unit 7 Flashcards
before and after WWII (73 cards)
1
Q
the long bull market election
A
hoover elected president in 1928
2
Q
bull market
A
a long period of rising stock prices
3
Q
margin
A
buying stocks with small cash down payment and getting a loan for the other part
-loan from a stockbroker who earned commission on sale and interest on loan and held the stock as collateral
4
Q
margin call
A
issued to protect a loan, a broker could demand the investor to pay back all of the loan at once if theres a fall in stock prices
5
Q
speculation
A
betting market would climb and enable investors to sell the stock and make money quickly
-investors bid up prices not considering the companies earnings and profits, so the price paid no longer reflects the stocks value
6
Q
the stock market crash 1929
A
- people had to pay back the money they borrowed to buy stocks and they had to sell the stocks for far less than they bought them for.
- Black tuesday: prices took the steepest plunge
7
Q
banks begin to close
A
- banks loaned money to speculators
- banks had invested depositors money into market hoping for higher returns than using the money for loans
8
Q
bank run
A
many depositors decide to withdraw money at one time in fear of a bank closing
9
Q
roots of great depression
A
republican economic policies, real estate and stock speculation, stock market crash, bank industry collapse, overproduction, the toll on faming industry, unequal distribution of wealth
10
Q
republican economic policies
A
- trickle down economics: belief that if rich became richer, their wealth would fall to lower classes. didn’t work
- business owners began relying on machines. -international economic policies: lent money to european partners.
- hawley smoot tariff: high tax on imported good (to promote us spending) but other countries only increased their tariffs
11
Q
real estate and stock speculation
A
real estate investors bought large lands to sell to developers, there were not enough buyers.
- florida became an area for retirement and vacation, so speculators bought lands to sell hotels/retirement homes. speculators sold to speculators which increased prices and scams began.
- stock speculation: investors believed their profits would always increase. margin hurt the enconomy
12
Q
stock market crash
A
black tuesday: stock prices plummeted.
investors began withdrawing from market which led to price drops
people could not repay their margin debts
13
Q
bank industry collapse
A
- people bankrunning
- weak and unregulated bank institutions
- due to laissez faire and banks over extension of credit to stock investors and brokers
- forced to sell stocks at a low price, couldnt pay back loans
- banks had no assets and were forced to close
14
Q
overproduction
A
- oversupply, prices go down
- too many plants and products that too few could afford
- foreign demand dropped
- farms and factories overproduced, businesses cut production, wages were cut, layoffs
15
Q
the toll on the farming industry
A
- borrowed heavily, defaulted on loans, lost farmland and equipment, foreclosures
- severe drought led to dust bowl
- farmers called okies fled to the west and lived in shacks
16
Q
unequal distribution of wealth
A
- rich getting richer, poor getting poorer
- corporations kept profits and never raised wages
- americans couldnt afford basics
- the wealthy could not make up for a nations lack of purchasing power
17
Q
hoovervilles
A
places where homeless people set up shacks
18
Q
the dust bowl
A
farmers had uprooted the wild grasses that held the soils moisture, fields were left uncultivated when prices dropped, then a drought struck and the soil dried to dust
19
Q
art and entertainment
A
hollywood: movie theaters became popular, comedies, walt disney
radio: comedies, talk shows, soap operas
literature and art: used homeless and unemployed as subjects
20
Q
the 1st new deal
A
franklin D. Roosevelt and his wife eleanor become president and first lady
- FDR fought through polio
- new deal was FDR politics for ending the depression
21
Q
100 days
A
- the gold standard: 1 oz of gold equaled a set number of $, people feared FDR would abandon, and they decided to take their $ out of the bank and convert it to gold before it lost value
- bank holidays: closing remaining banks before the bank runs put them out of business
- FDR sent many bills to congress to resolve the economic crisis (gathered from team called bank trust)
- bank trust had a divided administration
- 3 major goals: relief for unemployed, plans for economic recovery, reform to prevent another depression
22
Q
fireside chats
A
direct talks where FDR let the people know what he was trying to accomplish over the radio
-reassured people could trust banks
23
Q
the agricultural adjustment admin and act AAA
A
- gov paid farmers not to raise certain livestock and to not grow certain crops
- farm surplus fell and prices rose
- tenant farmers became homeless and jobless when landlords took their fields out of production
24
Q
securities act & securities exchange commission
A
required companies that sold stocks and bonds to produce a complete and truthful info to investors
SEC: regulate stock market and prevent fraud
25
national industrial recovery act
NRA
- Suspended antitrust laws and allowed business, labor, and gov to cooperate in setting up rules for each industry
- codes set prices, minimum wage, 2 shifts a day, shortened hours
