Prosperity, Depression, & the New Deal

PROSPERITY, DEPRESSION, & THE NEW DEAL American History II - Unit 4 FDRS NEW DEAL Unit 4.5 Mr. Duncan Election of 1932 Republican Hoover (recognized little chance of winning)

Democrats Franklin Delano Roosevelt (FDR) Results: 32nd POTUS FDR 2/3 Democrat majority in Senate 3/4 Democrat majority in House of Reps Franklin Delano Roosevelt (FDR) 32nd POTUS (1932-1945) 2 term governor of NY

Distant cousin to Teddy Roosevelt Reform-minded - wanted to fix the problems of unemployment and poverty Interesting facts Partially paralyzed by polio in 1921, but learned to stand with leg braces and walk slightly with a cane; mostly wheelchair bound 5th cousin, once removed, from his wife Eleanor Roosevelt Died while in 4th term Eleanor Roosevelt

Eleanor Roosevelt played a major role in the government Womens rights Humanitarian Education reform She gave women a voice in the White House Public and assertive first lady Getting Ready for Office FDR assembled a

diverse group of men and women known at the Brain Trust to devise a plan of economic recovery Nicknamed this because of their knowledge and expertise on economic issues Frances Perkins - first female cabinet member (Sec. of Labor)

Frances Perkins First Hundred Days March 9 June 16, 1933 = The First Hundred Days FDRs administration launched a period of intense activity New Deal FDRs program to alleviate the problems of the Great Depression, focusing on relief for the needy, economic recovery, and financial reform. 3 Rs: relief, recovery, reform 15 New Deal programs launched in the

First Hundred Days (1st New Deal) Expanded the role of the federal govt in the US economy Fireside Chats FDR gave many fireside chats on the radio Explained the New Deal in simple terms Reassured the public that the govt was on their side and the president and congress

were working to fix the economy Fixing the Banking System To help save the banks, FDR called for a bank holiday banks closed for four days To stop people from panicking Help banks get re-organized Emergency Banking Relief Act federal agency to inspect banks Banks would be given govt loans if needed Once banks paid loans they would reopen

Promoted confidence in banks Fixing the Banking System March 12, 1933 1st fireside chat FDR explained why the nations welfare depended on public support of the govt and the banking system When too many people demand their savings in cash, banks fail, not because they are weak, but because the banks do not keep that much cash physically available. March 13, 1933 bank holiday ended, some banks reopened no longer a rush to withdraw funds and many Americans returned their savings to banks

Regulating Banking and Finance GOAL: To restore confidence in the banks and economy Glass-Steagall Act 1933, established the Federal Deposit Insurance Corporation (FDIC) provided federal insurance for individual bank accounts of up to $5,000 increased reliability of banks and increased bank cautiousness with consumer money Regulating Banking and Finance Federal Securities Act 1933, regulated the stock market, required corporations to publish all stock offerings and made them liable for misrepresentations.

Securities and Exchange Commission (SEC) 1934, regulate the stock market Prevent insider trading (trading within the market due to private knowledge of companies/corporations actions) End of Prohibition FDR persuaded Congress to allow for the manufacture and sale of some alcoholic beverages excise tax = govt revenue 1933, 21st Amendment

repealed Prohibition altogether Farmer Relief GOAL: raise prices by decreasing production/supply Agricultural Adjustment Act (AAA) 1933, paid farmers to leave a portion of land

unseeded and kill livestock Angered some Americans but allowed farmers to recover economically SCOTUS declared unconstitutional in 1936, FDR replaces it with a similar act Relief for Rural Southerners GOAL: Bring relief to the poor in rural regions and provide jobs Tennessee Valley Authority (TVA) focused on the badly depressed Tennessee River Valley

renovated 5 existing dams and constructed 20 new ones Created thousands of jobs flood control, hydroelectric power Work Projects GOAL: help young men find work and provide relief to areas needing improvement Civilian Conservation Corps (CCC) 1933 1942: 3 million jobs provided for young men aged 18-25

Building roads, developing parks, planting trees, floodprevention and soil-erosion projects prevent another Dust Bowl $30/month - $25 sent home to families automatically Free food and housing Work Projects GOAL: Provide funds to states to help decrease unemployment Hugh S. Johnston (one of authors of

Bill) National Industrial Recovery Act (NIRA) 1933, money to states to create jobs chiefly in the construction of schools and other community buildings Work Projects Public Works Administration (PWA) 1933-1943, created jobs on construction projects Civil Works Administration (CWA) 1933, more immediate jobs, built schools and paid teachers, built roads Fair Economic Practices

GOAL: promote recovery by stopping unhealthy competition, wage cuts, falling prices, and layoffs National Recovery Administration (NRA) 1933-1935 Set prices of many products Set minimum wage and hours Established codes of fair production reduce destructive competition

Food, Clothing, and Shelter GOAL: ensure that banks are providing loans Home Owners Loan Corporation (HOLC) 1933, govt loans to homeowners who faced foreclosure due to missed loan payments GOAL: to provide relief for needy Federal Emergency Relief Administration (FERA) - 1933, $500M for direct relief for the needy $ given to states for food and clothing for unemployed, ill, homeless, aged, etc Rest of $ given to states to support work relief efforts Opposition to New Deal

FDRs agencies in the First Hundred Days did a great deal to ease suffering, however did not end the Depression FDR agreed to a policy of deficit spending to fund these efforts spending more money that the govt receives in revenue Liberals New Deal doesnt do enough for those in need Conservatives New Deal is socialist and interferes with free market economy

Opposition to the New Deal Opponent Why Opposed to New Deal American Liberty League Democrats and some Republicans believed New Deal legislation and agencies violated rights of states and individuals

Father Charles Coughlin Catholic priest from Detroit, broadcasted radio sermons about economic, political, and religious ideas; anti-Semitic views lost him support Wanted nationalization (govt ownership) of the banking system, blamed the depression on an international conspiracy of Jewish bankers

Opposition to the New Deal Opponent Why Opposed to New Deal Dr. Francis Townsend Physician in Long Beach, CA Believed FDR wasnt doing enough to help the elderly Devised a pension plan to provide monthly payments to elderly

strong support among elderly Huey Long Louisiana Senator, presidential hopeful Proposed a nation-wide social program called Share-Our-Wealth

Every Man a King slogan promised something for everyone New Deal competition Assassinated in 1935 as he started to gain popularity SCOTUS Reacts to New Deal 1935 SCOTUS declared National Industrial Recovery Act (NIRA) unconstitutional Declared that the law gave legislative powers to the executive branch Infringed on states rights to regulate intrastate business 1936 SCOTUS declared

Agricultural Adjustment Act (AAA) unconstitutional Agriculture was a local matter to be regulated by states, not the federal govt FDR Responds to SCOTUS 1937-1941 FDR appointed liberal justices to open positions to help New Deal policies

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