HIST HESEN

 Black Thursday  October 24, 1929  Stock fells sharply  Black Tuesday  October 29, 1929  Stock market crashed

 Uneven distribution of income  Stock market speculation  Excessive use of credit  Overproduction of consumer goods

 Weak farm economy  High tariffs  Global economic problems

 Effects on Business  $104 billion to $54 billion in four years  Incomes declined 50%  20% of banks closed  25 million people unemployed (20-25%)

 “Rugged individualism”  Hawley-Smoot Tariff  1930  Set a higher tariff  Europeans raised tariffs on American goods  Debt moratorium  Placed hold on all foreign debts

 Federal Farm Board  Helped to stabilize farm prices  Farmers continued to over produce crops  Reconstruction Finance Corporation  Promise to aid businesses  Stabilize steel, oil, and RRs

 “Hoovervilles”  “Hoover Blankets”  “Hoover Flags”

 1932 – WWI veterans  Marched on Washington, DC  Wanted WWI bonuses - $500-$1000  Hoover wanted to give bonuses  Congress declined  Marchers protested

FDR Hoover

 FDR: The Man  Teddy – 5 th cousin  Grew up in Hyde Park, NY  Harvard/Columbia Law School  Married Eleanor  Stuck with polio at 39  Focus was on BIG GOVT.

 The Three Rs  Recovery  Relief  Reform  The Brains Trust  Rexford Tugwell  Adolph Berle  Raymond Moley

 Bank Holiday  Closed the banks  Ceased the run on banks  Allowed banks to hold cash  Fireside Chats – March 12, 1933  Repeal of Prohibition  1933  21 st Amendment

 Emergency Banking Relief Act  Gave relief to banks  Provided billions to banks to get back on feet again  Federal Deposit Insurance Corporation  Ensured money in the banks  Acted as an insurance policy up to $100,000

 Public Works Administration  Bridges, Road, Tunnels, Sewers  Civilian Conservation Corps  Put men to work  Military style  Tennessee Valley Authority  Constructed hydro-electric dams in the Tennessee Valley

 Agricultural Adjustment Administration  Aided farmers with surplus  Plowed under every other row of crops

 Focused more on relief and reform  Works Progress Administration  National Labor Relations Act  Social Security Act

 Huey Long  Share Our Wealth  Father Charles Coughlin  New Deal is too radical  Dr. Francis Townsend  Look after the old folks  Supreme Court  New Deal unconstitutional

 FDR and the Supreme Court  Wanted to appoint Justices  Decided to add 1 Justice for each over 70.5 years old  Change from 9 Justices to 15  Harsh reaction

 Men, Women, Children  Dust Bowl