the new deal from 1933. “happy days are here, again” franklin delano roosevelt, (ny gov.)...
TRANSCRIPT
THENEW DEAL
FROM 1933
“Happy days are here, again”
• Franklin Delano Roosevelt,
(NY gov.)
campaigns on appeals to the
“Forgotten Man”
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
“ I pledge a new deal for the American people.”
• “competitive” tariffs
• “sound” currency
• finance reform
• veteran’s pensions
• farm aid
• balanced budget
Inaugural Address, March 4,1933
• “The only thing we have to fear…is fear itself!”
Bank Holiday!!!
• Banks will close for 4 days, be “inspected”, declared safe before they can re-open.
“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
• FERA
• Federal Emergency Relief Act
• provides direct relief and matches state dollars.
CCCCivilian 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
CCCCivilian Conservation Corps
CCCCivilian Conservation Corps
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
AAA – Agricultural Adjustment Act
TVA
• Tennessee Valley Authority
• flood control, electrification, economic development, navigation, aquaculture
• recovery
• reform
TVA
Glass-Steagall Act
• separates banks by function– investment vs. commercial– depository vs. securities
• FDIC
• other finance reform
• relief – recovery -- reform
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)
“Fireside Chats”
• 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
“2nd New Deal” from 1935• NLRA and the Wagner Act, NLRB
Social Security Act 1935
• 1% payroll tax• 1st benefit $22.74• REFORM
WPA
• Works Progress Administration
• authorizes $5 billion in public projects
• helps teachers, historians, artists, musicians, theaters RECOVERY
Indian Reorganization Act 1934
• self-governing corporations
• reversed policy of reservation sell-offs
reform
Eleanor Roosevelt
did it woRK?DID THE NEW DEAL END THE
DEPRESSION?