- small companies complained, employers disliked unions, leaders ignored them and refused to sign
26
court packing plan
supreme court didnt fully support the new deal, they were on the verge of striking down most of the major new deal programs, so FDR sent a bill to increase the number of justices
-FDRs first political mistake, undermined the independence of the courts, split the democratic party, gave prez too much power, hurt his reputation and encouraged more to work against him
27
new deal pros and cons
unemployment dropped, farmers benefitted from subsidies, business failure decreased, public confidence in banks improved, millions aided by programs
cons: unemployment still high, GNP growing slowly, fed debt dramatically increased
28
what did WWII do
brought us out of depression, stimulated the economy, created millions of service and industrial jobs
29
anti communism
- totalitarian regimes rose in the 1930s, but most people chose fascism over communism
- hitler exploited peoples fear of communist takeover in germany
30
major causes of WWII
treaty of versailles, rise of italian fascism, rise of hitler and nazis, economic depression, japanese expansion, anti communism, appeasement, militarism, nationalism, us isolationism
31
treaty of versailles
- after ger lost WWII, treaty placed all guilt on them which created bitter feelings
- italy was disappointed that it was denied territory promised by brit and france
32
fascism in italy
totalitarian gov that: glorifies the state, has one leader, one party, all society controlled by gov, no opposition or protests are tolerated, propaganda and censorship are widely practiced
-benito mussolini came to power and sided with the Axis powers
33
american isolationism
- failure of peace efforts like kellogg briand treaty disillusioned many americans about international involvement
- us was concerned with own economic problems
- conflict in europe seemed distant, US tried to stay neutral
- US believed they were tricked into entering WWI by arms manufacturing and allied propaganda
34
hitler and nazis
-in ger, depression, unemployment, and hard times led to votes for hitler
35
worldwide econ depression
- after WWI many european econs unstable
- the US stock market crash and great depression spread through the world, US restrictive tariff policies worsened the depression
- unemployment rose, many people turned to powerful leaders and govs that promised success through military buildup and conquest of territory
36
japanese expansionism
- 1931 japan invaded manchuria for raw materials
- japan attacked china
- war between japan and soviet union over territory
37
appeasement
- act of giving in to an enemys demands in hoping to avoid conflict
- 1938 hitler demanded that czechoslovakia cede the sudentenland to germany. he claimed that german population living there was being mistreated
- brit and french prime ministers agreed to hitlers demands without consulting czechoslovakia in the hopes to avoid a war in europe
38
militarism
- glorification of war, nation strengthens its military and stockpiles weapons
- incorporated into youth
39
nationalism
- belief in superiority of ones own nation over all others
| - hitler, mussolini, and japans tojo each touted their nations ability to dominate
40
neutrality act 1939
stated warring nations could buy from us on cash and carry basis
-us evaded by trading military bases for weapons
41
the lend lease act
- allowed us to lend/lease arms to britain if they promised to rent/return them after war
- shipped to soviet union
42
pearl harbor
japan attacks because of us decision to help brit fight ger
- FDR blocked sale of fuel and iron
- froze all assets, reduced oil (to try to get japan to withdraw from china), japan refused and decided to attack
- US interpreted war warning wrong and hawaii was wide open
- germany and italy declare war on us, us declares war on japan
43
cost plus
government agreed to pay a company whatever cost to make a product plus a percent of the costs as a profit--to make war materials
-the more a company produced, and the faster, the more money it would make
44
reconstruction finance corporation RFC
convinced companies to convert to reequip their factories to produce war goods
- the agency made loans to make this possible
- businesses and government cooperated
45
liberty ships
- henry kaiser worked to build shops as fast as possible at whatever price
- parts prefabricated them brought to shipyard for assembly
- liberty ship was the basic cargo ship used
46
the office of war mobilization
settled arguments among different agencies
47
women in war
-women were paid the same amt as men
-joined the armed forces
-Womens army auxillary corps WAAC: allowed women on military
-Womens army corps WAC
-womens airforce service pilots WASPS
-coast guard, navy, marines
-served as nurses
"Rosie the Riveter"
48
racism in war
- blacks demanded war work
- mexican farmworkers helped
- great migration resumed during WWII
- racial violence, teenage girls began fighting which triggered outbursts
- zoot suit riots: zoot suit (very baggy, pleated pants, long jacket) victory suit(suit with no vest, no cuffs, short jacket: to save materials for war). mexicans wore the zoot suit
49
relocation
japanese
-people turned anger on japanese because of pearl harbor and began attacking their homes, business, places would refuse service to them
