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Causes of the Great Depression
♦Uneven distribution of wealth
♦Stock market speculation "buying on the margin"
♦Excessive use of credit
♦Overproduction on consumer goods
♦Weak farm economy
♦Global economic policies
♦Stock market crash (Oct. 29, 1929)
♦Stock market prices fell and there was no way to compensate for all the stocks bought on market
♦Hoover believed in
♦The federal gov't was NOT supposed to get involved and people were to take care of themselves
Farm Holiday Association
Formed by farmers by stopping the entire crop of gain from going to market - violence resulted
Congress denied U.S. WWI veterans the early acces to their promised early bonus payments
Three R's of the New Deal
♦"Relief" - for people out of work
♦"Recovery" - for businesses & the economy
♦"Reform" - of American economic institutions
"First Hundred Days"
Name given to the first 3 months of FDR's presidency when a record of laws were passed
Glass-Steagall Banking Reform Act
Provided for Federal Deposit Insurance Corporation (FDIC) to insure deposits of up to $5,000
♦Federal Emergendy Relief Administration
♦Public Works Administration
♦Civilian Conservation Corps
National Recovery Administation (NRA)
was to guarantee reasonable profits for business and fair wages and hours for labor
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