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THE NEW DEAL FROM 1933
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“Happy days are here, again” Franklin Delano Roosevelt, (NY gov.) campaigns on appeals to the “Forgotten Man”
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Franklin D. Roosevelt (N.Y.) John N. Garner (Texas) Democratic 472 22,821,857 Herbert C. Hoover (Cal.) Charles Curtis (Kansas)Republican 59 15,761,845 Norman M. Thomas (N.Y.) James H. Maurer (Penna.) Socialist 0 881,951 William Z. Foster (New York) James W. Ford (Alabama) Communist 0 102,785 William D. Upshaw (Georgia) Frank S. Regan (Illinois) Prohibition 0 81,869 W.H. Harvey (Arkansas) Frank B. Hemenway (Wash.) Liberty 0 53,425 Verne L. Reynolds (N.Y.) J.W. Aiken (Massachusetts) Socialist Labor 0 33,276 Jacob S. Coxey (Ohio) Farmer-Labor 0 7,309 ELECTION OF 1932 Electoral College
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“ I pledge a new deal for the American people.” “competitive” tariffs “sound” currency finance reform veteran’s pensions farm aid balanced budget
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Inaugural Address, March 4,1933 “The only thing we have to fear…is fear itself!”
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Bank Holiday!!! Banks will close for 4 days, be “inspected”, declared safe before they can re-open.
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“100 Days” extraordinary legislative activity from March to June of 1933 bi-partisan support some bills passed with 45 minutes of debate Relief, Recovery, Reform
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FERA Federal Emergency Relief Act provides direct relief and matches state dollars.
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CCC Civilian Conservation Corps FDR’s pet project unemployed 18-24 year-olds maintain/improve public lands work camps $30 per month 2,000,000 by 1941 relief
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CCC Civilian Conservation Corps
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AAA – Agricultural Adjustment Act pays farmers to decrease production in order to raise prices –wheat and corn farmers paid not to plant; bad weather had already reduced planted acreage –hog kill to raise pork prices for farmers, paid farmers to kill 5 million baby pigs and 200,000 sows by September 1933; gave 100m lbs to relief price supports (hurts tenant farmers) recovery
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AAA – Agricultural Adjustment Act
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TVA Tennessee Valley Authority flood control, electrification, economic development, navigation, aquaculture recovery reform
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TVA
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Glass-Steagall Act separates banks by function –investment vs. commercial –depository vs. securities FDIC other finance reform relief – recovery -- reform
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Banking Reform EBA 1933 sets regulatory framework for the 1934 founding of the SEC –SEC: Securities and Exchange Commission regulates the stock market FDR gradually/partially takes US off the “gold standard” (until 1945)
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“Fireside Chats”
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We look forward to a world founded upon four essential human freedoms. The first is freedom of speech and expression-- everywhere in the world. The second is freedom of every person to worship God in his own way-- everywhere in the world. The third is freedom from want... everywhere in the world. The fourth is freedom from fear... anywhere in the world. --President Franklin D. Roosevelt, Message to Congress, January 6, 1941
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“2 nd New Deal” from 1935 NLRA and the Wagner Act, NLRB
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Social Security Act 1935 1% payroll tax 1 st benefit $22.74 REFORM
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WPA Works Progress Administration authorizes $5 billion in public projects helps teachers, historians, artists, musicians, theatersRECOVERY
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Indian Reorganization Act 1934 self-governing corporations reversed policy of reservation sell-offs reform
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Eleanor Roosevelt
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did it woRK? DID THE NEW DEAL END THE DEPRESSION?
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