Objectives examine and evaluate the reaction to the crash
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Objectives: Examine and evaluate the reaction to the crash. DO Now: What were the primary causes of the crash. FDR’s New Deal. 1929– 3 million unemployed, family income 2300 1932-12.5 million (25%), family income 1400 683,000 vagrants thrown off trains

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Objectives examine and evaluate the reaction to the crash

Objectives: Examine and evaluate the reaction to the crash

DO Now: What were the primary causes of the crash


Fdr s new deal

FDR’s New Deal


Depression stats

  • 1929– 3 million unemployed, family income 2300

  • 1932-12.5 million (25%), family income 1400

  • 683,000 vagrants thrown off trains

  • People starving in NYC (Cameroon sent aid)

  • By 1940 1.5 million married women living separate from husband

  • 200,000 vagrant children wandering the countryside

  • Mexican Americans and African Americans hit especially hard

    • 70% Unemployment in Charleston among blacks

Depression Stats


Hoover opposed welfare

  • Hoover believed that it was not the government responsibility to provide welfare.

  • He believed that giving money to the poor would crush their sense of self-worth and prevent them from reaching their potential as US citizens

  • Many saw him as callous

    • Refused request for 25 million to feed farmers but approved 45 million to feed their livestock.

    • Rejected a request to pay teachers and city workers in Chicago but approved a 90 million dollar loan to help the Central Republic Bank

Hoover Opposed Welfare


Hoovers reactions continued

  • Hawley –Smoot Tariff

    • Tariffs on farm and industrial goods

  • (RFC) Reconstruction Finance Corporation– 1932– Established to provide support to banks and corporations that provided public support such as low-cost housing.

    • Created the largest peacetime deficit in history

    • He attempted to thwart this by implementing the Revenue Act of 1932 which raised taxes

  • Home Loan Bank Board– Offered funds to mortgage companies and financial institutions that would produce loans for homebuilding and mortgages

Hoovers Reactions Continued


Bonus army

WWI veterans were promised a 1000 dollar bonus that would mature in 45.

The Vets wanted their money early, hopped on empty train boxcars and headed for Washington.

20000 veterans and their families staged a protest at a camp at Anacostia Flats just southeast of the capital.

The Senate turned down their request

Troops were sent in led by Douglas MacArthur and George Patton to attack the encampment.

Tents and shack were torched and protesters were expelled. 100 injured and 1 infant killed.

Hoover and the republicans were voted out of office in 1932 in a landslide victory for the Democrats 472-59

Bonus Army


Do now what were the primary causes of the crash

Bonus Army– Attempt #1


Do now what were the primary causes of the crash

1932– Hoover v Roosevelt

Phew– That was a close one!


Do now what were the primary causes of the crash

Born into a wealthy family

Worried about super wealth and rift between rich and poor

Harvard, then Colombia Law

Rode on shirttails of cousin Theodore

Polio at age of 39 changed him into serious determined politician

Empathy for suffering

FDR


Governor of new york

  • Democratic Governor of New York

  • Demonstrated his ability to initiate reforms

  • Surrounded himself with reformers and liberals

    • “Ours must be the party of liberal thought, of planned action, of enlightened international outlook, and of the greatest good for the greatest number of citizens.”

Governor of New York


New administration

New Administration

  • FDR was extremely progressive when establishing his new cabinet.

  • Frances Perkins– First woman to be appointed to a cabinet post

    • Former progressive

    • Appointed Secretary of Labor

    • Till 1945 she helped provide jobs

  • African Americans were given jobs in more than 100 policymaking posts

  • Mary McLeod Bethune was appointed as director of the Division of Negro Affairs of the National Youth Administration

  • She advised FDR on programs to help African Americans

  • She also developed the Federal Council on Negro Affairs by organizing the black officeholders. They would meet to establish new ideas to help Af. Am.


Eleanor roosevelt

  • Traveled for her husband

  • Reported to him on country’s condition and the effects of the programs

  • She often took controversial stances that sometimes negatively impacted FDR

    • Example– She sat between the whites and blacks in the Jim Crow south during a meeting of the Southern Conference for Human Welfare

  • Many thought the first lady was suppose to be “lady like” but they eventually got use to her.

  • Eleanor Roosevelt


    Lame duck amendment

    FDR was elected in November but was not inaugurated until March (This was normal)

    Hoover could not get anything done because he did not have support anymore (Lame Duck)

    As a result– “Lame Duck” Amendment (20th) that moved inauguration to January 20th

    Nevertheless, FDR needed to wait till March

    Lame Duck Amendment


    A new hope

    2nd Bonus Army march (a different reaction)

    • Roosevelt offered a spot to camp

    • Eleanor (1st lady) paid a visit to vets

      Immediate “Fireside Chats” to help restore hope

      A “New Deal” – promises of “bold, persistent experimentation”

    A New Hope


    First 100 days

    • Between March and June Roosevelt aggressively sought to enact legislation that would provide relief, stimulate the economy and provide jobs

    • March-June of 1933- 15 pieces of legislation

    • Bank Holiday=first order of business --an order to all banks to close for 4 days.

