1. The Government’s Response to the Great Depression

2. Herbert Hoover Elected in 1928 Republican
Gets the blame for the Great Depression
Believed it was temporary

3. Hoover’s Responses Agricultural Marketing Act (1929)
Created the Federal Farm Board
Govt would buy & hold surplus
Hawley-Smoot Tariff (1930)
Highest tariff rates in history
Reduced international trade
Reconstruction Finance Corporation (1932)
Emergency loans to key businesses
Railroads, banks, life insurance co.

4. Franklin D. Roosevelt Elected in 1932 Democrat Projected optimism
1st president to use radio – fireside chats

5. Eleanor Roosevelt
Important asset
FDR’s eyes & ears

6. The New Deal Keynesian Economics The 3 R’s
Govt should lower taxes, spend money, and purposely run up large deficits
Public spending would put people back to work and get money into circulation
The 3 R’s
Relief
Recovery
Reform

7. Hundred Days March 9 – June 16, 1933
FDR pushed through several pieces of legislation
Congress very accommodating

8. Saving the Banks Bank Holiday (March 1933) Emergency Banking Act
FDR closes the banks so govt can inspect them
Emergency Banking Act
To weed out weak banks
Glass-Steagall Banking Act
Creates the FDIC: insures deposits to $2500

9. Dealing with Want Federal Emergency Relief Act
$1.3 billion to states for relief payments or wages on work projects
To keep people from starving

10. Saving America’s Farms
Agricultural Adjustment Act
System to provide cash subsidies to farmers who cut production
Displaced black sharecroppers

11. Restarting the Factories
National Recovery Administration
Codes for production, prices, and labor
Established minimum wage & maximum hours; outlawed child labor

12. Putting People Back to Work
Civilian Conservation Corps
For young men (18-25)
Reforestation & conservation work
250,000 men
Public Works Administration
Jobs on public works projects

13. Ending Rural Poverty & Electrifying the Nation
Tennessee Valley Authority: 20 dams
Rural Electrification Administration: 10% of farms to 40%

14. Stock Market Fixes
Securities & Exchange Commission (SEC): to police stock market
Truth in Securities Act of 1933: companies have to give full & accurate info