Cheat sheet

Classified in History

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Great Depression

(HH) , starting with collapse of the US stock market in 1929, period of worldwide economic stagnation and depression. Heavy borrowing by European nations from USA during WW1 contributed to instability in European economies. Sharp declines in income and production as buying and selling slowed down. Widespread unemployment, countries raised tariffs to protect their industries. America stopped investing in Europe. Lead to loss of confidence that economies were self adjusting, HH was blamed for it

Hoovervilles

Depression shantytowns, named after the president whom many blamed for their financial distress

New Deal

A series of reforms enacted by the Franklin Roosevelt administration between 1933 and 1942 with the goal of ending the Great Depression.

"100 days"

period from March to June 1933 when Congress passed major legislation submitted by Roosevelt to deal with the Depression

Civil Works Administration

Creation program established by the New Deal during the Great Depression to create manual labor jobs for millions of unemployed workers.

Glass-Steagall Act

(Banking Act of 1933) - Established the Federal Deposit Insurance Corporation and included banking reforms, some designed to control speculation. Repealed in 1999, opening the door to scandals involving banks and stock investment companies.

Securities and Exchange Commission

a federal government agency responsible for enforcing the laws concerning the trading of stocks and bonds

FDIC

Federal Deposit Insurance Corporation: A federal guarantee of savings bank deposits initially of up to $2500, raised to $5000 in 1934, and frequently thereafter; continues today with a limit of $100,000

Social Security

(FDR) 1935, guaranteed retirement payments for enrolled workers beginning at age 65; set up federal-state system of unemployment insurance and care for dependent mothers and children, the handicapped, and public health

Challenges to the New Deal

Support of the New Deal began to fade in 1935. He used deficit spending to pay for his programs. He had to abandon a balanced budget and borrow money for the programs.

FDR's "court packing"

Ambitious but failed attempt by FDR in 1937 to stop conservative Supreme Court from declaring liberal New Deal laws unconstitutional. Plan to double size of Supreme Court, "packing" it with pro-New Deal supporters. Theoretically possible (number of Supreme Court Justices set by law) but rejected by own supporters in Congress because it would upset the constitutional system of checks and balances.

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