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The Great Depression and New Deal, 1929-1939

HIST 202 - HESEN. The Great Depression and New Deal, 1929-1939. Causes of the Great Depression. Black Thursday October 24, 1929 Stock fells sharply Black Tuesday October 29, 1929 Stock market crashed. Long-term Causes of the Great Depression. Uneven distribution of income

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The Great Depression and New Deal, 1929-1939

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  1. HIST 202 - HESEN The Great Depression and New Deal, 1929-1939

  2. Causes of the Great Depression • Black Thursday • October 24, 1929 • Stock fells sharply • Black Tuesday • October 29, 1929 • Stock market crashed

  3. Long-term Causes of the Great Depression • Uneven distribution of income • Stock market speculation • Excessive use of credit • Overproduction of consumer goods

  4. Long-term Causes of the Great Depression • Weak farm economy • High tariffs • Global economic problems

  5. Effects • Effects on Business • $104 billion to $54 billion in four years • Incomes declined 50% • 20% of banks closed • 25 million people unemployed (20-25%)

  6. Hoover’s Policies • “Rugged individualism” • Hawley-Smoot Tariff • 1930 • Set a higher tariff • Europeans raised tariffs on American goods • Debt moratorium • Placed hold on all foreign debts

  7. Domestic Programs – Too Little, Too Late • Federal Farm Board • Helped to stabilize farm prices • Farmers continued to over produce crops • Reconstruction Finance Corporation • Promise to aid businesses • Stabilize steel, oil, and RRs

  8. “Hooverisms” • “Hoovervilles” • “Hoover Blankets” • “Hoover Flags”

  9. Bonus Army • 1932 – WWI veterans • Marched on Washington, DC • Wanted WWI bonuses - $500-$1000 • Hoover wanted to give bonuses • Congress declined • Marchers protested

  10. The Election of 1932 FDR Hoover

  11. FDR & The New Deal • FDR: The Man • Teddy – 5th cousin • Grew up in Hyde Park, NY • Harvard/Columbia Law School • Married Eleanor • Stuck with polio at 39 • Focus was on BIG GOVT.

  12. New Deal Philosophy • The Three Rs • Recovery • Relief • Reform • The Brains Trust • Rexford Tugwell • Adolph Berle • Raymond Moley

  13. The Hundred Days • Bank Holiday • Closed the banks • Ceased the run on banks • Allowed banks to hold cash • Fireside Chats – March 12, 1933 • Repeal of Prohibition • 1933 • 21st Amendment

  14. Financial Relief Programs • Emergency Banking Relief Act • Gave relief to banks • Provided billions to banks to get back on feet again • Federal Deposit Insurance Corporation • Ensured money in the banks • Acted as an insurance policy up to $100,000

  15. Unemployment Relief • Public Works Administration • Bridges, Road, Tunnels, Sewers • Civilian Conservation Corps • Put men 17-25 to work • Military style • Tennessee Valley Authority • Constructed hydro-electric dams in the Tennessee Valley

  16. Industrial and Farm Relief • Agricultural Adjustment Administration • Aided farmers with surplus • Plowed under every other row of crops

  17. Second New Deal • Focused more on relief and reform • Works Progress Administration • National Labor Relations Act • Social Security Act

  18. Opponents of the New Deal • Huey Long • Share Our Wealth • Father Charles Coughlin • New Deal is too radical • Dr. Francis Townsend • Look after the old folks • Supreme Court • New Deal unconstitutional

  19. Supreme Court Packing Plan • FDR and the Supreme Court • Wanted to appoint Justices • Decided to add 1 Justice for each over 70.5 years old • Change from 9 Justices to 15 • Harsh reaction

  20. Life During the Great Depression • Men, Women, Children • Dust Bowl

  21. Popular Culture

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