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Key Points Of The Great Depression

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Who: the entire United States

What: the bottom fell out of the market, and shareholders frantically tried to sell before the prices plunged. 16.4 billion shares were dumped that day. People who bough stocks on credit were stuck with huge debts, and others lost most of their savings.

Why: because panicked investors unloaded their shares at the same time

When: October 29, 1929 (by mid November investors lost about $30 billion)

Where: the stock market

Hawley- Smoot Tariff

Who: congress passed. Protect farmers and manufacturers.

What: established the highest protective tariff in US history. The tariff made unemployment worse in industries that could no longer export goods to Europe.

Why: to prevent other countries from earning American currency to buy American goods.

When: 1930

Where: united states

*Boulder Dam (aka Hoover Dam)

Who: Hoover authorized.

What: it gave jobs to unemployed workers. 726 ft high and 1,244 feet long. World's tallest dam, and second largest dam. Provided electricity and flood control, and regular water supply.

Why: to help the nation's economy and give jobs

When: 1928

Where: Colorado river basin

Federal Home Loan Bank

Who: Hoover signed

What: lowered mortgage rates for homeowners and allowed farmers to refinance their farm loans and avoid foreclosure.

Why: to pass a series of measures to reform banking, provide mortgage relief, and funnel more federal money into business investment

When: 1932

Where: united states

Reconstruction Finance Corporation

Who: Hoover's idea. Approved by congress

What: authorized $2billion for emergency financing for banks, life insurance companies, railroads, and other large businesses.

Why: Hoover believed that the money would trickle down to the average citizen through job growth and higher wages.

When: January 1932

Where: united states

*Bonus Army (aka Bonus Expeditionary Force)

Who: between 10,000 and 20,000 war veterans and their families (one 11 month old baby and 2 people were killed, one 8 year old boy was blinded by gas)

What: President Hoover ordered 1000 soldiers under the command of Gneral Douglas MacArthur and his aide, Major Dwight D. Eisenhower, to rouse the veterans away

Why: he was nervous that the angry group could become violent

When: 1932

Where: Washington D.C.

New Deal

Who: FDR and his carefully picked team of advisers (professors, lawyers, and journalist) (they became the "Brain Trust"

What: was formulated to alleviate the problems of the Great Depression (three goals (3 R's): relief for the needy, economic recovery, and financial reform)

Why: to help alleviate problems during the Great Depression

When: during the 4 month waiting period of FDR's inauguration in 1933

Where: the united states

*Hundred Days

Who: FDR

What: a period of intense activity where FDR proposed (and Congress passed) 15 major pieces of New Deal legislation. These laws significantly expanded the federal government's role in the nation's economy.

Why: he wanted to expand the government's role in the nation's economy

When: March 9 - June 16, 1933

Where: the united states

Glass-Steagall Act

Who: Congress passed

What: established the Federal Deposit Insurance Corporation (FDIC), which provided federal insurance for individual bakn accounts of up to $5,000

Why: it reassured millions of bank customers that their money was safe AND it also required banks to act cautiously with their customer's money

When: 1933

Where: united states

Federal Securities Act

Who: Congress and the president

What: required corporations to provide complete information on all stock offerings and made them liable for any misrepresentations.

Why: to regulate the stock market, in whcich people had lost faith because of the crash of 1929

When: 1933

Where: united states

Securities Exchange Commission (SEC)

Who: Congress created

What: regulate the stock market

Why: to prevent people with inside information about companies from "riggin" the stock market for their own profit

When: June 1934

Where: the united states

*Agricultural Adjustment Act (AAA)

Who: government

What: paid farmers to leave a certain area of farm unseeded A(raise crop prices by lowering production). Paid hog farmers to slaughter 6 millino pigs. Raised crop prices and put money into farmer's pockets.

Why: to raise crop prices and put money in farmers' pockets

When: 1933

Where: united states

*Tennessee Valley Authority (TVA)

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