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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
♦Government policies
♦Global economic policies

Black Tuesday

♦Stock market crash (Oct. 29, 1929)
♦Stock market prices fell and there was no way to compensate for all the stocks bought on market

Unemployment rate

Rose to 25%

"Rugged Individualism"

♦Hoover believed in
♦The federal gov't was NOT supposed to get involved and people were to take care of themselves

Hawely - Smoot Tariff (1930)

Ranging from 31-49%

Federal Farm Board

Tried to stabalize farm prices

Recontruction Finance Corporation

Emergency loans to banks, railroad's, & insurance companies

Farm Holiday Association

Formed by farmers by stopping the entire crop of gain from going to market - violence resulted


aka "Hoovervilles"

Patman Bill

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

"Fireside Chats"

FDR's evening radio talks explaing the New Deal

"Bank Holiday"

Declared by FDR in order to prevent withdrawals

Emergency Banking Relief Act (1933)

Inspect all banks

Glass-Steagall Banking Reform Act

Provided for Federal Deposit Insurance Corporation (FDIC) to insure deposits of up to $5,000

Federal Securities Act

Corporations must inform buyers about their stock

Eleanor Rooselvelt

Most active forst lady in U.S. history

"Brain Trust"

Roosevelt's most trusted group of advisers (inculded university professors)

Frances Perkins

♦FDR's Secretary of Labor
♦First woman to serve in a president's cabinet

FDR's Black Cabinet"

Leaders from African American organizations

Relief Programs

♦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

Schecter v. US

Supreme Court declared NRA unconstitutional

Agricultural Adjustment Administration (AAA)

was to reduce production & raise prices

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