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America P2 Flashcards

The Bust (140 cards)

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1
Q

What were the 3 main causes of the Wall Street Crash?

A

Long term economic weaknesses
Too many small banks
Problems in the stock market

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2
Q

What were the long-term economic weaknesses that contributed to the Wall Street Crash?

A

Overproduction
Poverty

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3
Q

Whydid overproduction lead to economic weaknesses?

A

Market saturation by 1927
Lack of foreign markets meant that production within the US seemed more desirable
Particular problems in agriculture and old industries

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4
Q

What were 2 main reasons for the lack of foreign markets in the US in the 1920s?

A

War debts of foreign countries
High tariffs in the USA

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5
Q

50 percent earn ____ statistic 1920s

A

less than $2,000 pa

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6
Q

What was the main cause of poverty in the 1920s?

A

Uneven distribution of wealth

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7
Q

Who were the lowest 50% of earners in the 1920s? (4)

A

Farmers
Workers from old industries
New immigrants
African Americans

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8
Q

What was land speculation?

A

Guessing when the prices of the land would rise enough to make a profit, and then selling that land.

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9
Q

What were 2 causes of the uneven distribution of wealth in the 1920s?

A

Large lower earning population
Land speculation

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10
Q

Whatw ere the 3 defining problems of the Stock Market in the 1920s?

A

Lack of regulation
Speculation meant that share prices did not represent actual value
Buying shares on the margin

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11
Q

What happened economically in March of 1929?

A

Federal reserve warned of excessive speculation on the stock market
Leading to a mini crash

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12
Q

How was the mini-crash of 1929 resolved?

A

Bankers provided $25 million & confidence is restored

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13
Q

What happened economically in September of 1929?

A

London Stock exchange collapsed

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14
Q

How did the collapse of the London Stock exchange affect US markets?

A

Shook confidence in the US markets.

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15
Q

Why did the London Stock exchange collapse?

A

Corruption allegations

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16
Q

Describe the state of the US Stock Market on the 19th October 1929

A

Prices began to fall
Heavy trading (3m+)

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17
Q

Describe the state of the US Stock Market on the 20th October 1929

A

Market closed
Dramatic newspaper reports of fall in stock prices

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18
Q

Describe the state of the US Stock Market on the 21st October 1929

A

Over 6m shares traded
Prices fall, then bounce back

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19
Q

Describe the state of the US Stock Market on the 23rd October 1929

A

Panic selling of shares in car accessories spreads
Rapid fall in prices
Margin calls led to increases selling

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20
Q

What are margin calls?

A

A demand made by a broker for an investor to deposit additional funds into their margin (borrowed money) account.

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21
Q

Describe the state of the US Stock Market on the 24th October 1929

A

Black Thursday
Over 12m shares traded with a massive fall in prices
Scramble to sell begins

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22
Q

Describe the state of the US Stock Market on the 25th October 1929

A

Top bankers buying shares to support the market
Prices steady and begin to rise

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23
Q

Name one of the bankers who tried to rectify the economic situation in October 1929

