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Great Depression and New Deal

Great Depression and New Deal

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Great Depression and New Deal

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  1. Great Depression and New Deal

  2. Great Depression and New Deal • Introduction • General Conditions • Reactions • Great Depression • FDR • Recovery • Relief • Challengers • Reform • SEC • FDIC • New Deal (1933-1940) • Legacy

  3. Themes • Conditions faced during the Great Depression • Roosevelt’s New Deal: Three R’s • Recovery • Relief • Reform • Challengers to Roosevelt • Evaluating the New Deal’s legacy

  4. Great Depression and New Deal • Introduction • General Conditions • Reactions • Great Depression • FDR • Recovery • Relief • Challengers • Reform • SEC • FDIC • New Deal (1933-1940) • Legacy

  5. Statistics of Hard Times

  6. Human Toll • Unemployment • 1933: 13 million were unemployed • 1933: 25% unemployment • Many others had pay and hours cut

  7. Stock Market Crash • It began on October 29, 1929 as prices plummeted. This day was known as “Black Thursday” • a record 16 million stocks were sold • By mid-November losses were estimated to be about $30 Billion • $378,000,000 in today’s dollars • At it’s lowest, the market lost 80% of its value.

  8. Problems Facing Farmers • Farmers in the midwest faced financial ruin • Drought, Dust storms and low prices caused by overproduction

  9. Problems facing Farmers • Dust storms occurred during the summers of 1934-39 • Dust drifts were often several feet deep • Dust destroyed crops and property

  10. Traveling Westward • Many Americans from the Midwest traveled westward in hope of finding farming jobs • Over 350,000 traveled to California • Often referred to with the slur “Okies”

  11. Great Depression and New Deal • Introduction • General Conditions • Reactions • Great Depression • FDR • Recovery • Relief • Challengers • Reform • SEC • FDIC • New Deal (1933-1940) • Legacy

  12. Bonus March 1932 • In 1924 Congress rewarded veterans of the WWI with a bonus to be paid in the 1940s • Veterans demanded their bonus early; 10,000 marched to Washington, D.C. • Congress and President Hoover refused their demands • The military destroyed the tent-city and the movement disbanded

  13. Anger with Government • Many focused their anger at President Hoover • Hoovervilles: Names for shanty towns where many homeless built shelters and lived • 1932 was an election year and many American wanted a new president.

  14. Hooverville

  15. Great Depression and New Deal • Introduction • General Conditions • Reactions • Great Depression • FDR • Recovery • Relief • Challengers • Reform • SEC • FDIC • New Deal (1933-1940) • Legacy

  16. New Deal President • FDR – Franklin D. Roosevelt • Served as Governor of New York • President1933-1945 • Suffered from Polio as an adult and had limited use of his legs

  17. FDR’S PLan • “It is common sense to take a method and try it. If it fails, admit it frankly and try another. But above all, try something.”

  18. FDR’S PLan • Keynesian Economics • Use gov. spending to grow economy • Deficit spending

  19. FDR’s plan • Recovery: Bring about economic recovery of the United States

  20. FDR’s plan • Recovery: Bring about economic recovery of the United States • Relief: Provide immediate direct economic relief to the American people through jobs.

  21. FDR’s plan • Recovery: Bring about economic recovery of the United States • Relief: Provide immediate direct economic relief to the American people through jobs. • Reform: Reform the system to avoid another Great Depression in the future.

  22. Great Depression and New Deal • Introduction • General Conditions • Reactions • Great Depression • FDR • Recovery • Relief • Challengers • Reform • SEC • FDIC • New Deal (1933-1940) • Legacy

  23. Recovery Measures • Goal: Bring about economic recovery of the United States • Examples: • EBA

  24. Emergency Bank Act (EBA) • By early 1933, more than 5,000 banks had closed their doors

  25. Emergency Bank Act (EBA) • Law enacted in 1933 • Banks were required to take a four day holiday • Banks were inspected to ensure soundness • Weak banks restructured and healthy banks re-opened right away • Significance: restored faith in banking system

  26. Recovery Measures • Goal: Bring about economic recovery of the United States • Examples: • EBA • AAA

  27. Agricultural Adjustment Act (AAA) 1933 • Background • Farmers produced a surplus which undercut the ability of farmers to turn a profit. • Farmers paid to restrict crop production • Government bought surplus

  28. AAA $ Quantity

  29. Recovery Measures • Goal: Bring about economic recovery of the United States • Examples: • EBA • AAA • TVA

  30. Tennessee Valley Authority (TVA) 1933 • Built dams in the Tennessee Valley • Deigned to end erosion and promote flood control • Brought cheap electric power to areas • Encouraged long term economic growth in the region.

  31. Tennessee Valley Authority (TVA) 1933

  32. Tennessee Valley Authority (TVA) 1933

  33. Tennessee Valley Authority (TVA) 1933

  34. Great Depression and New Deal • Introduction • General Conditions • Reactions • Great Depression • FDR • Recovery • Relief • Challengers • Reform • SEC • FDIC • New Deal (1933-1940) • Legacy

  35. Relief Measures1933-1935 • Goal: Provide direct economic relief to the American people through jobs. • Examples: • WPA and PWA

  36. Federal Emergency Relief Act (FerA)/ Works Progress Administration (WPA) 1935 • Umbrella agency that directly employed over 8 million workers • 125,000 buildings were constructed; hospitals, schools, post offices, etc. • Money for the arts was allocated to employ writers, performers, and artists

  37. Public Works Administration (PWA) • Spent $6 Billion for private contractors • Built large-scale public works such as dams, bridges, hospitals, and schools.

  38. Relief Measures1933-1935 • Goal: Provide direct economic relief to the American people (jobs) • Examples: • WPA and PWA • CCC

  39. Civilian Conservation Corps (CCC) • Put men to work and helped the environment • Types of work • Planted trees • Built campgrounds • Hiking trails • Average pay • $35.00/ month

  40. Check Up! • How did Roosevelt utilize the philosophy of Keynesian Economics to provide the nation with relief and recovery? • Evaluate this policy.

  41. Check Up! • What does this cartoon reveal about the changing role of government under FDR’s leadership?

  42. Great Depression and New Deal • Introduction • General Conditions • Reactions • Great Depression • FDR • Recovery • Relief • Challengers • Reform • SEC • FDIC • New Deal (1933-1940) • Legacy

  43. Bellwork • Why would some people oppose FDR’s plans of Recovery, Relief, and Reform?