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Test Three Review

Test Three Review - Chapter Twenty Four Herbert Hoover...

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Chapter Twenty Four Herbert Hoover: aggressively used the power of the federal government and the office of the president to deal with the Great Depression. Called conferences of businessmen and labor leaders, encouraged mayors and governors to speed up work projects, created agencies and boards to obtain voluntary action to solve the problem, supported tax cuts, and assured the American public through the radio. Stock Market Crash: In days leading up to Black Thursday the market was unstable. Periods of panic selling and high volumes of trading were interspersed with brief periods of rising prices and recovery. Some believe it was the start and cause of the Great Depression Reconstruction Finance Corporation (RFC): The agency gave $2 billion in aid to state and local governments and made loans to banks, railroads, farm mortgage associations, and other businesses. The RFC was bogged down in bureaucracy and failed to disperse many of its funds. It failed to reverse the growth of mass unemployment before 1933 Bonus Army: Many WWI veterans lobbied for their veterans’ bonuses that were due in 1945 and marched on Washington. The bonus bill was defeated, and many marchers went home, but some stayed. Hoover sent the US Army against them and two marchers were killed, even though they weren’t hostile. Franklin D. Roosevelt: During the Great Depression of the 1930s, Roosevelt created the New Deal to provide relief for the unemployed, recovery of the economy, and reform of the economic system. The economy recovered to levels of the late 1920s by 1936, except for unemployment, which remained high. Many of Roosevelt's programs, such as the WPA and CCC, were designed to help families trapped in unemployment. Many of the New Deal programs were abolished in the 1940s; his most important permanent legacies include the Social Security system and the regulation of Wall Street. New Deal: The New Deal had three components: direct relief, economic recovery, and financial reform. Roosevelt responded with a remarkable series of new programs in the “first hundred days” of the administration. Roosevelt declared a four-day bank holiday, and reopened them with the promise of the Federal Deposit Insurance Corporation (FDIC). Prohibition was ended and the country was taken off the gold standard to induce inflation. Federal Deposit Insurance Corporation (FDIC): insured individual deposits up to $5,000 Civil Works Administration (CWA): put more than 4 million people to work on various state, municipal, and federal projects. Closed down because Roosevelt feared it was costing too much. Public Works Administration (PWA): built hospitals, courthouses, and school buildings. Its purpose was to stimulate the economy though government spending Civilian Conservation Corps (CCC): put young (18-25 years old), unemployed men to work on reforestation, road and park construction, flood control, and other projects. The men lived in work camps and earned $30 a month, $25 of which had to be sent home to their families.
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