US History Chapter 14 Flashcards

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Questions and Answers

What are price supports related to?

McNary-Haugen Bill

Subsidies for farmers

Federal government interventions

All of the above (correct)

What is credit?

An arrangement to buy now and pay later.

Who was Alfred E. Smith?

A Democrat against Herbert Hoover in the election of 1928.

What does the Dow Jones Industrial Average measure?

The stock market's health based on 30 large firms. Signup and view all the answers

What is speculation in the context of investing?

Buying stocks and bonds for quick profit while ignoring risks. Signup and view all the answers

What does buying on margin entail?

Paying a small percentage of a stock's price and borrowing the rest. Signup and view all the answers

What is Black Tuesday?

October 29, 1929, when stock prices fell sharply. Signup and view all the answers

What was the Great Depression?

A period of worldwide economic stagnation starting in 1929. Signup and view all the answers

What did the Hawley-Smoot Tariff Act establish?

The highest protective tariff in United States history. Signup and view all the answers

What caused railroads to lose business?

New forms of transportation like trucks and buses Signup and view all the answers

What happened on October 29, 1929?

Stock market crash. Signup and view all the answers

The causes of the Great Depression included _ and _ policies.

tariffs, war debt Signup and view all the answers

What is a shantytown?

Little towns consisting of shacks made out of scrap materials. Signup and view all the answers

What is a soup kitchen?

A place offering free or low-cost food. Signup and view all the answers

What is a bread line?

Lines of people waiting to receive food from charitable organizations. Signup and view all the answers

What was the Dust Bowl?

A drought in the 1930s affecting the Great Plains. Signup and view all the answers

What is direct relief?

Cash payments or food provided by the government to the poor. Signup and view all the answers

Who was Herbert Hoover?

President during the onset of the Great Depression from 1929-1933. Signup and view all the answers

What is the Boulder Dam?

Also known as Hoover Dam, built to create jobs. Signup and view all the answers

What were Hoover's actions during the Great Depression?

Creation of Federal Farm Board and support for banks. Signup and view all the answers

What did the Federal Home Loan Bank Act do?

Lowered mortgage rates and allowed refinancing for farmers. Signup and view all the answers

What did the Glass-Steagall Banking Act accomplish?

Separated investment from commercial banking. Signup and view all the answers

What is the Reconstruction Finance Corporation?

Authorized up to $2 billion for emergency financing. Signup and view all the answers

What was the Bonus Army?

World War I veterans seeking a bonus in Washington, D.C. Signup and view all the answers

What was the Patman Bill?

Authorized bonus payments to World War I veterans. Signup and view all the answers

Study Notes

Price Supports

McNary-Haugen bill aimed to provide subsidies by the federal government for key products like wheat, corn, cotton, and tobacco to maintain producer prices.

Credit

Arrangement enabling consumers to purchase items now and make payments later, fostering consumer spending.

Alfred E. Smith

Democratic candidate in the 1928 presidential election; lost to Republican Herbert Hoover.

Dow Jones Industrial Average

Widely recognized indicator of stock market health; based on stock prices of 30 major firms on the New York Stock Exchange.

Speculation

Involves purchasing stocks and bonds with the expectation of quick profits, disregarding associated risks.

Buying on Margin

A practice where investors pay a fraction of a stock’s price upfront and borrow the remainder, increasing investment risk.

Black Tuesday

October 29, 1929, marked by significant drop in stock prices, signifying the start of the Great Depression.

Great Depression

Global economic downturn beginning with the 1929 stock market crash, leading to low production, high unemployment, and a crisis in confidence in economic self-regulation.

Hawley-Smoot Tariff Act

Established the highest protective tariff in U.S. history aimed at protecting American producers but resulted in detrimental effects on international trade.

Transportation and Energy Shifts

Railroads lost business to trucks, buses, and cars; coal mining faced competition from hydroelectric power, fuel oil, and natural gas.

October 29, 1929

Date of the stock market crash, resulting in an estimated $30 billion loss for investors.

Causes of the Great Depression

Factors included tariffs and war debt limiting foreign markets, agricultural sector crises, easy credit access, and income inequality.

Shantytown

Areas composed of makeshift homes built from scrap materials, reflecting the struggles of the impoverished during the Great Depression.

Soup Kitchen

Facilities providing free or low-cost meals during economic hardship.

Bread Line

Queues formed by those seeking food distributed by charity or public service organizations.

Dust Bowl

A severe drought in the 1930s impacting the Great Plains leading to environmental degradation and widespread dust storms.

Direct Relief

Initial government aid in the form of cash payments or food that was largely unavailable during the early years of the Great Depression.

Herbert Hoover

President from 1929 to 1933; faced the aftermath of the stock market crash and implemented various measures during the Great Depression.

Boulder Dam

Also known as Hoover Dam, built to create jobs and provide water and hydroelectric power.

Hoover's Actions

Supported the Federal Farm Board to stabilize crop prices and initiated measures to bolster the banking system through the National Credit Corporation.

Federal Home Loan Bank Act

Legislation aimed at reducing mortgage rates and enabling farmers to refinance loans to prevent foreclosure.

Glass-Steagall Banking Act

Law enacted to separate commercial from investment banking, with the intent to mitigate the risks of financial crashes.

Reconstruction Finance Corporation

Gave authorization for up to $2 billion in emergency funding to stabilize large financial institutions, but was criticized for not aiding average citizens.

Bonus Army

Group of World War I veterans led by Walter Waters, who marched to Washington, D.C., advocating for the passage of the Patman Bill.

Patman Bill

Proposed legislation to permit the government to pay veterans a bonus for their service; ultimately, it was not passed.

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Description

Test your knowledge with these flashcards covering key concepts from US History Chapter 14. Get familiar with important terms like price supports and credit, along with historical figures such as Alfred E. Smith. Perfect for students looking to reinforce their understanding of this pivotal era.