Great Depression (1929-1939) Flashcards
Stock market crash of 1929.
it witnessed thousands of people racing to Wall Street discount brokerages and markets to sell their stocks. Prices plummeted throughout the day, eventually leading to a complete stock market crash
Bank failures and economic collapse.
9,000 banks failed–taking with them $7 billion in depositors’ assets. And in the 1930s there was no such thing as deposit insurance–When a bank failed the depositors were simply left without a penny. The life savings of millions of Americans were wiped out by the bank failures
Dust Bowl and agricultural struggles.
The Dust Bowl was the name given to the drought-stricken southern plains region of the United States, which suffered severe dust storms during a drought in the 1930s. As high winds and choking dust swept the region from Texas to Nebraska, people and livestock were killed and crops failed across the entire region. Manny farms also went bankrupt.
Franklin D. Roosevelt’s response to great depression
response to the Great Depression was encapsulated in his New Deal policies, comprising various relief programs, financial reforms, and public works initiatives aimed at providing employment, stabilizing the economy, and restoring confidence in the nation during one of its most trying times.
Alphabet agencies.
This new relationship included the creation of several new federal agencies, called “alphabet agencies.” For example: The AAA (Agricultural Adjustment Administration) was designed to raise farm prices
Social security act
new Act created a social insurance program designed to pay retired workers age 65 or older a continuing income after retirement.
Wagner act
The central purpose of the Wagner Act is to assure that employees have the right to participate in labor unions
