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The Great Depression: Economic Causes, Effects, and FDR's New Deal (1929-1941)

Between 1929 and 1941, the Great Depression radically transformed the American economy and society. Triggered by over-speculation and a stock market crash, it led to widespread unemployment, foreclosures, and bank failures. The economic downturn was characterized by a severe contraction in consumer spending and production, leading to millions relying on breadlines and soup kitchens. Franklin D. Roosevelt's New Deal aimed to recover the economy through government intervention and reform, implementing programs like FERA and the SEC to stabilize financial institutions and aid the unemployed.

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The Great Depression: Economic Causes, Effects, and FDR's New Deal (1929-1941)

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  1. 1929-1941 The Great Depression

  2. Economics…

  3. Intro Review • Recession • unemployment • depression • law of supply and demand • securities • over-speculation • foreclosures • NYSE • Wall Street • bond • on the margin • overproduction • brokers • stock • insider trading • interest • Business Cycle • bank runs A bull market is up—it’s a seller’s market A bear market is down—it’s a buyer’s market

  4. From Twenties to Thirties 1920s 1930s Economic depression Pessimism Traditional values Repeal of prohibition Public enemies/theft Political demagogues More movies/escapism FDR’s fireside chats New Deal regulation 25% unemployment Bear Market Dust Bowl Migration to California Rugged individualism Democrats in power • Economic prosperity • Optimism • Fads and slang • Prohibition • Organized crime/bootleg • Heroes • Movies • Silent Cal • Laissez-faire • New jobs • Bull market • Ideals of rural America • Migration to cities • Fundamentalism • Republicans in power

  5. Vocabulary—Topic 5—see p. 298 1. Business Cycle 2. Great Crash—major dip in the stock market in October 1929 3. Black Tuesday 4. Rugged Individualism--idea of a person standing on his own without help from others 5. Breadlines/Soup Kitchens 6. Depression 7. Bonus Army 8. Hoovervilles 9. Dust Bowl 10. Dorothea Lange 11. Hobo Signs—marks by the homeless outside a home indicating help or no help 12. “Riding the Rails” 13. The New Deal • —Hoover Blanket • —Hoover Flag • —Shanty

  6. The Great Recession of 2008 • http://www.youtube.com/watch?v=Q0zEXdDO5JU (Video: “The Crisis of Credit”)

  7. Economic Factors 2012-13

  8. I. Panic of 1929 • A. Overproduction (led to lay-offs) • B. Under-consumption (led to more lay-offs) • C. Unsound financial practices led to “bank runs” (bad loans, buying on the margin) • D. Stock Market Crash—Oct. 29, 1929

  9. Who is to blame? • Secretary of Treasury, Andrew Mellon? • The Federal Reserve? • High tariffs?

  10. II. Hoover Tries to Fight the Depression • A. Ideas of rugged individualism • B. Agricultural Marketing Act • C. Reconstruction Finance Corporation • D. Limited program of federal works • E. Encouraged local projects • F. Extended WWI European Loans • G. Hawley-Smoot Tariff—failure—depression got worse!

  11. “Brother, Can You Spare a Dime?” (song) • http://www.youtube.com/watch?v=eih67rlGNhU • Recorded by Bing Crosby in 1931

  12. “We’re in the Money” • http://www.youtube.com/watch?v=_r3KdTL6mjk • Film: Gold Diggers of 1933 • Song still used to indicate a bull market over a bear market

  13. III. Election of 1932 • A. 13 million unemployed • B. Foreclosures on homes and farms • C. Breadlines and soup kitchens • D. Banks failing • E. Hoover ran for re-election—people blamed him for the depression • F. Gov. Franklin D. Roosevelt of NY won in a landslide • G. Both houses of Congress became Democratic majorities

  14. Breadline

  15. Bonus Army • http://www.youtube.com/watch_popup?feature=player_embedded&v=sNOsIB5VMSQ

  16. Bonus Army

  17. Hooverville

  18. Election of 1932

  19. IV. Life of FDR • A. Early years of wealth and privilege—related to TR—married to Eleanor—lawyer • B. NY politician • C. Assistant sec. of navy • D. VP candidate in 1920 • E. 1921—polio led to paralysis of his legs—used exercise, steel braces, cane • F. 1928-33—governor of NY

  20. Franklin and Eleanor

  21. ”Happy Days are Here Again” campaign song

  22. V. “Happy Days are Here Again!” • A. Greatest peacetime crisis in history • B. Inauguration—March 1933—later the 20thamendment changed inauguration to January (shorter “Lame Duck”) • C. “The only thing we have to fear is fear itself” • D. Promised “relief, recovery and reform” • E. Promised a “New Deal” for people • F. Fireside chats (on radio) reassured people

  23. First Hundred Days… • President Roosevelt presented an “alphabet soup” of programs • All presidents are now judged by their first 100 days in office • “Brain Trust”—FDR’s advisors were university professors and experts

  24. The New Deal • Based on ideas of John Maynard Keynes (KeynesianEconomics) • ‘‘pump priming’’ or ‘‘priming the pump’’ (governmentspending to stimulate the economy)

  25. VI. New Deal Programs—Financial • A. National Banking Holiday—halted bank runs and provided safe banks—he closed the banks • B. Gold standard ended • C. FDIC—Federal Deposit Insurance Corporation—protected bank deposits! • D. Federal Securities Act • E. SEC—Securities and Exchange Commission (headed by Joe Kennedy!)

  26. FDR’s “ Bank Holiday”

  27. VII. New Deal Programs—Aid for Unemployed • A. FERA—Federal Emergency Relief Administration (gave “relief” $) • B. PWA—Public Works Administration (roads, buildings etc.) • C. WPA—Works Progress Administration (added art projects) • D. CCC—Civilian Conservation Corps (built campsites) • E. NYA—National Youth Administration

  28. New Deal in Texas • http://livingnewdeal.org/us/tx/denton-tx/

  29. Mary MacLeod Bethune—head of NYA

  30. CCC

  31. PWA in Denton

  32. VIII. New Deal Programs—Industry and Agriculture • A. NRA—National Recovery Administration • B. Sec. of State Cordell Hull lowered tariffs for better international trade • C. AAA—Agricultural Adjustment Act

  33. IX. New Deal Programs--Labor • A. NLRA (Wagner Act)—National Labor Relations Act—made unions legal • B. Social Security Act—retirement funds • C. Fair Labor Standards Act—protected women in the workplace—established minimum wage and maximum hours

  34. Frances Perkins • Secretary of Labor • First Woman Cabinet Member (Note: Dept. of Labor startedby Wilson-1913)

  35. Social Security Card

  36. X. New Deal--Housing • A. HOLC--Home Owners Loan Corporation • B. FHA—Federal Housing Administration • C. USHA—U.S. Housing Authority

  37. FHA

  38. XI. New Deal—Conservation and Development • A. TVA—Tennessee Valley Authority • B. Hoover Dam (Boulder Dam), Grand Coulee Dam, and others • C. Rural Electrification Act (all provided electricity in rural areas)

  39. Hoover Dam—Las Vegas, Nevada

  40. XII. Other Programs • A. 21st Amendment Passed—repealed 18th (ended prohibition)—1933 • B. FCC—Federal Communications Commission • C. Motor Carrier Act • D. Civil Aeronautics Act • E. U.S. Maritime Commission

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