Download - Franklin D. Roosevelt and the New Deal
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FRANKLIN D. ROOSEVELT AND THE NEW DEAL
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CAUSES OF THE GREAT DEPRESSION
Agricultural overproduction – Midwest
Industrial overproduction – East
Unequal distribution of wealth
Over-extension of credit
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HOW HOOVER DEALT WITH IT.
Hoover played the game of confidence.
“Prosperity is right around the corner.”
No government assistance.
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REASONS FOR INEFFECTIVENESS
Hoover though business should self-regulate.
Wanted a balanced budget Was not well liked by his political foes.
Seen as a “Do-Nothing President”
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ELECTION OF FRANKLIN D. ROOSEVELT
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POSITION WHEN FDR CAME INTO OFFICE. Banking System had collapsed The country believed it was leaderless
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I never saw him—but I knew him. Can you have forgotten how, with his voice, he came into our house, the President of these United States, calling us friends..."—Carl Carmer, April 14, 1945
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RELIEF
RECOVERY
REFORM
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FIRST NEW DEAL
Emphasis: reform Political Position:
conservative Primary aim: economic
recovery Philosophy: economic
nationalism and economic scarcity (i.e., raise prices by creating the illusion of scarcity)
Objectives: higher prices for agriculture and business
Beneficiaries: big business and agricultural business
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EMERGENCY BANKING RELIEF ACT
Purpose: Restore confidence in the banking system
Passed unanimously in Congress Federal examiners to survey the
nation’s banks and issue licenses to those that were financially sound.
Belief that their money would now be secure if they put it back into the banks
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NRA: NATIONAL RECOVERY ACT
Purpose: Recovery of Industry Created a partnership of business,
labor, and government to attack the depression.
Use of: price controls, high wages, codes of fair competition.
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FIRST AGRICULTURAL ADJUSTMENT ACT Purpose: the recovery
of agriculture Paid farmers who
agreed to reduce production of basic crops: cotton, wheat
Money came from: tax on processors who passed the cost on to consumers.
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CIVILIAN CONSERVATION CORP. (CCC) Purpose: Relief Gave outdoor work to unemployed men
between the ages of 17 and 29. $30 per month
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SECOND NEW DEAL
Emphasis: reform Political Position: liberal Primary aim: permanent
reform Philosophy: international
economic cooperation and economic abundance
Objectives: increased purchasing power and social security for public
Beneficiaries: small farmers and labor
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SOCIAL SECURITY ADMINISTRATION
Became law in 1935 Major goal: to provide some security for
the elderly and for unemployed workers Core: monthly retirement benefit when
workers stopped at age 65. Unemployment insurance
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SECOND AGRICULTURAL ADJUSTMENT ACT Purpose: recovery for agriculture Paid farmers for conservation. Restricted the production of staple
crops.
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BANK “HOLIDAY”
Fear the Roosevelt would abandon the gold standard
People were doing “bank runs” – withdrawal all of their money
By March of 1933 over 4,000 banks had closed. Governors declared a bank holiday to close the remaining banks before they lost money. ****CALLED CONGRESS INTO A SPECIAL
SESSION, CLOSED ALL BANKS****
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UNEMPLOYMENT
Refusal to simply give money to the unemployed.
Recipients were more likely to maintain work skills and self-respect if they earned their money
Creation of Governmental agencies that would organizes work programs for the unemployed.
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PUBLIC WORKS ADMINISTRATION
Created as part of the National Recovery Administration, the Public Works Administration provided jobs working in public works all across the nation.
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WORKS PROGRESS ADMINISTRATION
The Works Progress Administration provided millions of jobs working on public works projects across the nation. In 1939 the name was changed to Works Projects Administration.
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RECOVERY OF THE UNITED STATES ECONOMY
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MORTGAGE RELIEF
Home Owner’s Loan Corporation Bought mortgages from homeowners
who were behind on payments Restructured them with longer terms of
repayment and lower interest rates. 10% of homeowners received HOLC Only helped those still employed, it
foreclosed on those who were unemployed
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HOME OWNERS LOAN CORPORATION
The Home Owners Loan Corporation purchased and insured 20% of urban homes in the country.
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FEDERAL HOUSING ADMINISTRATION
The FHA opened home ownership to a new group of people by lowering required down payments and increasing repayment periods.
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SEARCH FOR EFFECTIVE REFORM
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BANKING: GLASS-STEAGALL ACT (FDIC) The Glass-Steagall Act separated
commercial banking from investment banking.
To protect depositors: Federal Deposit Insurance Corporation (FDIC)
Greatly increased public confidence in the banking system.
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STOCK MARKET: SEC
Securities Act of 1933 Required companies that bought and
sold stocks and bonds to provide complete and truthful information to investors.
Creation of the Securities and Exchange Commission (SEC) to regulate the stock market and prevent fraud.
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WAGNER ACT (NLRB)
Guaranteed workers the right to organize unions without interference from employers, and the ability to bargain collectively
National Labor Relations Board (NLRB) – organized factory elections by secret ballot to determine if the workers wanted a union.
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LABOR’S RESPONSE: FORMATION OF CIO After the Wagner Act A burst of labor activity Committee for Industrial
Organization – helped workers in industries without unions, to form unions.
Organize unions with all workers skilled and unskilled.
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LABOR STANDARDS ACT
1938 After NIRA was dismantled by the
Supreme Court The Fair Labor and Standards Act of
1938 provided more protection for workers, abolished child labor, and established a 40-hour workweek.
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CONTROVERSIAL ASPECTS OF THE NEW DEAL
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CONSTITUTIONAL ISSUES
Schechter Poultry Corp v. United States, 1935
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SCHECHTER POULTRY CORP V. UNITED STATES (1935)
Activity
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ROOSEVELT’S COURT-PACKING PROPOSAL
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1940: THIRD TERM CONTROVERSY
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PASSAGE OF THE 22ND AMENDMENT (1951)
Unclear rules for presidential succession
FDR would serve for almost four full terms
A look back at the constitution