W3/7/12; H3/24/05; H3/16/06; M3/12/07; F3/14/08; W3/11/09; H3/11/10; T3/15/11

FDR’s Hundred Days

(Ch. 25.2; pp. 714-721)

I. FDR OverviewA. Personal• wealthy background • young FDR• polio – semi-paralyzed• FDR's wheelchair• FDR with cane• FDR leaning

I. FDR Overview (cont.)

B. Political• NY Dem - populist• fireside chats– radio

• confident, experimental, populist– “only thing to fear…”– “Happy Days Are Here Again”

I. FDR Overview (cont.)

C. Advisors1. Brain Trust – professors– Rex Tugwell– Adolph Berle

• often supported conflicting ideas• played favorites off each other• wanted broad range of opinions• often fluctuated in approach

I. FDR Overview (cont.)

C. Advisors (cont.)

2. Eleanor Roosevelt – active First Lady– distant cousin – heavily influenced FDR– social conscience• African-Americans• Women

– mistress: Lorena Hickock (Eleanor)– mistress: Lucy Mercer (FDR)

I. FDR Overview (cont.)

C. Advisors (cont.) • 3. Other Advisors–Frances Perkins • 1st woman in cabinet (Labor)

–Harold Ickes (Interior & PWA)–Henry A. Wallace (Agric.)–Henry Morgentheau, Jr. (Treasury)– James A. Farley (Postmaster & campaign manager)

–Harry Hopkins (FERA)–Hugh Johnson (NRA)

II. New Deal• built off:– Progressives– WWI– Hoover

• 100 Days (March-June 1933) – initial leg.– 3-pronged attack:• money (banks)• industrial recovery• agricultural recovery

• 3 R’s – Relief, Recovery, Reform

II. New Deal (cont.)

A. Money/Banks• [* = indicates part of 100 Days]1. *Emergency Banking Act• response to bank runs• closed banks – “bank holiday”• determine solvency• re-opened credible banks• fixed other banks

2. *HOLC (Home Owners Loan Corporation) • part of Home Owners’ Refinancing Act• $2B refinance mortgages

II. New Deal (cont.)

A. Money/Banks (cont.)

• 3. FHA – Federal Housing Admin (1934)- part of National Housing Act

• • 4. *FCA (Farm Credit Admin) • - rural refinancing• • 5. *FDIC • - insures accounts ($2,500)• - prevent future bank runs• - part of *Banking Act of 1933•

II. New Deal (cont.)

B. Industrial Recovery• 1. *NIRA – 2 parts NRA & PWA

• 1a. NRA– Hugh Johnson– regulate business– complex rules

• 1b. PWA – unemployed young men– public structures (more later w/ WPA)

II. New Deal (cont.)

B. Industrial Recovery (cont.)

• 2. *CCC • - outdoor work - parks• - part of *Unemployment Relief Act

II. New Deal (cont.)

C. Agricultural Recovery• 1. *AAA–destroyed crops, livestock– raise prices

• 2. *TVA–electric power for rural poor–dams – prevent flooding– interstate power – 7 states total–“unfair competition”

II. New Deal (cont.)

D. Unemployment• *FERA– Harry Hopkins– indirect relief – states, cities– $500M

• *CCC• *PWA (part of NIRA)• CWA (Nov. 1933)• WPA (2nd ND - 1935)– part of Emergency Relief Appropriations Act

III. New Deal Policy• socialism vs. laissez-faire capitalism• Where does the ND fit?

• Keynesian theory• John Maynard Keynes – economist• Keynes• government role in economy• deficit spending• “prime the pump”

• FDR’s effectiveness?