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Unit 3 Chapter 14: The Great Depression Begins

Terms in this set (30)

McNary-Haugen Bill
Called for Federal price support for key products such as wheat, corn, cotton, and tobacco in order to help out farmers
Credit and installment plan
An arrangement in which the consumer agree to buy now and pay later for purchases. This is often in the form of an installment plan that included interest charges
Alfred E. Smith
Democrat career politician who served 4 terms as gov. of NY. Ran against Herbert Hoover in 1928
Dow Jones Industrial Average
Most widely used barometer of the stock market's health. Based on the stock prices of 30 rep. large firms trading
Speculation
bought stocks and bonds on the chance of a quick profit and ignoring the risks
Buying on margin
paying a small percentage of a stock's price as a down payment and borrowing the rest.
Bull Market
Condition where the prices of the stock market rise
Bear Market
Condition where the prices of the stock market falls
Black Tuesday
October 29, the day the stock market crashed.
NY Stock Exchange
Nation's premier marketplace for the buying and selling of stocks.
Six Causes of the Great Depression
Tariffs and war debt that cut down foreign market for American goods, crisis in the farm sector, availability of easy credit, unequal distribution of income, interest rates were low, and huge debts were built up.
Shantytown - Hoovervilles
Little towns consisting of sacks for the poor.
Soup kitchen
offered free or low-cost food for the homeless and poor
Bread lines
Lines of people waiting to receive food provided by public agencies/charities.
Dust Bowl
The hardest hit region of a series of severe droughts ad windstorms. Caused thousands to move to CA.
Oakies
Negative term for immigrants
Hobo
Homeless who wandered around and beg for food/money
Direct Relief
cash payments or food provided by gov. to the poor.
Wild Boys
Teenage kids who hopped aboard freight trains around the country in search of work and escape from poverty.
Hoover Tourist
Name given to the Wild Boys since they "toured" the country for free in search of jobs
Herbert Hoover
Pres. during the Depression. Felt that gov. could play limited role in solving problem.
Hoover's beliefs
Oppose fed. welfare, provide security from poverty, gov. should foster cooperation between groups, rugged individualism, handouts would weaken people's self-respect.
Boulder Dam (Hoover Dam)
Aimed to provide electricity and flood control. Also provided regular water supply to CA. Construction authorized in 1929
Federal Farm Board
Organization of farm cooperatives who tried to raise crop prices by helping members buy crops and keep them off the market until prices rise.
National Credit Corporation
Larger banks loaned money to smaller banks and help them stave off bankruptcy
Federal Home Loan Bank Act
lowered mortgage rates for homeowners and allowed farmers to refinance their farm loans to avoid foreclosure
Reconstruction Finance Corporation
Authorized 2 billion for emergency financing for banks, life insurance, RR, adlarge businesses
Bonus Army
A group of veterans who marched on DC to support a bill that paid a bonus to WWI veterans
General Douglas MacArthur
Commanded 1,000 soldiers to disband the Bonus Army.
Major Dwight D. Eisenhower
MacArthur's aide during the disbanding of the Bonus Army
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