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social studies


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Reconstruction Finance Corp. [RFC]
1932; lent money to businessess
1932 election
FDR [govenor of NY] vs. Herbert Hoover [president]; FDR won all but 6 states
unbalanced economy
farm income declined; decline in idustry; cut wages and layoffs; decline in consumer goods; gap between rich and poor(75% lived in poverty)
joblessness and poverty
25% unemployed; soup kitchens
Bonus Army
marched into Washington,DC; veterans of WWI promised a bonus [1,000] in 1945 & they wanted it now;June 1932; MacArthur and Eisenhower led into protestors camp and burned it
on margin
paid only a little of the stock price and borrowed the rest from the brokers
Hoover and the crisis [policy]
business not to cut wages or production; voluntary action of private citizens and local governments; no legislation
credit crisis
everything bought on credit; fail to meet payments; banks suffered losses and had to close; depositors lost money
Bank Holiday
March 5-9, 1933; closed all banks for an audit
international depression
slow down of international trade; european countries borrowed money from american banks
stock exchange
organized system for buying and selling shares or blocks of investments in corporations; new york city in the 1920s
homeless built shelters made of old boxes; formed shanty towns
Stock Market Crash
october 29, 1929; "black tuesday"; investors sold driving the price of stocks down; investors couldnt pay back loans

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