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A New Deal Fights the Depression

A New Deal Fights the Depression. Ch 23 Sec 1 (p. 694-700). Election of 1932. Republicans nominate Hoover again Democrats nominate Franklin Delano Roosevelt (FDR) 3 term governor of New York. FDR wins. Roosevelt won in a landslide. Won pop. vote by 7 million

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A New Deal Fights the Depression

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  1. A New Deal Fights the Depression Ch 23 Sec 1 (p. 694-700)

  2. Election of 1932 • Republicans nominate Hoover again • Democrats nominate Franklin Delano Roosevelt (FDR) • 3 term governor of New York

  3. FDR wins • Roosevelt won in a landslide. • Won pop. vote by 7 million • Democrats gained seats in the House and the Senate.

  4. FDR was active during the “lame duck” period • Carefully picked his advisers – the “Brain Trust” • Designed a plan to alleviate the country’s troubles. • Called the “New Deal” (from a campain promise)

  5. The New Deal • Focused on 3 R’s • Relief • Recovery • Reform

  6. Hundred Days • FDR’s administration very active after taking office

  7. Banking Reform • FDR declares “bank holiday” 1 day after taking office • Emergency Relief Banking Act - Authorized Treasury Dept. to inspect banks • Glass-Steagall Act (1933) – established Federal Deposit Insurance Corporation (FDIC) – insured individual bank accounts.

  8. Stock Market Federal Securities Act – required corporations to provide info on stocks Securities and Exchange Commission (SEC) – regulates stock market

  9. Joe Kennedy First Head of the SEC The “Fox in the Hen House”

  10. Help for Farmers • Agricultural Adjustment Act (AAA) – tried to raise crop prices by lowering production. Upset some. Later struck down by Supreme Court

  11. AAA Goal was “Parity” to purchasing power that was enjoyed 1909-1014 “subsidized scarcity” did raise farm income but met a lot of criticism

  12. Rural Assistance • Tennessee Valley Authority (TVA) – assisted Tennessee River Valley. • Provided flood control, electricity, and jobs.

  13. Fontana Dam – Western NC

  14. Work Projects • Civilian Conservation Corps (CCC) – put young men aged 18-25 to work building roads, developing, parks, planting trees, other env. projects • National Industrial Recovery Act(NIRA) – gave money to states to create jobs in school and community construction. • Civil Works Administration (CWA) – teachers, etc.

  15. Fair Labor Practices • National Recovery Administration (NRA) - set prices of many products and est. standards for labor • NIRA guaranteed workers’ right to unionize and bargain collectively.

  16. Help for Homeowners • Homeowners’ Loan Corporation (HOLC) and Nat’l. Housing Act assist Homeowners in paying mortgages.

  17. Federal Emergency Relief Association • (FERA) - $500 million in direct relief to the needy.

  18. Deficit Spending • Spending more $ than the government receives in revenue.

  19. National Debt as of 2/27/06

  20. Each citizen’s share of national debt • $27,652.30 • Daily Increase: • $2.17 billion per day

  21. New Deal Critics • Conservatives think government takes too much power • Liberals don’t think government does enough

  22. The New Deal: Hamiltonian or Jeffersonian?

  23. The New Deal and the Supreme Court • The Supreme Court declared the NIRA and the AAA unconstitutional.

  24. Court-Packing • FDR gets Congress to reorganize the judiciary so that he can appoint six new Supreme Court Justices • (a little like Adams’ Midnight Judges)

  25. Court Packing Caused a rift among many Roosevelt supporters First of FDR’s bills to be defeated by Congress

  26. Critics of the New Deal • Father Charles Coughlin • Dr. Francis Townsend – benefits for the aged • Huey Long – assassinated (“Every Man a King”)

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