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The Great Depression Begins Ch 14

Terms in this set (19)

Price Support
a policy of keeping prices above a certain level through government intervention
Credit
an arrangement that allows you to buy something now and pay later, often on an installment plan that requires interest payments
Alfred E. Smith
Democratic presidential candidate in 1928; he lost partly because he was Catholic (anti-Cath. sentiment was still common) and partly because Americans were happy with Republicans and then-prospering economy
Dow Jones Industrial Average
a measure based on the prices of the stocks of 30 large companies (a number that is usually used to measure the overall health of the stock market)
Speculation
involvement in risky business deals in an effort to make a quick, large profit
Buying on margin
purchasing stocks by paying only a small percentage of the price and borrowing the rest
Black Tuesday
nickname of October 29, 1929, when stock prices fell sharply
Great Depression
1929 to 1940; when the US economy was in severe decline and millions of Americans were unemployed
Hawley-Smoot Tariff Act
1930 law that established the highest protective tariff in US history, worsening the depression in America and abroad
Shantytown
neighborhood of makeshift shacks (nicknamed Hoovervilles during the Depression)
Soup Kitchen
place where free or low cost food is served to the needy
Bread Line
line of people waiting for free food
Dust Bowl
a region, including TX, Oklahoma, Kansas, Colorado, and New Mex., that was made worthless for farming by drought and dust storms during the 1930s (an environmental disaster)
Direct Relief
the giving of money or food by the government directly to needy people
Herbert Hoover
Republican president elected in 1928 who took a lot of the blame for the depression (even though the causes were in place before his presidency); he took some bold action to try to end the depression rather than maintaining a laissez-faire approach as most Republican wanted
Boulder Dam
project built on the Colorado River during the Great Depression as part of a public-works program intended to encourage business and provide jobs for the unemployed
Federal Home Loan Bank Act
1931 law that lowered home mortgage rates and allowed farmers to refinance their loans and avoid foreclosure (to renegotiate with banks so they wouldn't lose their homes)
Reconstruction Finance Corporation
agency established in 1932 to provide emergency financing to banks, life-insurance companies, railroads, and other large businesses
Bonus Army
group of WWI veterans and their families who marched on Washington, DC, in 1932 to demand immediate payment of a bonus they had been promised for military service; they were sent away forcefully by Hoover
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