court be limited to 15. FDR wants to add 6 more, preferably pro-New Deal. Congress rejects it.
Effects of Hoover's attempts at saving the Depression:
His measures were not successful but they were important for paving the way for the New Deal measures.
Election of 1932
Roosevelt overwhelmingly wins to presidency
Election of 1936
FDR re-elected
Emergency Relief Appropriations Act (ERAA) 1935
Established work programs financed by the federal government. Includes the Works Progress Administration (WPA)
Fair Labor Standards Act 1938
Sets a minimum wage at $0.25 per hour and a work week of 44 hours. Outlawed labor for children under 16.
Farm Security Admnistration (FSA) 1937
Provides low-interest, long-term loans to tenant farmers to help them buy their own homes.
Federal Deposit Insurance Corporation (FDIC) 1933
Insured bank deposits up to $5,000 to encourage people to use the banks
Federal Emergency Relief Administration (FERA) 1933
Gives federal money to the states and cities to feed the needy and pay for public works projects
Hoover's first step to helping in the Depression:
1. Give aid to the railroads, banks, and rural credit corportations in hope that these industries would recover and relieve unemployment. 2. Congress puts in huge sums of money to public works: Hoover Dam is built
Hoovers beliefs:
Believed in a freemarket society where if a business is successful, the individuals will benefit too. Also believed in rugged individualism
margin
when people only pay for part of the stock and plan to pay the rest later. Spending money you don't have.
National Industrial Recovery Act (NIRA) 1933
To reduce unemployment by asking employers to spread out the work as much as possible. Asked industries to reduce competition and regulate wages and hours. Labor is allowed to organize and bargain collectively. Declared unconstitutional in 1935.
National Labor Relations Act (NLRA) 1935
Passed after NIRA was declared unconstitutional. Recognized the right of labor to organize and bargain collectively. Has the power to force unions and employers to engage in collective bargaining.
Norris-La Guardia Anti-Injunction Act 1932
Ends yellow dog contracts and prevents courts from issuing an injuction that prohibits workers from striking, boycottoing, or picketing.
Public Work Administration (PWA) 1933
Established under the NIRA. Distribute over $3 billion in work relief programs for roads and public buildings.
Reconstruction Finance Corporation 1932 (RFC)
Done by Congress at Hoover's request. Gives loans to businesses, states, and local governments
Roosevelt come up with the New Deal with the purpose of:
1. bring immediate relif to hungry and unemployed 2. help businesses and people recover 3. reform the areas that had contributed to the Depression
Rugged individualism
the idea that individuals have the ability to improve their lives with little interference from the government. This is the reason why Hoover was reluctant to interfere in the Depression.
Securiy and Exchange Act 1934
Created the Security Exchange Commission (SEC) to poilice the activities of the stock market
speculation
People have so much confidence in the stock market that they buy blindly without think twice. This resulted in the overpricing of stocks, leading to the collapse of the stock market.
stock
ownership in the company
technological unemployment
people lost their jobs when machines did the work they used to do
The causes of the Great Depression:
1. Overproduction and underconsumption 2. speculatoin 3. margin buying 4. unsound bank practices 5. high tariffs 6. technological unemployment 7. severe depression in Europe leads to less deman for US goods
The Tennessee Valley Authority (TVA) 1933
TVA exained and developed the resources in the Tennessee Valley (hit hard by the Depression)
When was the real end of the Depression?
When the US joined WWII
Who was president during the first years of the Great Depression?
Herbert Hoover
Works Progress Administration (WPA) 1935
Employed manual laborers to build roads, bridges, and public buildings. Supports the arts and literature
_____, also called "alphabet agencies", emerged from the New Deal
Many government agencies and pieces of legislation

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