15.1 A New Deal Fights the Depression

Franklin Delano Roosevelt (FDR)
won the 1932 presidential election; proved to be an effective, reform-minded leader; two-term governor of New York; worked to combat the problems of unemployment and poverty; “can-do” attitude; created the New Deal

20th Amendment
amendment to the constitution that moved presidential inaugurations to January; ratified in February 1933 so did not affect the 1932 presidential election

Brain Trust
professors, lawyers, and journalists that Roosevelt and his team carefully picked for advisers; known as this

New Deal
a phrase taken from a campaign speech in which Roosevelt promised “a new deal for the American people”; name for Roosevelt’s plan to get America back on track

3 Rs – relief, recovery, reform
relief for the needy
economic recovery
financial reform

(First) Hundred Days
period of intense activity right after FDR’s election; March 9-June 16, 1933; Congress passed more than 15 major pieces of New Deal legislation; significantly expanded the federal government’s role in the nation’s economy

bank holiday
FDR called this one day after his election; closed all banks to prevent further withdrawals

Emergency Banking Relief Act
FDR persuaded Congress to pass this which authorized the Treasury Department to inspect the country’s banks; those that were sound were reopened, those that were not remained closed; those that needed loans received them; revived public confidence in banks

fireside chats
FDR used these to communicate his plans directly to the people; radio talks about issues of public concern; made Americans feel like their president was talking directly to them

Glass-Steagall Act (1933)
established the FDIC; one of FDR’s efforts in the banking industry; passed by Congress in 1933

Federal Deposit Insurance Corporation (FDIC)
created by the Glass-Steagall Act; provided federal insurance for individual bank accounts of up to $5,000, reassuring millions of bank customers that their money was safe; required banks to act cautiously with their customers’ money

Federal Securities Act (1933)
passed in May 1933; required corporations to provide complete information on all stock offerings and made them liable for any misrepresentations

liable
legally responsible

Securities and Exchange Commission (SEC)
created in June 1934; to regulate the stock market; tried to prevent inside people from “rigging” the stock market for their benefit

21st Amendment
passed in the end of 1933; repealed prohibition; FDR persuaded Congress to approve a bill allowing the manufacture and sale of some alcoholic beverages; the bill’s purpose was to raise government revenues by taxing alcohol; led to this

Agricultural Adjustment Act (AAA)
sought to raise crop prices by lowing production; government achieved this by paying farmers to leave a certain amount of every acre of land unseeded; put more money in farmers’ pockets

Tennessee Valley Authority (TVA)
established May 18, 1933; focused on the Tennessee River Valley; renovated 5 existing dams and constructed 20 new ones; created thousands of jobs; provided flood control, hydroelectric energy, and other benefits to an impoverished region

Civilian Conservation Corps (CCC)
a group that put young men, ages 18-25, to work building roads, developing parks, planting trees, and heling in soil erosion and flood-control projects; provided free food, uniforms, and lodging; aimed to prevent another Dust Bowl

Public Works Administration (PWA)
created in June 1933; provided money to states to create jobs chiefly in the construction of new schools and other community buildings; didn’t make a sufficient dent

National Industrial Recovery Act (NIRA)
Public Works Administration was part of this; provided money to states to create jobs chiefly in the construction of schools and other community buildings

Civil Works Administration (CWA)
created in November 1933; created 4 million immediate jobs; half million miles of roads were built; 40,000 schools were built; paid the salaries of more than 50,000 teachers in America’s rural areas

National Recovery Administration (NRA)
set prices of many products and established standards in industry; promoted recovery by interrupting the trend of wage cuts, falling prices, and layoffs

Home Owners Loan Corporation (HOLC)
provided government loans to homeowners who faced foreclosure because they couldn’t meet their own payments

National Housing Act (1934)
created the Federal Housing Administration

Federal Housing Administration (FHA)
created by the National Housing Act; continues to furnish loans for home mortgages and repairs today

Federal Emergency Relief Administration (FERA)
funded with $500 million to provide direct relief for the needy; half given to states as direct grants-in-aid to help furnish food and clothing to the unemployed, aged, and ill

direct grants-in-aid
provided by the FERA; helped furnish food and clothing to the unemployed, aged, and ill

Harry Hopkins
headed FERA; believed that it was meaningful work that enabled them to gain confidence and self-respect

John Maynard Keynes
an influential British economist; promoted the idea of deficit spending to stimulate economic recovery; a country should spend its way out of a depression by putting money into the hands of consumers

deficit spending
economic policy of spending more money than the government receives in revenue; FDR supported this, but with reluctance

Keynesian economics
economic theory based on the principles of John Maynard Keynes, stating that government spending should increase during business slumps and be curbed during booms

Court-packing bill
FDR proposed this in February 1937; that Congress enact this court-reform bill to reorganize the federal judiciary and allow FDR to appoint six new Supreme Court justices; aroused a lot of protest

American Liberty League
strongest Conservative opponents of the New Deal; opposed New Deal measures that it believed violated respect for the rights of individuals and property; 3 main critics were Charles Coughlin, Dr. Francis Townsend, and Huey Long

Father Charles Coughlin
former Catholic priest; broadcasted radio sermons that combined economic, political, and religious ideas; initial supporter of the New Deal, but turned; favored a guaranteed income and the nationalization of banks

Dr. Francis Townsend
physician and health officer in Long Beach, California; believed that FDR wasn’t doing enough to help the poor and elderly, so he devised a pension plan that would provide monthly benefits to the aged

Senator Huey Long
from Louisiana; an early supporter of the New Deal, but turned; wanted to win the presidency himself, he proposed a nationwide social program called Share-Our-Wealth; most serious challenger to the New Deal

Share-Our-Wealth
“Every Man a King”; Long’s banner for this program; boasted that this organization had 7.5 million followers

nationalization
changing something from private to state ownership or control

Franklin D Roosevelt He beat Herbert Hoover in the general election and became the 32nd President of the United States. He was a democrat and cousin to previous president Theodore Roosevelt. Eleanor Roosevelt She was the niece of Theodore Roosevelt. …

Works Progress Administration (WPA) Hires jobless people to build public buildings and parks. New Deal program of President Franklin D. Roosevelt to end the Great Depression WE WILL WRITE A CUSTOM ESSAY SAMPLE ON ANY TOPIC SPECIFICALLY FOR YOU FOR …

Election of 1928 Al Smith – Dem Herbert Hoover – Rep Hoover victorious because he was Rep (2 previous Pres. were Rep) Maintain prosperity Farming Crisis Over production Shows hard times on horizon WE WILL WRITE A CUSTOM ESSAY SAMPLE …

Works Progress Administration (WPA) Hires jobless people to build public buildings and parks. New Deal program of President Franklin D. Roosevelt to end the Great Depression WE WILL WRITE A CUSTOM ESSAY SAMPLE ON ANY TOPIC SPECIFICALLY FOR YOU FOR …

Causes of the Great Depression ♦Uneven distribution of wealth ♦Stock market speculation “buying on the margin” ♦Excessive use of credit ♦Overproduction on consumer goods ♦Weak farm economy ♦Government policies ♦Global economic policies Black Tuesday ♦Stock market crash (Oct. 29, 1929) …

Business cycle recurring fluctuations in economic activity consisting of recession and recovery and growth and decline, a movement of the economy from one condition to another and back again. it has four cycles including prosperity, recession, depression, and recovery Volunteerism …

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