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Chapter 22 & 23 Study Guide
Terms in this set (56)
National Credit Corporation --> National Credit Corporation: gave out loan to banks but didn't give out enough
Reconstruction Finance Corporation --> Reconstruction Finance Corporation- give loans to businesses to put people back to work.
Works Progress Administration --> combated unemployment and created jobs throughout the economy by providing useful projects --> gave jobs to writers, photographers, artists and actors --> also built parks --> hired writers to go to different cities to write about the life in those cities
Public Works Administration --> provided employment by creating a myriad of public work projects like building dams, highways, and sewer system
- jobs were mainly for skilled workers instead of those who lacked skill or trade
- made LARGE projects
- hired African Americans
Civil Works Administration --> Provided people with temporary jobs through the winter
- creates random/temporary jobs
- not career jobs
- created 4 million jobs
- Ex: Chasing pigeons out of parks
- Spent over 1 billion
- Provided construction jobs
Federal Deposit Insurance Corporation --> that insures bank deposits up to $250,000
, Created the SEC
National Recovery Administration --> it controlled industrial production and prices with industry created codes of fair competition
- Blue eagle symbol- if you shopped from a store with this it was engaging in good business practices and good pay for the workers
Helps enforce the NIRA
Securities and Exchange Commission --> Protects investors, maintains fair, orderly, and efficient markets, and facilitate capital formation
- Gave Americans a new found confidence in the stock market and the economy
Social Security Act --> 1935 law that set up a pension system for retirees, established unemployment insurance, and created insurance for victims of work-related accidents. It also provided aid for poverty-stricken mothers and children, the blind, and the disabled
Civilian Conservation Corps --> Employed single men, ages 18-25, for natural resource conservation
- Goal: conservation of our natural resources and the salvage of our young men; ex: work under the direction of the national forestry service planting trees, fighting forest fires, and building reservoirs.
Federal Emergency Relief Administration --> FDR set up this agency to provide quick relief for those who were homeless. $500 million was spent on providing soup kitchens and clothing.
- also give temporary relief = money
American Liberty League
Supported by Conservatives --> criticized FDR for interfering too much in business
- President during great depression
- Most didn't like him
- Hoovervilles were named after him
- Head of Food Administration
- didn't take enough action to prevent/fix the Great Depression
Alfred E. Smith
- roman catholic
- governor of NY 4x
an American comedian and film and television star. He was known as a master of quick wit and is widely considered one of the best comedians of the modern era
Commander of United States Army Forces in Asia
One of the more popular heroes of 1930s was lone ranger fought bad guys in west with Tonto
protagonist of Gone with the Wind, one of the more famous movies during the GD
produced first movie Snow White during GD
photographer who photographed people in the dust bowl
Wrote The Grapes of Wrath
stream of consciousness -- author of The Sound and The Fury
Franklin Delano Roosevelt
- secretary of navy under Wilson
- survived Polio
- people liked him because he had a good personality
Fr. Charles Coughlin
(radio priest)Believed Roosevelt was not doing enough to curb the power of bankers and financial leaders
- A social worker nominated by Roosevelt to serve as his Secretary of Labor
- First woman Cabinet member in US History
- Played a leading role in establishing Social Security
- Helped with the approval of the Fair Labor Standards Act
Mary McLeod Bethune
part of FDR black cabinet and head of national youth administration
Causes of stock market crash
credit, unpaid loans, speculation
Results of bank collapse
- Weakened nation's banks
- Banks lost money on investments
- Speculators defaulted on loans
- Govt. didn't insure bank deposits
- customers lost money if bank closed
- Customers withdraw money at the same time bank runs banks collapse
Actions of the FED that made the Depression worse
Forms and themes of escape from the Depression
books, movies, theater, soap operas
Why Hoover opposed direct federal relief
didnt want people to rely on the government for their problems
How Roosevelt gained popularity (as NY governor vs. with the American people)
very kind person built for politics- as governor very confident- cut taxes for farmers and worked hard to reduce rates charged by public utilities- set up state agency to help unemployed in NY - progressive reformer willing to stand up to party bosses
Causes of the Great Depression
- overproduction and Under consumption
- Uneven distribution of income
- Excessive borrowing
- High tariff policies
- Mistakes by the Federal Reserve
Provisions of the NLRA and the work of its board
- Outlawed a number of anti-labor practices, established the National Labor Relations Board and gave it authority to conduct voting in workplaces to determine whether employees wanted union representation; NLRB certified unions and investigate unfair practices
- NLRB acted as an arbiter (outside judge)
- Gave workers right to organize unions and bargain collectively
- Set up process of binding arbitration (bound to obey)
- also known as the Wagner Act
Effectiveness of the New Deal in dealing with the Depression
Lasting effects/legacy of the New Deal on govt
-prohibited commercial banks from speculating on the stock market
-set up the FDIC (Federal Deposit Insurance Corporation) that insures bank deposits up to $250,000
-created the SEC
Fair Labor Standards Act
- set a 40 hour workweek & the first minimum wage & outlawed child labor
National Housing Act
- Established the United States Housing Authority, which received $500 million to subsidize loans for builders willing to buy blocks of slums and build low-cost housing
Gave the Federal Trade Commission (FTC) the power to supervise new securities.
