electing franklin delano roosevelt –wins 1932 presidential election (democrat) –democrats...
TRANSCRIPT
• ELECTING FRANKLIN DELANO ROOSEVELT– Wins 1932 Presidential Election
(Democrat)– Democrats control Congress
(majority in Senate and House)– Defeated Hoover (Republican)
because people blamed Republicans for not doing enough to help with the Depression
• WAITING FOR ROOSEVELT TO TAKE OVER (489)– 20th Amendment stated president
gets elected in November but does not take office until January• During that time he Worked
with his team “Brain Trust” to formulate programs designed to alleviate problems of the Great Depression
• THE HUNDRED DAYS
–Congress passed more than 15 major pieces of New Deal legislation
–These laws expanded the role of the federal government in the nation’s economy
• AN IMPORTANT FIRESIDE CHAT
–Talks on the radio by FDR about issues of public concern, explaining in simple language his New Deal Measures
• REGULATING BANKING AND FINANCE (490)– Glass-Steagall Act –
established FDIC which provided federal insurance for individual bank accounts ensuring bank customers their money was safe
• REGULATING BANKING AND FINANCE– Federal Securities Act – required
corporations to provide complete information on all stock offerings and made them liable for any misrepresentations
– SEC – regulated the stock market. Was to prevent people from with inside information about companies from “rigging” the stock market for their own profit
• Farmers were hardest hit by the depression
• RURAL ASSISSTANCE (491)
–Agricultural Adjustment Act (AAA) – raise crop prices by lowering production
•Reduced supply would increase prices
• RURAL ASSISSTANCE (491)– Tennessee Valley
Authority (TVA)• Renovated five existing
dams and constructed 20 new dams, in result, it created thousands of jobs, and provided flood control, and hydroelectric power
• PROVIDING WORK PROJECTS (491)– Civilian Conservation Corps
(CCC) – put young men 18 to 25 to work. 3 million young men benefited from this program
– National Industrial Recovery Act (NIRA) – provide money to states to create jobs in the construction of schools and community buildings
• PROMOTING FAIR PRACTICES (492)– National Recovery
Administration (NRA) – promote recovery by interrupting the trend of wage cuts, falling prices, and layoffs.
–Workers rights to unionize
• FOOD, CLOTHING, AND SHELTER (492)– Home Owners Loan Corporation
(HOLC) – provided government loans to homeowners who faced foreclosure because they couldn’t pay their loans
– Federal Housing Administration (FHA) – furnishes loans for home mortgage and repairs today
– Federal Emergency Relief Administration (FERA) – money given the states as grants-in-aid to help give food and clothing to the unemployed
• DEFICIT SPENDING
–John Keynes “Keynesian Economics” government should spend more than it receives in revenue
–Only used to get out of great economic crisis
• Liberals
–Argued that the New Deal did not go far enough to help the poor and to reform the nation’s economic system
• CONSERVATIVES– Say Roosevelt spent too
much on direct relief and used New Deal policies to control business and socialize the economy
– Believed the New Deal gave too much control to the federal government over agriculture and industry
• MANY COMPLAINED THAT THE NEW DEAL INTERFERED WITH THE WORKINGS OF THE FREE-MARKET ECONOMY
• THE SUPREME COURT REACTS– Court struck down the NIRA
as unconstitutional– AAA was struck down by
Supreme Court on the grounds that agriculture is a local matter and should be regulated by the states rather than by the federal government
• Roosevelt was able to choose 8 new Supreme Court Justices
–This allowed Roosevelt to pack the Supreme Court with Justices that favored his political ideology
• THREE FIERY CRITICS– American Liberty
League – they opposed New Deal measures that it believed violated respect for the rights of individuals and property
1. Charles Coughlin
2. Dr. Francis Townsend
3. Huey Long
