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The New Deal

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  1. The New Deal

  2. I. Franklin Roosevelt • Greatest strength was his warm and understanding of people. • Fireside chats – radio talks explaining how he planned to fight the depression • Developed a brain trust to help develop a plan to address the Great Depression

  3. II. The First New Deal • Suspended banking activities; only healthy banks were allowed open. • “First Hundred Days” – recovery and reform proposals sent to Congress. These proposals became known as the New Deal • Three purpose of New Deal • Recovery from depression • Relief for its victims • Reform the economic system • 1933-1935 known as “First New Deal” period

  4. Financial Reform: Help for the jobless • 1933, Glass-Steagall Act – created federally insured bank deposits to prevent bank failures (FDIC) • Securities Exchange Commission – regulated stock market and margin buying • 1933, Federal Emergency relief Administration – gave money to states to direct aid to the homeless and unemployed • 1933, Public Works Administration and Civil Works Administration – construction jobs • 1933, Tennessee Valley Authority – government built dams to prevent flooding and sold electricity. • Critics argued takeover unfair and communisitic • Competed with private energy companies • 1933, Civilian Conservation Corps – offered outdoor work to men; helped conserve natural resources

  5. Relief for Agriculture • Placed a moratorium on mortgage foreclosures • Problem was low prices due to overproduction • Agricultural Adjustment Act – government paid farmers who cut production of crops • 1934-135 Dust Bowl – destroyed crops and forced families to move

  6. Industrial Relief • 1933, National Recovery Administration – enforced codes of fair competition and minimum wages • Many felt best way to restore wages and buying power was to strengthen labor unions. AFL membership increased

  7. III. Attacks on the New Deal • Father Charles Coughlin – wanted heavy taxes and guaranteed income for everyone • Huey Long – proposed confiscating property from rich and giving each family a home and $2,000 a year • Dr. Francis Townsend – government pay all American over 60 a $200 pension a month