A

JP Morgan

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24
Q

Describe the state of the US Stock Market on the 28th October 1929

A

Heavy selling with 9m shares bought and sold
Rapid fall in prices

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25
Describe the state of the US Stock Market on the 29th October 1929
Black Tuesday Over 16m shares traded Panic sets in due to lack of buyers Shares loose their value and market crashes
26
Name the two main responses to the crash
Bankers try to restore confidence by buying shares at inflated prices Hoover tries to restore confidence
27
How successful was the bankers' attempt to restore confidence?
Temporary impact
28
How did Hoover try to restore confidence?
Famous speech: 'production of consumption of commodities is...sound and prosperous' Tax cuts RFC set up to support banks Tariffs Belief in Rugged Individualism
29
What was Rugged Individualism?
Herbert Hoover's belief in 'self-help' (do nothing for the people)
30
When was Hoover's 'sound and prosperous' speech?
26th October
31
When did Hoover introduce tax cuts?
1930 and 33
32
What does the RFC stand for?
Reconstruction Finance Company
33
Who lost the most money due to the WSC?
Rich, large scale investors
34
What were the main consequences of the WSC?
Rich investors looses huge amounts of money Banks lost a fortune --> failure of businesses and unemployment Banks collapse Continuing overproduction and loss of market
35
How did the WSC lead to the failure of businesses?
Banks loose a fortune Call in loans Businesses fail
36
How many businesses closed 1929-32?
109,000
37
State unemployment figures 1929-33
1.6m (3%) 14m (25%)
38
How did the WSC lead to the failure of banks?
Banks lost a fortune Loss of customer confidence Withdrawal of funds Banks collapse
39
State the number of overall bank collapses 1929-33
10,000
40
State the number of bank collapses 1929 & 31
660 in 29 2,300 in 31
41
Determine the fall in industrial and agricultural production 1928-33 (%)
40%
42
State the fall in US exports 1929-33
$10bn in 29 $3bn in 33
43
State the fall in wages caused by the WSC
60%
44
State the rise in unemployment in cities 29-33
3 to 25%
45
State the fall in automotive production due tot the WSC
80%
46
State the fall in construction due tot the WSC
92%
47
Average hourly wage in cities decreased how much from 26-33?
13 cents
48
How many NY manufacturing firms closed down following the WSC?
10,000
49
What fraction of the NY workforce were unemployed in the years following the WSC?
1/3
50
How were opportunities for work and relief responded to in cities in the years following the WSC?
Huge queues
51
Why were the American public particularly prone to homelessness in the 1930s?
Lack of Social Security System
52
Vagrancy statistic 1930s
2m men travel country for work
53
What were the 2 biggest responses to homelessness?
Vagrancy Hoovervilles
54
What are the 3 kinds of urban relief schemes
Public relief programmes Private charities Self help schemes
55
Give 4 examples of a public relief programme
Temporary housing Food Clothes Jobs
56
How effective were public relief programmes
Too small scale to tackle problem
57
Give 2 examples of the work of private charities
Soup kitchens Cheap meal centres
58
Give 2 examples of self-help schemes following the WSC
Seattle: unemployed can pick unmarketable fruit and vegetables Pennsylvania: miners dig coal illegally to sell off cheaply; jury does not prosecute
59
How did the WSC affect most wealthy people and why?
Retain wealth Money is invested in assets
60
How did the further falls in demand for agricultural produce following the WSC affect farmers?
Cost of harvest higher than prices Crops rot in fields Slaughter of animals Bankruptcies and foreclosures
61
Why were the South and Midwest labelled the 'Dust Bowl' in the 1930s?
Drought 1930-36 Land over farmed by 1930 ---> topsoil turns to dust, destroys farms
62
Desert land by 1936
Over 20m hectares
63
How many farmers migrate in the 1930s and in which direction
over 2.5 m West, esp. California eg Okies
64
What book describes farmer migration in the 1930s
Grapes of Wrath
65
What schemes does Hoover put in place in response to the WSC?
Hawley Smoot Act Reconstruction Finance Corps Building programmes
66
What was the Hawley Smoot Act
1930 - Tariffs increased by 50% ----> backfires
67
How much money did the Reconstruction Finance Corps loan overall
$1,500m to businesses
68
How much does Hoover spend on building programmes in the 1930s? Give an example
$420m Hoover Dam
69
What are the 3 main responses to #hoover's alck of action
NY rally in 1930 riots Farmers blockade Bonus march
70
When was the Bonus march
32
71
How many turned up to the Bonus march?
15,000
72
Who was at the Bonus march
veterans and families
73
What was Hoover accused of at the Bonus march
Communism
74
How was the Bonus march responded to?
Gen MacArthur and army use force and tear gas 2 babies dies
75
Who won the 1932 election?
FDR in a landslide
76
What party was FDR?
Democrat
77
What were FDR's promises at the 1932 election?
gov work schemes measures to revive industry and agriculture poor unemployment relief protection for workers end of prohibition
78
