The First New Deal Questions

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What does CCC stand for?
Civilian Conservation Corps
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Who was the CCC available for?
17-24 year old men only
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How much were workers of the CCC paid, and what did they have to do with the money?
Paid $30 a month and had to send $25 home
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How long did the CCC program last?
Set up for 2 years but extended up to seven
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How long did a contract with the CCC last for?
9 months
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What does HOLC stand for?
Home Owners Loan Corporation
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What % of urban US houses did the HOLC refinance?
nearly 20%
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What does FHA stand for?
Federal Housing Administration
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Who did the FHA mainly benefit?
It mainly benefited while middle class families - not those who really needed it
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When did the FHA end?
It's ongoing! The FHA has insured over 35 million mortgages since 1934
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What does AAA stand for?
Agricultural Adjustment Act
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What did the AAA do to help prevent overproduction?
Subsidise farmers to reduce their acreage
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By how much had agricultural production fallen between 1929 to 1933?
Only 6%
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What did the AAA pay to destroy?
10.5 million acres of cotton & 6 million piglets
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Total Farm Income rose from $4.5 billion in 1932 to how much by 1935?
$6.9 billion by 1935
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By January 1935 how much head of cattle had the government brought?
8.5 million head of cattle
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What does PWA stand for?
Public Works Administration
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How much funding was the PWA given?
$3.3 billion
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What was the funding used for?
'Pump priming' - belief that government spending led to government growth
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Give an example of pump priming
for example - road building increases the demand in concrete
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What were the achievements of the PWA?
It put thousands to work building 13,000 schools and 50,000 miles of road
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What was the PWA criticised for?
It was criticised for only spending $110 million in the first 6 months
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In 1934, out of 918 companies, how many ran at a net loss?
481 out of 918 companies
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What does TVA stand for?
Tennessee Valley Authority
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How many states that ran through the River Tennessee would be helped?
7 of the poorest states
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What were the existing figures of farms with electricity before the TVA was put in place?
2 out of 100 (2%) of farms had electricity before the TVA
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Which Act did the Indian Reorganisation Act wish to reverse?
1867 Dawes Severalty Act
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Out of 245 Native American tribes, how many voted against the Act?
75 tribes
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What did the Act allow Native Americans to do?
Take advantage of New Deal agencies, like the CCC & PWA
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Why did the Indian Reorganisation Act fail to help Native American poverty?
The Act did nothing to reduce poverty figures
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What did the Glass-Steagall Act ban?
a) Commercial banks (that relied on small scale depositors) involved in investment banking b) Bank officials not allowed to take personal loans
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How was the Federal Deposit Insurance Company (FDIC) involved with the Glass-Steagall Act?
Individual bank deposits were to be insured against bank failures up to the figure of $2500 with FDIC
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What were the main criticism of the Glass-Steagal Act?
1) Supporters of Hoover claimed the act just copied his ideas 2) Either too radical or not radical enough 3) No impact on small unit banks
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What does RFC stand for?
Reconstruction Finance Corporation
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What was the RFC authorised to do?
Authorised to buy stocks from endangered banks
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What did the RFC become?
The largest bank in the world - by 1935 it owned about 1/5 of banking stocks in the US
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What else did the RFC do?
Lent billions of dollars over the years to banks, insurance companies & new business ventures
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What did the RFC favour?
Big Business!
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What was the aim of the Emergency Banking Relief Act?
Aimed to restore confidence in the American Banking System
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How did it achieve this aim?
Gave the treasury power to investigate near-collapse banks
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How long was the act debated in Congress before being passed?
Passed after only 40 minutes of debate
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By the beginning of April, how much in currency had been returned to bank deposits?
$1 billion in currency
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What does FERA stand for?
Federal Emergency Relief Act
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How much money was FERA given?
$500 million
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What was this money to be spent on?
1/2 of the money was for outright relief and the other 1/2 rewarding $1 for every $3 the state spent
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What was the problem with FERA?
It went against the belief of self help
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Which two states refused to comply?
Kentucky & Ohio
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What happened in Phoenix, Arizona as a result?
Over 100 claimants were jammed into a small room in temperatures over 100 degrees
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What does CWA stand for?
Civil Works Administration
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What did the PWA give the CWA?
A $400 million grant
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What was the grant for?
To provide emergency relief to the unemployed during the winter of '33-'34
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How many people did the CWA put on public work projects?
4 million people
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What happened to the CWA?
Closed down in March 1934 after the winter ended, but FERA agreed to fund public work projects in the future
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What was the CWA accused of doing?
Accused of wasting public money
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When was the Truth-in-Securities set up?
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What did the Truth-in-Securities Act do?
Required brokers to offer clients realistic information about the securities they were selling
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What new agency did the Securities Act set up?
The Securities Exchange Commission
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What was the purpose of the Securities Exchange Commission?
To prevent fraudulent activities, such as insider dealing
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Was the Securities Act successful?
Highly successful
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By the end of the 1930s what had SEC achieved?
SEC had halted the issues of $155 million of fraudulent activities
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What was thought about the Securities Act?
Thought it was anti-business - threats from businesses to move to Canada
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What does NRA stand for?
National Recovery Administration
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What was the aim of the NRA?
To encourage co-operatives between different sides of industry
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How was it going to achieve this?
By developing codes of practice (such as wage levels)
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What had the NRA done by 1934?
By 1934, 557 codes had been drawn up & 23 million people were under them
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What were the faults of the NRA?
It favoured big business and small firms found it difficult to comply with certain codes, like the minimum wage
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What did the Economy Act do?
Slashed government spending & cut ex-soldiers pensions by 15% and government departments by 25%
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What was the result of this?
Saved $1 billion in government spending
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What did FDR hope to achieve?
By showing a willingness to save money, FDR hoped to encourage the rich to spend
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Why did this seem to work?
By June the threat of a total economy crash was gone
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What protest took place against the Act?
A protest from the 'Bonus Army' which ended peacefully
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What did the Silver Purchase Act try to do?
Sought to raise prices by introducing more silver into coinage
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How did it try to do this?
Late in '33 the federal government began to buy up all domestically produced silver at artificially high prices
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What did the Silver Purchase Act state the Treasury would do?
Stated the Treasury would buy silver until its value equalled 35% that of gold
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What was the effect of this action?
The effect of the measure had little impact beyond subsidising the domestic silver industry
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What did the Farm Credit Act do?
Brought all the various agencies dealing with agricultural credit into one body: The Farm Credit Administration
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How did the Emergency Farm Mortgage Act of June 1933 take this further?
It lent money to farmers whose land had already been repossessed so they could recover them; interest set at only 1%
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Other cards in this set

Card 2


Who was the CCC available for?


17-24 year old men only

Card 3


How much were workers of the CCC paid, and what did they have to do with the money?


Preview of the front of card 3

Card 4


How long did the CCC program last?


Preview of the front of card 4

Card 5


How long did a contract with the CCC last for?


Preview of the front of card 5
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