APUSH Chapter 24

Great Crash the collapse of the stock market in 1929
Black Tuesday A name given to October 29, 1929, when stock prices fell sharply.
Hawley Smoot Tariff 1930 , charged a high tax for imports thereby leading to less trade between America and foreign countries along with some economic retaliatio, HIGHEST EVER
Okies The farmers, who in the Great Depression, were forced to move, many moved to Oklahoma. Dust Bowl refugees
Reconstruction Finance Corporation Agency established in 1932 to provide emergency relief to large businesses, insurance companies, and banks.-Hoover
“trickle down” economics Hoover’s strategy battling the Great Depression in which the money is given to the big corporations and eventually they will pay their workers more, and then the workers will spend their money and save the economy.-ineffective
Hooverville Shanty towns that the unemployed built in the cities during the early years of the Depression; the name given to them shows that thte people blamed Hoover directly for the Depression.
Solid South Term applied to the one-party (Democrat) system of the South following the Civil War. For 100 years after the Civil War, the South voted Democrat in every presidential election.
Margin Buying Purchasing stocks with borrowed money with the intent of making a profit and repaying the loan when the stock prices rise
Dust Bowl …, Region of the Great Plains that experienced a drought in 1930 lasting for a decade, leaving many farmers without work or substantial wages.
John Steinbeck/The Grapes of Wrath This man wrote this celebrated novel which was published in 1939. In telling the story of the Joad family, migrants from the Dust Bowl to California who encounter an unending string of calamities and failures, he offered a harsh portrait of the exploitive features of agrarian life in the West, but also a tribute to the endurance of his main characters.
Herbert Hoover 1928; Republican; approach to economy known as voluntarism (avoid destroying individuality/self-reliance by government coercion of business); of course, in 1929 the stock market crashed; tried to fix it through creating the Emergency Relief and Construction Act and the Reconstruction Finance Corporation (didn’t really work)
Rugged Individualism Herbert Hoover’s belief that people must be self-reliant and not depend upon the federal government for assistance.
Bonus Army 1932 – Facing the financial crisis of the Depression, WW I veterans tried to pressure Congress to pay them their retirement bonuses early. Congress considered a bill authorizing immediate assurance of $2.4 billion, but it was not approved. Angry veterans marched on Washington, D.C., and Hoover called in the army to get the veterans out of there.
Douglas MacArthur/George Patton Future US military heroes that were called by Hoover to clear out the “Bonus Army”

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