Vocabulary Set 1
By: Emil Ekanayake
Emily Lepas
Sarah Pramono
Saahil Shah
Megan Haddad
Casandra Quijada
Xarahy Aguilera
Herbert Hoover
•
•
•
•
•
The 31st president of the United States. (1929-1932)
Orphan from Iowa who graduated from Stanford.
Amassed a fortune as a mining engineer, and used
it for public service.
Was blamed for the Great Depression by many.
Used hands-off policy at first, but eventually he
became more active. His policies mostly failed.
Business Cycle
• The periodic growth and contraction of
the economy.
• Great growth of the 1920’s followed by
a devastating crash in 1929.
Black Tuesday
• October 29, 1929.
• The day the stock market collapsed.
• Billions of dollars lost. Fortunes were
lost within hours.
• Caused by a loss of confidence in the
market. Thousands of investors tried to
pull their money out.
• Marked the start of the Great
Depression.
Hoovervilles
• Makeshift shanty-towns made by the
homeless during the Great Depression.
• Named to insult Hoover for his failing
policies, and to link his name with
suffering.
• Built in vacant lots and open areas with
almost anything that could be
scavenged.
Dust Bowl
• Area in the center of the U.S. that
suffered from massive dust storms.
• Farming caused loose topsoil. Heavy
winds and drought started the storms.
• Animals and plants were killed, rivers
were covered, and dirt was everywhere.
Despair was rampant.
• Caused a migration out of the area to
places like CA. Refugees were called
Okies.
Bonus Army
•
•
•
•
•
•
Group of army veterans who protested at D.C.
Wanted their payment that was scheduled on 1945
early (1931), so they could support themselves.
Congress agreed, but Hoover vetoed the bill,
causing the protests.
When a riot broke out, Gen. Douglass MacArthur
was sent to break up the group.
Was seen as harsh, because many were injured.
Doomed Hoover’s chance of a second term.
Trickle-Down
Economics
•
•
•
•
In 1932, Hoover created the Reconstruction Finance
Corporation (RFC), to give billions to big businesses
and banks.
The theory was that the money would be lent to
businessmen, businessmen would hire workers, and
production and consumption would increase.
Money would slowly trickle down the economy.
Failed because the banks didn’t increase their loans
and businessmen didn’t hire more workers.