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The Great

The Great. NEW. DEAL. Depression. The Election of 1928. (R) Herbert Hoover Food Administration WWI Secretary of Commerce (D) Al Smith (corner) Governor of New York 1 st Irish Catholic to run for White House Advantage? Republican prosperity in the 1920s ensure easy victory for Hoover.

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The Great

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  1. The Great NEW DEAL Depression

  2. The Election of 1928 • (R) Herbert Hoover • Food Administration WWI • Secretary of Commerce • (D) Al Smith (corner) • Governor of New York • 1st Irish Catholic to run for White House • Advantage? • Republican prosperity in the 1920s ensure easy victory for Hoover

  3. The Good Times to Hard Times • Industries in decline, Farmers in decline • Easy Credit - Borrowing on Margin, Limited gains for Workers • Uneven distribution of wealth • Reduced Int’l Trade, Int’l debt structure • Credit Structure AND…. The Stock Market Crash

  4. Railroads Coal Steel textiles Auto industry declined Industries in Trouble

  5. Huge Demand for crops drops after WWI = lower prices High debt McGary-Haughlin Bill Farmers in Distress

  6. Mixed Results for Workers • Wages rose during 1920s, but so did unemployment • Assembly line and other mechanized equipment was replacing skilled laborers, and lower pay was given • As a result of assembly line, factories overproduced more than people could afford to buy

  7. Trouble in the 1920s

  8. People lose their jobs. Even more people Lose their confidence And spend less money Causes of the Depression Demand drops. Fewer goods are sold. The Spiral Of Depression In order to stay in business companies cut wages Companies are forced to cut costs by laying people off People lose their confidence & start saving their money Demand drops even further.

  9. Stock Market Crash of 1929 • The Dow Jones Industrial Average plummeted on October 29, 1929. • $14 billion was lost in one day. • $30 billion lost in one month. • Unofficial start of the Great Depression.

  10. Bank Failures Panic ensues Rush to withdraw $ Over 5500 Banks close Worldwide Depression High Protective tariffs were passed to protect US industry Hurt international trade bc no vice versa trade It gets worse!

  11. Herbert Hoover’s Actions

  12. Government Aid • Boulder Dam, a.k.a. “Hoover Dam” built in Colorado gave thousands of American men jobs between 1931-1936 http://www.usbr.gov/lc/hooverdam/ 2) Proposed an international stop on war repayments and debt

  13. But Not Enough! 3) Reconstruction Finance Corp: gave indirect aid to fund critical businesses like banks, railroads, local gov’t to fund public work projects 4) Federal Home Loan Bank Act - Gov’t increased $ to banks so they could give out more loans for home mortgages, etc.

  14. The Bonus Army • WW I vets marched on Washington DC. • Demanded the bonus that was due in 1945 be paid presently.

  15. Bonus Army in DC… • Congress refused their demands. • Gen. MacArthur broke up the marchers and had their shanty town burned to the ground. • Damaged Hoover’s image even further and depression was getting worse

  16. The Election of 1932 FDR Hoover

  17. What were we thinking?

  18. Key Quotes: FDR’s Inauguration Speech This Nation asks for action, and action now. Our greatest primary task is to put people to work. I shall ask Congress for broad executive power to wage was against the emergency. Link to: • Text of Speech • Video

  19. FDR and the New Deal • During the presidential campaign of 1932, FDR promised Americans a NEW DEAL. • This would be his program to get America back on its feet.

  20. Goals of New Deal Program • Relief • Help people right away • Recovery • Get the US out of the Depression • Reform • Make sure another depression does not happen

  21. Emergency Banking Act Declared a 4 day national banking holiday and closed all banks so government could checked to make sure they are healthy enough to re-open Found 2/3 of banks were safe and re-opened them Restored American’s faith in banks, deposits exceeded withdrawals The First One Hundred Days

  22. Fireside Chats • Series of radio addresses by FDR • 30 total between 1933 to 1944 • FDR used these to calm American people down. • CLICK on the radio to link to hear the 1st chat on the Bank Crisis

  23. FDIC Guaranteed investor’s deposits up to $5000 Today it is up to $250,000 Securities and Exchange Commission Regulates the stock market Act requires full disclosure of all stocks being sold Can regulate the amount of stock bought on margin Regulating Bank & Finance

  24. New Deal:Relief • Federal Emergency Relief Association (FERA) • Civil Works Administration (CWA) • Public Works Administration (PWA) • Civilian Conservation Corps (CCC) • Farm Credit Association (FCA) • Homeowners Loan Corporation (HOLC)

  25. New Deal:Recovery • Works Progress Administration (WPA) • National Recovery Administration (NRA) • Agricultural Adjustment Act (AAA) • National Youth Administration (NYA) • Federal Housing Act (FHA)

  26. New Deal:Reform • Federal Deposit Insurance Company (FDIC) • Securities and Exchange Commission (SEC) • Wagner Act (NLRB) • Tennessee Valley Authority (TVA) • Social Security

  27. Government Spending $ More Pay = More Taxes Alphabet Agencies More Jobs More Jobs More goods have to be produced More Spending Demand for goods increases Demand for goods increases More goods have to be produced More people with Jobs = more pay $ More Spending Reversing the Spiral of Depression Cycle of Prosperity! Democrats called this Process ‘Pump Priming’

  28. Men in the Streets • In cities across the country people: • lost their jobs • Were evicted from their houses • Ended up living on the street. • Hoboes • Shantytowns • soup kitchens and bread lines appeared

  29. People waiting in line for bread and soup and also living out of their car.

  30. Women Struggle to Survive • Women’s role in home • But, many began working OUTSIDE home • FDR’s wife – Eleanor Roosevelt championed women’s rights • Francis Perkins – 1st female cabinet member • Discrimination – paid less, harassment, 1st fired, limited jobs

  31. African American and the Depression • 1932, 1936---end of black support for Republican party ---switch to Democrat • FDR record on civil rights is mixed! • Some New Deal programs excluded blacks • NYA ad WPA was colorblind • Did appoint more than 100 AA to gov’t positions

  32. The Black Cabinet “high-ranking appointees Who advised FDR on African American issues • Philip Randolph • Organized the 1st black union • Brotherhood of Sleep Car Porters - Convinced FDR to ban discrimination in defense industry during WWII Mary M. Bethune • Top ranking AA in Government • Educator • Civil rights issues William Hastie - 1st African American federal judge http://www.youtube.com/watch?v=XF9Quk0QhSE

  33. The Dust Bowl * Worst man-made ecological disaster in US History, lasted over 10 years • Drought conditions and “over plowing” wheat led to soil being “blown away.” • Black blizzards --- dust storms, soil being blown away • Okies migrated to CA in search of work (25%) • Many migrant Mexican farm workers faced discrimination; were deported back to Mexico • http://www.pbs.org/kenburns/dustbowl/

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