Depression and New deal 1929-38
Which geographical region of the USA suffered the most during the Great Depression, according to the notes?
The agricultural South
President Hoover initially believed the economic downturn would be short-lived and adhered to which Republican policy?
Laissez-faire
By what percentage did real wages fall in the USA between 1929 and 1931?
16%
By what fraction did farm incomes fall between 1929 and 1932 due to a sharp fall in demand?
2/3rds
By what percentage did marriages fall in the USA between 1929 and 1932?
10%
What was the peak unemployment rate reached in the USA during the Great Depression in 1933?
25%
Approximately how many banks failed in the USA between 1929 and 1932?
Over 10,000
What were the shantytowns where millions of Americans lived during the Great Depression commonly known as?
Hoovervilles
During the Great Depression, construction fell by 78%. By what percentage did manufacturing fall?
54%
By what percentage did suicide rates increase in the USA between 1929 and 1932?
14%
By what percentage did industrial production fall in the USA between 1929 and 1932?
46%
From 1929 to 1933, car sales in the USA fell from 4.5 million to approximately what number?
1.1 million
What national policy did outlaw gangs exploit, contributing to the rise of gangsterism during the Depression?
National Prohibition
In 1932, what method did customers in New York City use to try and drive Chinese laundries out of business?
Organized a boycott
Which novelist wrote the short story "Women on the Breadlines" (1932), detailing women's experiences during the Depression?
Meridel LeSueur
Why did some crime gangs, like those robbing banks, sometimes achieve a "Robin Hood status" among the public?
Banks were blamed for evicting farmers.
What action did many states take regarding non-US citizens in response to the drop in agricultural demand?
Barred them from public works
By 1930, what percentage of American school authorities refused to employ married women?
Over 70%
What was the primary charge for which the notorious gangster Al Capone was ultimately convicted and imprisoned?
Tax evasion
During the rapid economic decline, how much more likely were Black Americans to be unemployed compared to white people?
4-6 times more likely
What was the outcome of Hoover's repudiation of war debts policy?
It helped countries trade but didn't solve international trade problems
Until November 1930, what political party dominated both houses of Congress, supporting laissez-faire policies?
The Republican Party
What was the total outlay for state-operated pension schemes before 1932, aiding how many people?
$220,000 aiding 1,000 people
Before entering politics, what was Herbert Hoover's successful professional background?
An engineer and businessman
How many economists signed a petition asking Hoover to veto the Smoot-Hawley Tariff?
1000 economists
What was Hoover's primary approach to the Great Depression, emphasizing limited government intervention?
Rugged Individualism
How many states had a system of unemployment insurance before 1932?
No state had any system
What action did Hoover announce in June 1931 regarding war debts?
Postponement of war debt collection for 18 months
What tariff did Hoover sign on June 17, 1930, despite economists' advice?
The Smoot-Hawley Tariff
What percentage tariff did the Smoot-Hawley Act impose on industrial and agricultural imports?
40% on both industrial and agricultural imports
What was the immediate result of the Smoot-Hawley Tariff on international trade by 1931?
A $1.2 billion fall in international trade
Hoover believed that problems should be solved by individuals and private charity, a concept he called:
Voluntarism
Hoover primarily blamed the depression on what factors?
World economic conditions and the impact of WW1
What was the main purpose of many of Hoover's early measures?
To insulate the USA from international economic problems
What was a significant barrier to Hoover's decisive action regarding the depression?
His belief in the business cycle's self-correction
How did the violent dispersal of the Bonus Army by federal troops affect President Hoover's reputation?
It further damaged his public reputation
Who was the general ordered to remove the 'bonus marchers' from Washington D.C.?
General Douglas MacArthur
What was the primary goal of the Federal Home Loan Bank Act of June 1932?
To save mortgages and prevent home repossessions
What was the main purpose of the Reconstruction Finance Corporation (RFC) when it was established in January 1932?
To offer loans to banks, railroads, and other businesses
According to Ogden Mills, Secretary of the Treasury, what percentage of RFC money went to small and medium-sized banks?
90 percent of the total funds
What was Hoover's initial approach to unemployment relief in 1932?
Loans to charities and relief agencies
When were the WWI veterans' bonuses originally due to be paid?
The year 1945
Approximately how many WWI veterans protested in Washington D.C. in 1932, demanding early payment of their bonuses?
21,000 veterans gathered
The Emergency Relief and Construction Act of July 1932 was criticized for only helping what percentage of America's unemployed?
10 percent of the unemployed
What significant change did the Emergency Relief and Construction Act represent in federal policy?
It was the first US massive federal relief program
What was the distinctive symbol of the National Recovery Administration (NRA)?
A Blue Eagle
How much funding was allocated to the Public Works Administration (PWA) under Hugh Johnson?
$3.3 billion
What was a key objective of the Civilian Conservation Corps (CCC)?
To provide young men with work experience in conservation
How was the $500 million allocated by the Federal Emergency Relief Administration (FERA) divided among the states?
Half directly, half matched $1 for every $3 of state funds
When were many of the National Recovery Administration (NRA) activities declared unconstitutional by the Supreme Court?
In 1935
What controversial action was associated with the Agricultural Adjustment Act (AAA)?
The destruction of crops and slaughter of livestock
What was the primary goal of the Agricultural Adjustment Act (AAA)?
To raise crop prices by reducing agricultural production
What was a significant characteristic of the "First 100 days" of the New Deal?
Unprecedented legislative activity in US history
Who was the first chairman appointed to head the new Securities Exchange Commission (SEC)?
Joseph Kennedy.
The area covered by the Tennessee Valley Authority (TVA) was generally loyal to which political party?
The Democratic Party.
How many days did the initial "bank holiday" declared under the Emergency Banking Relief Act (EBRA) last?
Four days.
What was a primary objective of the Emergency Banking Relief Act (EBRA) of 1933?
To restore public confidence in the banking system.
Which commission was established by the Securities Act of 1934 to oversee the stock market?
The Securities Exchange Commission (SEC).
On what date did the "bank holiday" under the Emergency Banking Relief Act (EBRA) begin in 1933?
March 6th.
By 1945, what percentage of farms in the Tennessee Valley Authority (TVA) area had access to electricity?
75 percent.
What was a primary goal of the Tennessee Valley Authority (TVA) established in May 1933?
To control flooding and generate hydro-electric power.
What was a significant outcome of the First New Deal's financial reforms regarding bank deposits?
A return of $1 billion to bank deposits.
How many states were covered by the Tennessee Valley Authority (TVA) region?
Seven states.
What did the Truth in Securities Act of 1933 primarily require from brokers?
To offer truthful information about securities they were selling.
What was one criticism leveled against the Glass-Steagall Act mentioned in the notes?
It gave the government too much control over banks.
A key provision of the Glass-Steagall Act was to ban banks from engaging in what activity?
Speculative investment activities.
What was the initial maximum amount of individual bank deposits insured by the Federal Deposit Insurance Corporation (FDIC)?
Up to $5,000.
Which famous Wall Street broker was arrested for embezzlement in 1938, demonstrating the effectiveness of the SEC?
Richard Whitney.
Explain the main aspects of the Revenue (Wealth) Act
Increased tax on incomes over $5million which raised over $250 million