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The Great Depression and The New Deal

The Great Depression and The New Deal. Chapter 25: 1929 - 1939. Causes of the Depression Herbert Hoover Again Cultural Crisis Franklin Delano Roosevelt First New Deal 1933-1935 Opposition Second New Deal 1935 – 1937 Minorities New Deal Abroad Stalemate.

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The Great Depression and The New Deal

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  1. The Great Depression and The New Deal Chapter 25: 1929 - 1939

  2. Causes of the Depression • Herbert Hoover Again • Cultural Crisis • Franklin Delano Roosevelt • First New Deal 1933-1935 • Opposition • Second New Deal 1935 – 1937 • Minorities • New Deal Abroad • Stalemate

  3. I. CAUSES OF THE DEPRESSION: Black Tuesday, 10/29/29 Stocks over inflated: 1928 – 1929 – doubling. Corporate profits over inflated Wages increased for middle class Lower wage earners earned equal or less, while top 1% doubled Mal-distribution of wealth (unequally distributed) Farm wages failed to rise Dust bowl Agricultural failures Credit tightened 1929 – 1930 Inventories mounted (automobiles, construction) Factory / construction layoffs Economy contracted Stock Market crash: Margin calls Bank rush Business pulled out of banks Bank failures

  4. Additional reasons: Over production in industry and agriculture High tariffs Collapse of European banks Poor decision making by Federal Reserve – money supply

  5. II. Herbert Hoover Again • Programs: • -Farm subsidies • -Tax cut • Talks with business leaders • Hawley Smoot Tariff, 1930 • Placed temporary hold on any payments by foreign powers on debt, 1931 • Individuals were responsible for themselves and their families

  6. III. Cultural Crisis Expressed in literature and film. Hits people and lasts. Recession  Depression  Quagmire In literature: Miss Lonelyheart, 1933 and A Cool Million, 1934 In film: Fugitive from a Chain Gang, 1932 Shirley Temple Marx Brothers – Duck Soup, 1933

  7. IV. Franklin Delano Roosevelt Born January 1882, New York, Hyde Park, Hudson Valley Attended Groton Academy and Harvard Columbia Law School Modeled himself after his cousin New York legislature Governor of New York Secretary of the Navy during WWI By 1920 – onset of polio Depression and his tonic Repeal, Dec 1933 – 21st Amendment

  8. V. First New Deal 1933-1935 Bank holiday – 1st order of business Federal Deposit Insurance Corp (1933) Tennessee Valley Authority (1933) Securities Act (1933) National Industrial Recovery Act (1933) – pillar Public Works Administration (1933) Agricultural Adjustment Act (1933) Securities and Exchange Commission (1934) Civil Works Administration (1935) Civilian Conservation Corps (1935) FDR – most important legislation – Agricultural Adjustment Act and the National Industrial Recovery Act

  9. Opposition- criticism of conservative nature of reforms • All seemed to favor large corps • Huey Long – no trickle down • Father Charles Coughlin – midwest • Francis Townshend – California • Labor Protests –Union membership increased • Demands – rights promised in NRA • Employers – not inclined • By 1934 – over 2000 strikes • 1934 elections - radicals

  10. Second New Deal: 1935 – 1937 Major change between 1st and 2nd New Deals 1. Strong unions – NLRA, right of every worker to join. Larger expenditures for social welfare Public works projects Government spending necessary – even if resulted in debt Social Security Act (1935) Who didn’t receive National Labor Relations Act (1935) Who wasn’t covered Wagner Act (1935) Who wasn’t able to join unions Holding Company Act (1935) - result? Wealth Tax Act (1935) - how successful? 59% - 75% - Prop 99.5% over $100k Banking Act Rural Electrification Board Farm Security Administration (1936) Works Progress Administration

  11. Minorities Eastern and Southern European formed large part of union movement recognized by Democratic party as important funding provided during New Deal African Americans little gain reproduced past structures of racism ?????? What does this mean felt better segregation ended in federal govt Mexican Americans Repatriation policy – drove hundreds of thousands of Mexican immigrants out of the United States. 1931 -> 500,000 Quiet lives. American Indians Assimilate – Dawes Plan (1887).

  12. The New Deal Abroad1932/33: to benefit American domestic policies regardless of consequencesNov 1933: more internationalist – recognized USSR, Good Neighbor Policy toward Latin America, Reciprocal Trade Agreement (1934) – lower tariff as much as 50% if others do same.

  13. IX. Stalemate Court Packing 1937 – Recession 1937-38 – - SS taxes taken 35, not paid til 41 - unemployment up 20% from 14 - shrinking economy Southern white farmers benefited _______ from the New Deal programs. The longevity / depth of the depression were the result of 1) 2) 3)

  14. Films: Frank Capra – fables of simple, small-town heroes vanquishing evil forces of wealth. Duck Soup – Marx Brothers – pessimism with political institutions Superman Comics Marian Anderson – steps of capitol, honored

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