Black Tuesday (October 29, 1929)
Day most remembered as the stock market crash. Nervous investors tried to sell but non one wanted to buy and prices plummeted.
Suspension of international debts. Hoover proposed this in 1931 once the Dawes plan was failing.
Created in 1929 by Hoover. Aimed to help farmers stabilize prices by temporarily holding surplus grain and cotton in storage. Too modest to handle the continued overproduction of farm goods.
Reconstruction Finance Corporation
Agency established in 1932 to provide emergency relief to large businesses, insurance companies, and banks.
Franklin D. Roosevelt
President; took office in 1932, the worst year of the depression; he pledged a "new deal" for the American people, the repeal of Prohibition, aid for the unemployed, and cuts in govt spending.
FDR's Wife and New Deal supporter. She was a great supporter of civil rights and opposed to the Jim Crow laws. She also worked for birth control and for better conditions for working women.
Franklin Roosevelt's economic reform program designed to solve the problems of the Great Depression.
Relief, Recovery, Reform
FDR's "three R's". The guiding principles for the New Deal.
Group of expert policy advisers who worked with FDR in the 1930s to end the great depression. Included: Rexford Tugwell, Raymond Moley, Adolphe A. Berle, Jr.
U.S. Secretary of Labor from 1933 to 1945 (under FDR), and the first woman ever appointed to the cabinet.
President F. Roosevelt's use of radio broadcasts to connect him and the people in an intimate way. Through these, he explained the nature of the bank moratorium, farm relief, and his New Deal's alphabet agencies to solve problems of the Depression.
Federal Deposit Insurance Corporation
An independent federal agency created by Glass-Steagall Reform Act. It insured individual deposits up to $5000, thereby decreasing the amount of bank failures and restoring public faith in the banks.
National Labor Relations (Wagner) Act
1935. Guaranteed worker's right to join a union and union's right to bargain collectively. Also outlawed business practices that were unfair to labor.
Social Security Act
1935. Established federal insurance program. Tax young workers--pay retired, unemployed and disabled people.
Frustrated FDR by ruling NRA and AAA unconstitutional. FDR proposed judicial reorganization bill (1937) that was ridiculed. It never went through but it did intimidate the court into going along with more of the New Deal plans.
Fair Labor Standards Act
1938. Established minimum wage, maximum workweek (40 hours + overtime), child labor restrictions.
Attitude shared by those who had suffered through the depression. Feelings of insecurity and economic concern were recurring, even in times of prosperity.
Region of the Great Plains that experienced a drought in 1930 lasting for a decade, leaving many farmers without work or substantial wages.
Indian Reorganization Act
1934. Supported Indian culture preservation by putting lands back in the control of tribes.