What five Key industries had trouble as the 1920s progressed?
When did construction of new houses start falling?
What is a good indicator of how the economy is doing?
Housing starts-The construction of new houses
How did the falling of housing starts effect other industries?
The industries that supplied the building materials and furnishings and also the contractors were out of jobs.
Between 1919-1920 annual farm income fell from what to what?
Anual farm income fell from $10 billion to $4 billion.
Why did rural banks begin to fail?
Farmers defaulted on their loans.
Why was there a surplus of goods?
During the war, Factory and farm owners saw the troops and war as a new market. They started producing more and farmers bought more land to farm so they could make more money. Then the war ended, and we had way too much.
What is credit?
An arrangement in which consumers agree to buy now and pay later for purchases.
In 1929, how much of the nation's income did the wealthiest 5% of Americans bring in?
Who did the Republicans run in 1928?
True or False: Herbert Hoover had never run for office before.
Who did the Democrats run in 1928?
Alfred E. Smith
Who was an engineer from Iowa and a secretary of Commerce under Harding and Coolidge?
Who was a career politician and served 4 terms as governor of New York?
Alfred E. Smith
What was Hoover's big advantage in the election?
There was 4 consecutive years of prosperity under Republican control.
Who became 31st president of the US?
Who was Herbert Hoover's VP?
What did people invest in in the 1920s?
What was the stock market through the 1920s?
Bull Market: the stock prices rose steadily
What is speculation?
Buying stocks and bonds on the chance they might make a quick or large profit, ignoring the risks.
What is Black Tuesday?
October 29, 1929: The day the stock market crashed
What did the stock market crash signal the beginning of?
The Great Depression.
What is the Great Depression
The period from 1929-1941 when the economy was in severe decline and millions were out of work
How many banks had failed (closed) by 1933?
6,000 (1/4 of nations total)
How much did the unemployment rate increase between 1929-1933
How many workers were without a job during the Great Depression?
1 out of every 4 (13 million)
True or False: Everyone suffered during the Great Depression.
False. Joseph Kennedy unloaded his stocks before the stock market crashed and he was a millionaire.
What is the Hawley-Smoot Tariff Act?
Established the highest protective tariff in US history
supposed to help, but didn't.
What are shantytowns?
little towns made up of shacks on the outskirts of towns
What were soup kitchens/bread lines?
Charitable organizations and rich people organized the soup kitchens and breadlines to hand out free food to the homeless and hungry.
Why did racial violence go up during the Great Depression?
Blacks came in cities competing with whites for important jobs.
How many farms were lost through foreclosure between 1929 and 1932?
What is the Dust Bowl?
an area from Texas to North Dakota
it was a manmade natural disaster
-farmers overfarmed the land
-there was a drought
How long did the Dust Bowl last?
Many people went to California looking for jobs during the Dust Bowl. How did they get there?
They took Route 66
What is an Okie?
an okie is a negative nickname for migrants moving west from the Great Plains.
What did was one thing people had during the Great Depression and why was this important?
They had family
-family was a source of strength
-family was a source of comfort
How did families entertain themselves during the Great Depression?
They played board games (monopoly)
they listened to the radio
What is direct relief?
Cash payments or food provided by the government to the poor
How many schools had shut down by 1933?
How did women suffer during the Great Depression?
They gave their children their food so the children would be healthy. The women would starve to death in attics or rooming houses.
How much did the suicide rate rise between 1928-1932?
What did Herbert Hoover want to do to fix the economy during the Great Depression?
He thought this was a natural part of the economy and it would fix itself. He said they should not do anything.
What is Rugged Individualism?
the idea that people should succeed through their own efforts
What did Hoover believe that direct relief would do to the people?
Weaken people's self-respect
undermine the nation's moral fiber
True or False: Republicans were not blamed for Hoover's actions During the Great Depression.
False. There was an Anti-Republican, anti-Hoover sentiment in America.
What are Hoovervilles?
What were Hooverblankets?
What were Hoover flags?
pockets turned inside out
What was one of Hoover's first work projects?
Boulder Dam on Colorado River between Arizona and Nevada
What is the Boulder Dam known as now?
What did the Reconstruction Finance Organization (RFC) do?
Provided emergency financing to banks, life insurance companies, railroads, and other large businesses.
What did the Federal home Loan Bank Act of 1933 do?
Lowered mortgage rates for homeowners and allowed farmers to refinance their farm loans and avoid foreclosure