-rumors about them being spies
-relocated japanese to camps
-after relocation, Reagan apologized and gave $20,000 to each japanese who had been moved
italians and germans
-had to carry id cards, had travel restrictions, forced to live in military camps
50
office of price administration OPA
regulated all prices other than farm and wages
| -kept inflation under control
51
used to help WWII
- victory gardens
- scrap drives
- fat collecting stations
- war bonds (E Bonds)
- coupons
52
striking ger and italy
- bomb germany heavily, they arent destroyed
- captured italy: king of italy decided to depose mussolini and began negotiating surrender, but germany seized italy and returned mussolini to power
- eventually ger retreats and allies capture rome
53
the tehran conference
- Stalin, FDR, and churchill meet in tehran, iran
- stalin promised to launch full attack on ger when allies invade france
- FDR and stalin agree to divide ger after war
- stalin promised after ger defeated, SU would help US vs Japan
- accepted international peace keeping organization after war
54
operation overlord
- invasion of france
- target was 60 mile stretch of beaches along normandy coast
- D-Day is invasion date: June 6, 194 (US able to push back germany)
- Allies liberated paris
55
driving japan back
pacific fleet: hopped islands to get to japan
- wanted to get to specific island to use as a base for B29 heavy bomber
- battle of leyte gulf: japanese used kamikaze (suicide bomber) attacks
56
battle of the bulge
- germany caught US by surprise and ger troops raced West to belgium
- germans were forced to halt and withdraw
- german lines were "bulged" out by US forces
57
the United nations
- would have a general assembly where every nation would have 1 vote
- -power to vote on resolutions, choose members, budget, international peace and security, investigate problems, propose settlements
- created commission on human rights, headed by eleanor Roosevelt. had 30 simple rights everyone is entitled to.
- permanent members were: china, great britain, france, US, russia
58
war ends in europe
- soviets drove hitlers forces out of russia and across poland
- as soviets crossed E border, US attacked W border
- fought way to rhine river and berlin
- hitler knew end was over and committed suicide
- admiral karl doenitz, successor, tried to surrender to US and Brit while fighting soviets
- VE day: victory in europe
59
bataan death march
japanese made allies march-lack of food and water, many died...in Philippines
60
battle of midway
turning in war
| -japan had a complex plan to attack, nimitz US send forces to midway to fight japanese, US WON BATTLE
61
battle of iwo jima
- B29 pilots invade iwo jima, perfectly located bw marinas and japan
- began firebombing japan
62
invasion of okinanwa
- US chose okinawa to build a base near japan to stockpile supplies and build up troops
- japanese took place is mountains and caves, but US was still successful
63
terms of japanese surrender
-willing to surrender in emperor stays in power
64
the Manhattan project
US secret program to build an atomic bomb
65
hiroshima and nagasaki and end of war
-truman wanted to use bomb because more US would be dead if they didnt
-allies threatened japan with destruction if they did not surrender, and japan did not reply
-dropped the 1st bomb on Hiroshima and 2nd bomb on nagasaki
-japan ordered surrender
VJ DAY: victory in japan
66
putting the enemy on trial
- nuremburg trials held for nazi leaders
| - allies did not rid japan emperor, because they feared uprising, but they did charge japan with war crimes
67
hoovers policies
- against offering direct relief
- asked private charities--YMCA to help
- set up public works programs-gov hired people to construct schools, dams, bridges
- approved RFC to loan money
68
public works administration
began building highways, dams, sewers, schools, government facilities, to put construction workers back to work
- didnt hire directly, but awarded contracts to construction companies
- didnt discriminate
69
1st new deal success
did not restore prosperity, but reflected FDRs zeal for action
- banks reopened, retained homes and farms, people employed
- change in spirit of americans, inspired hope and restored faith in the nation
70
2nd new deal
fdr began deficit spending: abandoning a balanced budget and borrowing $$
- gave americans sense of stability and security
- fed gov had authority to regulate production in a state, consumption, which increased fed power to mediate
71
social security act
goal to provide security for older americans and unemployed
- workers earned benefits because they paid premiums (a tax) which provided welfare payments to disable, mothers
- monthly retirement benefit to those retired at 65
- unemployment insurance as a temporary income
- left out farms and domestic workers
- est. principle that gov is responsible for those who were unable to work
72
home front
- women and minorities gain ground
- women in factories
- blacks demand war work
- expansion of cities in deep south and creation of an industrial region\
- new housing
73
japanese internment/relocation
people turned angry because of pearl harbor on japanese by attacking their homes and businesses, banks wouldnt cash their checks, groceries refused to sell to them
-made them all relocate to camps
