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Great Depression and the 1930s
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Election of 1928 Republican Herbert Hoover won
Continued with economic trends of Harding and Coolidge “We are nearer to the final triumph over poverty than ever before in the history of any land”
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The Stock Market (1922-1929) Bull Market – steady growth
By 1929, 10% of Americans owned stock (4 million) Buying on margin purchasing a stock for only part of its value, as low as 10%
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Crash of 1929 Black Tuesday – October 29th $30 billion was lost
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Banking Banks lost money Had loaned to stock speculators
Invested depositors’ money in the market Many closed Bank run
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Hawley-Smoot Tariff Tariff rates increased on over 900 items
Hurt US trade with Europe Economy worsened
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Early Years of the Depression
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Problems in Society Hunger Bread lines Soup kitchens
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Housing foreclosures and evictions
shantytowns – nicknamed “Hoovervilles”
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The Dust Bowl Causes poor farming techniques on the Great Plains
farm prices drop – farms left unplanted drought from
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Okies
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Anger & Frustration
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Protests and Marches
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The Bonus Army WW I veterans march to Washington to demand their $1,000 war bonuses Hoover brought in US Army troops to break up the marchers
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President Hoover’s Response
Downplayed the public’s fear Refused to give direct cash relief payments, individuals are responsible for own welfare Hoover Dam – construction project to provide jobs “Business has turned the corner, we have now passed the worst” - President Hoover, January 1930
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Crime Rates Increased Bonnie and Clyde ( )
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Roosevelt to the Rescue
A New Deal for the Forgotten Man
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Roosevelt takes Office
9 million savings accounts depleted Unemployment at its highest = 25% The New Deal Purpose: Relief – immediate aid, often direct cash Recovery – short term help, jobs programs and business reorganization Reform – prevention, never let this happen again
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The First Hundred Days “Fireside chats” – weekly radio broadcasts by FDR Emergency Banking Relief Act Bank Holiday – closed nation’s banks for 10 days so they could restructure and reorganize before reopening FDR explained this in his first Fireside Chat Glass-Steagall Act FDIC (Federal Deposit Insurance Corporation) government agency that insured bank deposits up to $2,500
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Restoring American confidence in banking
Why?
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First New Deal 1933 – 1935
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Economic Legislation Securities and Exchange Commission (SEC) Purpose:
Regulate trading in the stock market
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Agricultural Adjustment Act (AAA)
Purpose: Reduce surplus farm products Paid farmers to destroy crops and plant less = crop prices increase Found unconstitutional b/c it favored large one crop farming
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Relief and Employment Plans
“prime the pump” of recovery
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Federal Emergency Relief Act
Gave $500 million in direct aid payments to the poor State and local governments gave it out
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Civilian Conservation Corps (CCC)
Employed 250, yr old men Run by War Department, military style discipline Forestry projects
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Tennessee Valley Authority (TVA)
Hydro-electric dam construction Jobs Electricity Lakes for recreation
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The Second New Deal
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Works Progress Administration (WPA)
Jobs – construction of highways, streets, public buildings, bridges, and airports
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Social Security Act Retirement plan for people over 65 funded by tax on wages paid equally by employer and employee Gave direct aid payments to disabled and poor families with young children
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Rural Electrification Administration
WPA would build power lines into rural areas
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National Labor Relations Act
Also known as the Wagner Act Purpose: Maintain the right for labor to make unions Supported collective bargaining Supported by Supreme Court NLRB v. Jones & Laughlin Steel – 1937 – workers can form/join unions
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Committee for Industrial Organization (CIO)
Joined together several industries that did not have unions Led by John L. Lewis
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Fair Labor Standards Act
Set minimum wage and maximum hours (8 hr workday = 40 hour week +4 overtime hours) 25 cents was first minimum wage (1938) Child labor laws Children under 18 could not do dangerous jobs Children under 16 could not work during school hours
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Reactions to the New Deal
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Huey Long – the Kingfish
FDR/government should give more to Americans “Every man a king”
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Father Coughlin Did not support the New Deal
National Union for Social Justice Wanted: higher taxes on the wealthy Federal government to take over the banking system
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New Deal and the Supreme Court
Supreme Court found some of the New Deal programs unconstitutional FDR’s court packing plan Attempt to restructure the Supreme Court in his favor
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Why did some Americans equate FDR to a dictator?
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Legacy of the New Deal Government as an economic safety net
Keynesian economics Reduce interest rates Increase government spending on infrastructure Creation of BIG government to create more departments to insure Americans well-being (protecting the general welfare)
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