Social Security Act
- Its major goal was to provide some security for the elderly and for unemployed workers.
- Monthly retirement benefit people could collect when they stopped working at age 65
- gave aid to disabled + poor w/ dependents
- It left out farm and domestic workers and 65% of all African American workers on those categories.
- framers of the program saw it as an insurance bill
Wagner Act/National Labor Relations Act
gave unions right to organize & bargain collectively
National Industry Recovery Act
- Guaranteed workers the right to form unions and bargain collectively.
- Difficult to enforce, fatally weakened by Supreme Court's ruling in Schechter Poultry Corporation v. United States
Proposed by Dr. Frances Townsend
- Proposed that the federal government pay citizens over age 60 a pension of $200 a month.
- Government should finance education loans.
- Government need to create funds in order to help the young and the old
- Purpose of paying off elderly was to fee up jobs for the unemployed.
business & govt. work together to manage the economy
New Deal & Second New Deal
- Roosevelt's policies for ending the depression
- The New Deal promised 3 R's :relief (immediate aid), recovery (economic recovery; buying & selling), and reforms (economic reforms to prevent this crisis from happening so severely again)
- New Deal: FDR's program for restoring national prosperity and eliminating abuses that had caused economic collapse.
- End the depression
- Bring back prosperity
- Restore purchasing power of the masses
- Introduce permanent, large scale performs to prevent future depressions
Second New Deal:
- Roosevelt launched the Second New Deal in the spring of 1935.
- Congress passed laws extending government oversight of the banking industry and raised taxes on the wealthy.
- Congress funded new relief programs
- Gave the president power to appoint many new judges and expand the Supreme Court by up to six judges
- Roosevelt argued that changes were needed to make the courts more efficient.
- Most observers saw plan as effort to "pack" the court with friendly justices
- Plan did not pass (FDR looked bad); however, the Supreme Court made some rulings that favored New Deal legislation (supreme court didn't retaliation).
- Supreme Court upheld a minimum wage law in Washington state.
- Court ruled in favor of a key element of the Wagner Act (NLRA).
- Court declared Social Security plan to be constitutional
1928 Election: Campaign Issues
- Hoover = republican, head of food administration supported prohibition, favored ban on liquor sales, quaker, took full credit for 1920s prosperity
- Aldred E Smith = democrat, 4x governor of NY, roman catholic, opposed liquor ban, Rum Romanism and Ruin, democrats not party in power, were not responsible for 1920s boom
- stock prices fell drastically on October 29, 1929
- lost around $10-$15 billion in stock value
Bank runs and bank collapse
- government didn't ensure bank deposits so customers lost money if the bank closed
- people all withdrew money at the same time called bank runs which led to bank collapses
Dust Bowl (causes/significance)
- Caused because of the drought and winds sweeping dust around
- Dust storms like crazy would come in through all holes and cracks: you could suffocate, everything in your house would be covered with dust, people couldn't see
Bonus Army March
- WWI veterans who were promised money 10 years after they fought but during the GD they wanted it sooner
- Went to DC and camped out to get senate to vote that they could get money earlier
- Govt said no and they "revolted"
- Govt fought back and many deaths occurred
Closing the remaining banks before bank runs could put them out of business.
- FDR talking to the people trying to explain what he was doing and why
- A radio show basically
- He sat in oval office and talked into microphones
Schechter v. United States
- also known as the sick chicken case --> accused of selling diseased chickens to other businesses and the NIRA said they violated the rules of interstate trade --> Supreme court used this case to declare the NIRA/NRA that enforced it, unconstitutional because they said they were trying to indirectly control interstate trade
- basically trying to curve the govt's control
Federal Trade Commission --> Federal Trade Commission: regulating businesses to make sure they are reporting their profits correctly so that we avoid another crash.
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