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1. Gold Standard
2. Bank Holiday
1. One ounce of gold equaled a certain amount of dollars. The gold standard reduced the value of the dollar by not exchanging money for gold.
2. Closing the remaining banks before runs could put them out of business. By 1933, 4,000 banks collapsed, wiping out 9 million savings accounts.
3. Fireside Chat
3. Direct talks that Franklin Delanor Roosevelt held with the American people letting them know what he was trying to accomplish. One talk was about re-investing money into the banks because it was safe.
4. Clearly seen, obvious. "Roosevelt's confidence in the fact that things would contridict itself with the apparent failure to do anything effective for the cause."
5. A group of thoughts that people believe in. Roosevel was said to not be the brightest or have strong political ideology.
6. Purpose and basis for something. The fundamentsal cause of the depression was said to be low consumption. People were not buying enough products for the economy to stay going.
7. New deal
8. Hundred days
7. Roosevelt's policy for turning the Great Depression was the New Deal. Roosevelt won the election by almost 8 million more votes than his opponent.
8. From March 8th to June 19th, congress passed 15 major acts to help the economic crisis.
9. Securities and exchange (SEC)
10. Federal Deposit Insurance Corporation (FDIC)
9. Regulated the stock market and prevented fraud. This was created by the congress.
10. Provided government insurance for bank deposits up to a certain amount. This increased public confidence in banks.
11. Agricultural Adjustment Administration (AAA)
12. Civilian Conservation Corps (CCC)
11. Roosevelt would pay farmers not to raise certain crops such as cotton, corn, wheat and tobacco. Farmers had already planted their crops for the season so cotton farmers were paid $100 million to plow under about 25% of their crops.
12. A relief program that combined Roosevelt's love of nature and commitment to conservation with the need to help the unemployed. March 2933, men between 18-25 got jobs planting trees, fighting forrest fires and building reservoirs.
New Deal happened in 1933 and 1934