Why did FDR win election in 1932?
People hated Hoover Promises Oratory skills: travelled country and background of overcoming suffering
79
What was the brighter side of the 130s?
Golden Age of Hollywood
80
When was the 1st talkie?
1929
81
How much were cinema tickets in the 1930s?
25 cents: less than bread
82
What 4 forms of film flourishes in the 1930s?
Musicals Angster RomComs Monster movies
83
Name 2 film stars from the 1930s
Shirley Temple Ginger Rogers
84
Senate and House of representatives grant FDR special powers for how many days?
100
85
When was the 100 days passed?
8th March to 16th June 1933
86
How many laws were passed in the 100 days?
13
87
What were the 3 aims of the 100 days
relief recovery reform
88
How many tuned into the #fireside chats?
60m
89
How did FDR first respond to the banking situation?
Immediate closure for a 4 day 'holiday'
90
What act was passed by FDR to aid the banking situation?
Emergency Banking Act
91
How long did it take FDR to pass the Emergency Banking Act?
4 houres
92
How many banks were allowed to reopen by FDR?
5,000
93
Why did FDR not allow the reopen of all banks
Some were not well run or honest
94
How did the Emergency Banking Act affect the banking situation?
Not all banks reopened Gov money made available to banks
95
How successful was the Emergency Banking Act?
Confidence restored: $1bn deposited
96
What were FDR's 2 main focuses for restoring confidence?
Fireside chats Sorting out banks
97
Who helped FDR put together the new laws for the ND?
Brains Trust
98
What were FDR's 4 main focuses in the ND?
Restoring confidence Tackling poverty Tackling unemployment Helping farmers and the environment
99
What were FDR's 2 main organisations for tackling poverty?
FERA HOLC
100
What does FERA stand for?
Federal Emergency Relief Administration
101
What does HOLC stand for?
Home Owners Loan Corporation
102
How did FERA help to deal with poverty?
$500 ml soup kitchens, nursery care, employment schemes, clothing and blankets for poorest
103
How did HOLC help to deal with poverty?
money loane dot over 1m people rescued 20% of mortgages
104
What were 2 schemes used to tackle unemployment?
PWA CCC
105
What does the PWA stand for?
Public works administration
106
What does the CCC stand for?
civilian conservation corps
107
How did the PWA help to deal with unemployment?
$7 bn spent Skilled men employed to develop infrastructure schools, dams, bridges, etc
108
33-39, percent of schools and hospitals built by PWA
schools: 70% hospitals : 35%
109
How many took part in the CCC
3ml
110
How was segregation present in the CCC?
Segregated camps for AAs
111
Who was given jobs by the CCC?
Single Men Under 25
112
What was provided by the CCC?
Food Clothing $1 pd mostly sent home
113
What work was given to CCC workers?
clear land plant trees strengthening river banks
114
Name 2 schemes used to help farmers and the environment
AAA TVA
115
What does the AAA stand for?
Agricultural adjustment administration
116
What does the TVA stand for?
Tennessee Valley authority
117
What 3 main tasks did the AAA do?
set production quotas paid farmers to take land out of production gave machinery to aid production
118
How did the AAA affect farmers lives
33-39 income doubles
119
What were the negative imacts of the AAA?
10m acres of cotton ploghed up ---> waste animals killed negative imavt on sgarecroppershow
120
many piglkets were killed by the gov and when?
1933 - 6m
121
TVA production statistics
33 dams 650 mile waterway built
122
What was the main work of the TVA?
Dams Irrigation systemsP
123
Positives of the TVA
Generates power creates jonbs prevents erosion makes land fertile
124
Negative of the TVA
AAs not allowed to live in new town of Norris
125
What years were the second ND?
35-37
126
What are our 3 examples of the second ND?
WPA Social security act Wagner act
127
What does the WPA stand for?
Works Progress Administration
128
What was the aim of the Wagner act
support workers wishing to form a union
129
What was the purpose of the WPA?
Construction of infrastructure
130
How many did the WPA employ?
employs 2m pa
131
How much of the WPA budget was for artistic projects?
7%
132
What were the key achievements of the ND?
Restored confidence Helped worker's rights Created millions of jobs Improved banking system Fewer
133
What were the key achievements of the ND?
134
What were the two main criticisms of the ND
Interfered too much Not going too far enough
135
What 3 groups claimed that the ND Interfered too much
Republicans Businesses Supreme Court
136
How did Republicans criticise the ND?
FDR a dictator Gov too powerful TVA and NRA like Communist economic planning SSA would make ppl lazy Too expensive and wasteful
137
How did businesses criticise the ND?
Dislike interference Anger abt support for trade unions and higher wages Resent SS payments for workers Competition eg from TVA Code of NRA confusing Form Libery League
138
Who was Francis Townshed?
Doctor Over 60s should get $200 a month Against ND - not enough 7000 Townshed Clubs across US
139
How many were unemploye sin 1936?
9m
140
How many listened to Father Coughlin's radio broadcasts?
40m

History GCSE (6 decks)

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