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The New Deal

The New Deal. THE NEW DEAL. FIRST 100 DAYS. foreclosures. unemployment. business failures. 13 mil: 25%!. dust bowl. banks collapse. stock market crash. farm failures. THE PROBLEMS:. The Background 2. Hoover lost 1932 election and was succeeded by…. The Background 3.

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The New Deal

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  1. The New Deal THE NEW DEAL FIRST 100 DAYS

  2. foreclosures unemployment business failures 13 mil: 25%! dust bowl banks collapse stock market crash farm failures THE PROBLEMS:

  3. The Background2 Hoover lost 1932 election and was succeeded by…

  4. The Background 3 …the only president to be elected to FOUR TERMS! FRANKLIN DELANO ROOSEVELT

  5. THE PLAN Roosevelt’s “BRAIN TRUST” came to the conclusion that a massive change in the American way of life was needed to tackle the problems. The “NEW DEAL” was the term coined for this set of changes to address the problems. “Our greatest primary task is to put people to work.” “The nation asks for action and action now.” “The only thing we have to fear is fear itself.”

  6. NEW DEAL: THE THREE R’s RRR • RELIEF (for the poor) • RECOVERY (for the entire economy) • REFORM (of the financial system)

  7. Destitute & Unemployed Alphabet Agencies Industry THE NEW DEAL Farming Stock Market Banking

  8. BANKING BANK HOLIDAY (March 5 – 12, 1933) • banks inspected by Treasury; only secure banks could re-open • FIRESIDE CHATS used to encourage people to put $ back into banks GLASS-STEAGALL ACT OF 1933 • Investors’ deposits insured (FDIC) FEDERAL SECURITIES ACT OF 1933 • No gambling in stocks; companies had to provide info • Securities & Exchange Commission (SEC) created one year later to look out for fraud

  9. DESTITUTE FEDERAL EMERGENCY RELIEF ACT (FERA) • $500 million to state governments to provide relief (welfare) • Matching funds for state work programs (for every $3 spent by a state, federal gov would provide $1) HOME OWNERS LOAN CORPORATION (HOLC) • Gave government loans to homeowners who couldn’t pay mortgages • Federal Housing Administration (FHA) still exists today

  10. UNEMPLOYED CIVIL CONSERVATION CORPS (CCC) • jobs for men aged 18-25 building roads & parks, planting trees, and working on soil and flood projects. 3 million jobs. 3 billion trees, 800 parks, 46,000 bridges. • goal: prevent another Dust Bowl. NATIONAL INDUSTRIAL RECOVERY ACT (NIRA) • created the Public Works Administration (PWA) • provided $ to states to create jobs in construction of schools, hospitals, and community buildings. 4 million jobs. • critics: waste of government money, “make-work” jobs.

  11. FARMING • AGRICULTURAL ADJUSTMENT ACT (AAA) • Farm subsidies propped up prices by lowering production: killing livestock, ploughing up crops • Some people protested waste of food • Did help farmers’ profits • TENNESSEE VALLEY AUTHORITY (TVA) • Overturning years of deforestation and soil erosion by replanting and conservation • Built 20 dams and canals and refurbished 5 • Hydroelectric power for homes/business • Flood prevention

  12. INDUSTRY NATIONAL RECOVERY ADMINISTRATION (NRA) • Made industry less cut-throat to reduce wage-price spiral • Goal was to promote recovery through fair competition • Set wage and price controls • Workers complained of fear of monopolies so Congress passed laws guaranteeing rights to unionize 21st AMENDMENT • Repealed Prohibition • Established alcohol tax

  13. ALPHABET AGENCIES C.C.C. N.I.R.A. F.E.R.A. H.O.L.C. F.H.A. S.E.C. F.D.I.C. T.V.A. A.A.A. P.W.A. N.R.A. Some opponents called them Alphabet Soup.

  14. NEW DEAL ATTACKS • LIBERALS: did not go far enough to help the poor and reform the economy • CONSERVATIVES: deficit spending should not be used for welfare and gov had too much control over industry and farming • CRITICS: American Liberty League, Father Charles Coughlin, Dr. Francis Townsend, Senator Huey Long • Court strikes down NRA&AAA • Court-packing scheme • FDR introduces bill to expand Supreme Court from 9 to 15

  15. SUCCESS or FAILURE? • Reduced unemployment by 7 million • Soil conservation schemes. • The Stock Market and banks recovered. • Transformed the Tennessee valley. • Roosevelt was re-elected. • Still 6 million out of work in 1941. • Blacks were segregated from whites. • Women were excluded from the New Deal. • Tennessee benefited but many areas were still suffering.

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