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Great Depression and New Deal. R O A R I N G 2 0’ S. Black Thursday. " Stock prices have reached what looks like a permanently high plateau.”. Black Tuesday. Hoovervilles. Brother Can You Spare A Dime?. The Mood of the People. Annie. Hooverisms…The Power of Language.
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R O A R I N G 2 0’ S
Black Thursday "Stock prices have reached what looks like a permanently high plateau.”
Hooverisms…The Power of Language Hoover Cars? Hoover Hogs? Hoover Blankets ? Hoover Flags?
1930’s & The New Deal • I. A Mandate for change A. The Mood of the People B. Facts on the Economy C. Election of 1932 1. Candidates 2. Background on FDR a. Political Career b. Experience, Character, Intellect 3. Timing (What the people needed) 4. First-Rate Politician a. Coalitions b. Charm c. Communications 5. The Campaign 6. The Interregnum
1930’s and The New Deal • II. The New Deal A. Broker-State Plan • The Plan • The Brain Trust • A Major Shift*** B. The First Hundred Days 1. National Bank Holiday 7. Federal Emergency Relief Administration 2. Emergency Banking Relief Act 8. Civil Works Administration 3. Economy Act 9. Tennessee Valley Authority 4. First Fireside Chat 10. Agricultural Adjustment Act 5. Banking Act of 1933 11. Farm Credit Act a. FDIC 12. National Industrial Recovery Act 6. Civilian Conservation Corps a. National Recovery Administration b. Public Works Administration
In order to receive this benefit member banks must follow certain liquidity and reserve requirements. Banks are classified in 5 groups according to their risk-based capital ratio: • Well capitalized: 10% or higher • Adequately capitalized: 8% or higher • Undercapitalized: less than 8% • Significantly undercapitalized: less than 6% • Critically undercapitalized: less than 2% • When a bank becomes undercapitalized the FDIC issues a warning to the bank. When the number drops below 6% the FDIC can change management and force the bank to take other corrective action. When the bank becomes critically undercapitalized the FDIC declares the bank insolvent.
FERA cont’d School and Park Repairs Flood Control Projects
Public Works Admin. Projects Triborough Bridge Connects The Bronx, Manhattan And Queens Grand Coulee Dame
Recovery, Relief, Reform Who did FDR help?
"The land just blew away; we had to go somewhere."-- Kansas preacher, June, 1936
When the Okies left Oklahoma and moved to California, they raised the average intelligence level in both states. Will Rogers Route 66
Men walkin' 'long the railroad tracksGoin' someplace there's no goin' backHighway patrol choppers comin' up over the ridgeHot soup on a campfire under the bridgeShelter line stretchin' round the cornerWelcome to the new world orderFamilies sleepin' in their cars in the southwestNo home no job no peace no restThe highway is alive tonightBut nobody's kiddin' nobody about where it goesI'm sittin' down here in the campfire lightSearchin' for the ghost of Tom JoadHe pulls prayer book out of his sleeping bagPreacher lights up a butt and takes a dragWaitin' for when the last shall be first and the first shall be lastIn a cardboard box 'neath the underpassGot a one-way ticket to the promised landYou got a hole in your belly and gun in your hand Sleeping on a pillow of solid rockBathin' in the city aqueduct The highway is alive tonightBut where it's headed everybody knowsI'm sittin' down here in the campfire lightWaitin' on the ghost of Tom JoadNow Tom said "Mom, wherever there's a cop beatin' a guyWherever a hungry newborn baby criesWhere there's a fight 'gainst the blood and hatred in the airLook for me Mom I'll be thereWherever there's somebody fightin' for a place to standOr decent job or a helpin' handWherever somebody's strugglin' to be freeLook in their eyes Mom you'll see me."The highway is alive tonightBut nobody's kiddin' nobody about where it goesI'm sittin' downhere in the campfire lightWith the ghost of old Tom Joad Ghost of Tom Joad
1930’s and the New Deal • III. Critics of the New Deal A. Conservatives B. Radicals 1. Fascists 2. Communists C. Thunder on the Left 1. Father Charles E. Coughlin 2. Dr. Francis Townsend 3. Huey P. Long – “King Fish” a. Share the Wealth Plan D. The Supreme Court 1. Schechter v. United States 2. United States v. Butler E. Election of 1936 F. Court Packing Plan
1932-45 The largest vote recorded by the American Communist Party was for William Z. Foster in the presidential election in 1932. Foster polled 102,991 votes, but Norman Thomas, the Socialist Party Candidate got seven times that number. William Foster American Communist Party Earl Browder 1929-32
Thunder on the Left… The Radio Preacher One of his famous speeches was, "Your will is my strength and your need is my justice. They want to ruin me so they can ruin you, and I won't let them!" Old Age Revolving Pension Plan
“Every Man A King” "Share Our Wealth" • No person would be allowed to accumulate a personal net worth of more than 100 to 300 times the average family fortune, which would limit personal assets to between $1.5 million and $5 million. Annual capital levy taxes would be assessed on all persons with a net worth exceeding $1 million. • Every family was to be furnished with a homestead allowance of not less than one-third the average family wealth of the country. • Every family was to be guaranteed an annual family income of at least $2,000 to $2,500, or not less than one-third of the average annual family income in the United States. • No person would be allowed an annual income in excess of 100 to 300 times the average annual family income. Income taxes would be levied to ensure this. • An old-age pension would be made available for all persons.
Charles Evans Hughes Schechter Poultry Co. v. United States • Section 3 of the National Industrial Recovery Act was an unconstitutional delegation of legislative power to the Executive, and was not a valid exercise of congressional Commerce Clause power. Second Circuit Court of Appeals affirmed in part, reversed in part. United States v. Butler The Agricultural Adjustment Act is an unconstitutional exercise of power. Supreme Court Chief Justice
