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Great Depression

Terms in this set (20)

buying on margin
the purchasing of an asset by paying only a small percentage of the price and borrowing the rest
speculation
the practice of making high-risk investments with borrowed money in hopes of getting a big return
black tuesday
October 29, 1929; date of the worst stock-market crash in American history and beginning of the Great Depression.
bank run
widespread panic in which great numbers of people try to redeem their paper money
installment plan
A payment plan that allows customers to make payments at set intervals over a period of time until the total debt is paid
Business cycle
Alternating periods of economic expansion and economic recession
Hawley-Smoot Tariff
charged a high tax for imports thereby leading to less trade between America and foreign countries along with some economic retaliation
hoovervilles
Shanty towns that the unemployed built in the cities during the early years of the Depression; the name given to them shows that thte people blamed Hoover directly for the Depression.
hobos
Homeless wanderers who often rode the rails
dust bowl
Region of the Great Plains that experienced a drought in 1930 lasting for a decade, leaving many farmers without work or substantial wages.
tenant farmer
Farmer who works land owned by another and pays rent either in cash or crops
Repatriation
the act of returning to the country of origin
Localism
policy relied on by President Hoover in the early years of the Great Depression whereby local and state governments act as primary agents of economic relief
Reconstruction Finance Corporation
Agency established in 1932 to provide emergency relief to large businesses, insurance companies, and banks.
Trickle-Down Economics
Hoover's strategy battling the Great Depression in which the money is given to the big corporations and eventually they will pay their workers more, and then the workers will spend their money and save the economy.
soup kitchens and bread lines
places that provided free food during the great depression
public works
projects such as highways, parks, and libraries built with public funds for public use
bonus army
Group of WWI vets. that marched to D.C. in 1932 to demand the immediate payment of their government war bonuses in cash
foreclosed
Loss of property due to nonpayment of the mortgage
Securities Exchange Commission
an independent agency of the government that regulates financial markets and investment companies
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