    • He then pushed through congress the Emergency Banking Act (EBA) --inspected the financial health of all the banks

      • Banks were found healthy which reassured Americans

    • This was followed by the Economy Act (EA) which was established to balance the budget

    First 100 days


    More measures

    • FDR also passed the Glass-Steagall Banking Act

      • Federal Deposit Insurance Corporation (FDIC) to insure deposits

      • Faith in the banking system began to rise

        • Results---More deposits=More loans=More jobs=More money=More deposits

    More measures


    Still more legislation

    Federal Securities Act passed in May of 1933 required to provide financial information if they were traded publicly

    Securities and Exchange Commission (SEC)followed which regulated the sale of stock on margin

    July of 1933 FDR dropped the gold standard which increased money supply =inflation =lower value of dollar =more exports =higher farm good prices

    Still More Legislation


    Do now

    What was the “New Deal”

    Do Now


    Still more relief

    Federal Emergency Relief Administration (FERA)– support agencies that provide support

    Also provided a great deal of money to public works programs– Government funded projects to build bridges, buildings, sidewalks, dams, etc.

    Still More Relief


    Cwa and the ccc

    • Civil Works Administration (CWA) established to build roads, airports, etc.= 4 million employed

    • The Civilian Conservation Corps (CCC)FDR’s favorite program established in March of 1933. Put 2.5 million unmarried men to work in parks, beaches, forests, etc. Earned $30 per month but provided food, healthcare and camps to live in.

    • Eleanor worked to establish a section of the CCC for women as well

    CWA and the CCC


    Fdr keeps going

    • National Industrial Recovery Act (NIRA)

      • NRA National Recovery Administration to help stabilize the economy

        • Established codes to regulate wages, restrain competition, regulate prices, working conditions and production. Also established a minimum wage

      • Public Works Administration (PWA)

    FDR Keeps Going


    And going

    • Indian Reorganization Act 1934= Part of the public works programs

      • Ended the sale of tribal lands that began under the Dawes Act of 1887

  • Home Owners’ Loan Corporation (HOLC)– Refinanced mortgages to make them more manageable to pay off

    • June 1933 to June 1936 more than 1 million low-interest loans

  • …and going


    And going1

    • National Housing Act of 1934 established the Federal Housing Administration (FHA) which was established to improve housing conditions, insure mortgages and stabilize the real estate market.

    • Agricultural Adjustment Administration (AAA)

      • paying subsidies for the reduction of certain crop production.

        • Farmers plowed under perfectly good crops which angered Americans

    …and going…


    More problems

    Drought and misuse of farmland led to Dust Bowl

    Government responded by establishing SCS (Soil Conservation Service) to push more responsible farming methods (crop rotation, terracing and building barriers)

    More Problems


    Agencies cont

    Agencies Cont.

    • Works Progress Administration (WPA) provided work for more that 8 million Americans.

    • The National Youth Administration within the WPA did the same for 16-25 year-olds

    • AAA (Ag)– Ag. Adjustment Admin. Failed many farm workers because the farms stopped producing

    • FSA– Farm Security Administration established to loan more than 1 billion to farmers to set up camps for migrant workers.


    And going2

    • Tennessee Valley Authority (TVA)

      • was created in 1933 to create jobs in the Tennessee River Valley.

      • Operated in Tennessee, Mississippi, Alabama, Georgia and North Carolina

      • Jobs focused on power generation, flood reduction and local industrial development

    …and going…


    Do now what were the primary causes of the crash

    TVA


    Grand coulee dam and boulder dam hoover

    Grand Coulee Dam and Boulder Dam (Hoover)


    The 2 nd new deal gets underway

    • Focused on the ordinary Americans.

      • It included more social welfare

      • business regulations

      • union support

      • higher taxes on the rich

    The 2nd New Deal Gets Underway


    More legislation

    More Legislation

    • (REA) Rural Electrification Administration– Gave money to farm cooperatives and electric companies to build power plants and extend lines

    • 1930—10%

    • 1934—25%

    • Eventually– 98%

    LABOR

    • NIRA

      • Wagner Act– Legalized collective bargaining and closed shops (workplaces only open to union members). Also outlawed spying and blacklisting

      • National Labor Relations Board (NLRB )established to enforce the provisions

    • Fair Labor Standards Act– No child labor and minimum wage.


    Social security

    • Social Security System established to provide financial security to people who needed it.

      • Pensions-- Regular payments to workers or spouses over 65.

      • Unemployment Insurance– those employing 8+ paid tax to fund this program that would provide money for those who lost their jobs

      • Aid for children, blind and disabled

    Social Security


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