Term
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Definition
- Overproduction and low demand
- Low wages
- High tarriffs on US goods, means less overseas demand for goods
- Unemployment
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Term
| Problems of Overproduction |
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Definition
- Leads to employee layoffs
- leads to less demand
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Term
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Definition
- Banks had lent $ to speculators
- Speculators couldn't pay back loans
- banks lost $
- people panicked and took their $ out of the banks
- some banks didn't have the $ to give back, they too had invested in the stock market
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Term
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Definition
- The day bottom fell ot of the stock market
- people sold off stock
- some stocks couldn't find buyers
- speculators were stuck with paying back huge debts
- people lost their savings
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Term
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Definition
- buying and selling of shares of companies
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Term
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Definition
- Opposed any form of federal welfare or direct relief to the needy - believed it was up to cities and states
- Public works - gov't financed projects (i.e Hoover Dam)
- Reconstruction Finance Corporation (RFC) - gov't loans to banks, railroads, and agricultural institutions (not successful)
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Term
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Definition
- Hoover did not believe it was the role of the federal gov't to provide direct relief to the needy
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Term
| People respond to the Depression |
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Definition
- Hunger marches
- Farmers burned crops, poured out milk, tried to block food shipments to create shortages and drive up prices
- Bonus Army
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Term
| Agricultural Over-production |
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Definition
- After the war, demand fell and prices fell 40%
- Farmers had gone into debt buying land and equiptment
- Couln't pay back loans, farms were foreclosed on
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Term
| Life during the Great Depression |
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Definition
- bread lines and soup kitchens
- shantytowns called Hoovervilles, after President Hoover
- The Dust Bowl caused midwesterners to move to the west seeking jobs
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Term
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Definition
- Came to DC to support a bill for early payment of a war bonus
- the bill did not pass, and some vets did not leave
- Hoover had the vets forcibly removed resulting in a few deaths
- Americans were outraged at the treatment of the vets
- lessened support for Hoover
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