Agriculture was in decline, Suffering foreign competition (Canada), Boom on the stock exchange came to an end.
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How many stocks were sold on the 24th Oct?
13 million
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How many stocks were sold on the 29th Oct?
16 million
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Why were so many stocks being sold?
They became worthless as people were buying them with borrowed money.
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What were the consequences of the Wall Street Crash?
5,000 banks closed 1930-33, Unemployment rose from 1.6 million to 14 million by 1933, people lived in Hoovervilles
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Government reaction to the depression
increased import taxes by 50%, created dams that cost $423 million, Farm board bought surplice produce but it wasn't enough, Reconstruction Finance Corporation 1932 gave $1,500 million out as a loan to businesses
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What'd Roosevelt promise after the depression?
Relief of poverty, recovery of industry, reform
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What'd roosevelt do to help after the depression?
Shut all banks and opened only secure ones, ended prohibition and created the Alphabet Agencies
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what does the FCA stand for and what'd it do? (ALPHABET AGENCIES)
Farm Credit Administration, made loans to farmers so theyd be safe in their farms.
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what does the AAA stand for and what'd it do? (ALPHABET AGENCIES)
Agricultural Adjustment Agency, Paid farmers to produce less food so that prices would go up
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what does the CWA stand for and what'd it do? (ALPHABET AGENCIES)
Civilian Works Administration, Emergency measure to get through the winter, employed as many young people as possible
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what does the CCC stand for and what'd it do? (ALPHABET AGENCIES)
Civilian Conservation Corps, Gave work to young men
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what does the PWA stand for and what'd it do? (ALPHABET AGENCIES)
Public Works Administration, Spent $7 million on public works. e.g.. buildings, bridges, sewerage, dams
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what does the FERA stand for and what'd it do? (ALPHABET AGENCIES)
Federal Emergency Relief, Spent $500 million on soup kitchens, clothing, schools and employment schemes
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what does the HOLC stand for and what'd it do? (ALPHABET AGENCIES)
Home owners' loan coop, lent money to stop people losing their homes
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what does the NRA stand for and what'd it do? (ALPHABET AGENCIES)
National Recovery Administration, Aimed to increase wages, increase prices and give workers a fair deal
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what does the TVA stand for and what'd it do? (ALPHABET AGENCIES)
Tennessee valley authority, built 33 dams, improved soil, planted forests and improved river communications
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What'd the works progress administration do? (ALPHABET AGENCIES)
worked on roads, public buildings, school, bridges, tunnels, sewers and erosion control
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What'd the social security act do? (ALPHABET AGENCIES)
Gave a state pension to everyone over 65, mothers with children and handicapped people
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What'd the Wagner Act do? (ALPHABET AGENCIES)
Gave freedom to unions and prevented employers from sacking members
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What'd the resettlement administration do? (ALPHABET AGENCIES)
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