the new deal from 1933. “happy days are here, again” franklin delano roosevelt, (ny gov.)...

THENEW DEAL

FROM 1933

“Happy days are here, again”

• Franklin Delano Roosevelt,

(NY gov.)

campaigns on appeals to the

“Forgotten Man”

Franklin D. Roosevelt (N.Y.)John N. Garner (Texas) Democratic 472 22,821,857

Herbert C. Hoover (Cal.)Charles Curtis (Kansas) Republican 59 15,761,845 Norman M. Thomas (N.Y.)James H. Maurer (Penna.) Socialist 0 881,951 William Z. Foster (New York)James W. Ford (Alabama) Communist 0 102,785

William D. Upshaw (Georgia)Frank S. Regan (Illinois) Prohibition 0 81,869

W.H. Harvey (Arkansas)Frank B. Hemenway (Wash.) Liberty 0 53,425

Verne L. Reynolds (N.Y.)J.W. Aiken (Massachusetts) Socialist Labor 0 33,276 Jacob S. Coxey (Ohio) Farmer-Labor 0 7,309

ELECTION OF 1932

Electoral College

“ I pledge a new deal for the American people.”

• “competitive” tariffs

• “sound” currency

• finance reform

• veteran’s pensions

• farm aid

• balanced budget

Inaugural Address, March 4,1933

• “The only thing we have to fear…is fear itself!”

Bank Holiday!!!

• Banks will close for 4 days, be “inspected”, declared safe before they can re-open.

“100 Days”

• extraordinary legislative activity from March to June of 1933

• bi-partisan support

• some bills passed with 45 minutes of debate

Relief, Recovery, Reform

• FERA

• Federal Emergency Relief Act

• provides direct relief and matches state dollars.

CCCCivilian Conservation Corps

• FDR’s pet project• unemployed • 18-24 year-olds• maintain/improve

public lands• work camps• $30 per month• 2,000,000 by 1941• relief

CCCCivilian Conservation Corps

CCCCivilian Conservation Corps

AAA – Agricultural Adjustment Act

• pays farmers to decrease production in order to raise prices– wheat and corn farmers paid not to plant; bad weather had already reduced

planted acreage

– hog kill to raise pork prices for farmers, paid farmers to kill 5 million baby pigs

and 200,000 sows by September 1933; gave 100m lbs to relief

• price supports

• (hurts tenant farmers)

• recovery

AAA – Agricultural Adjustment Act

TVA

• Tennessee Valley Authority

• flood control, electrification, economic development, navigation, aquaculture

• recovery

• reform

TVA

Glass-Steagall Act

• separates banks by function– investment vs. commercial– depository vs. securities

• FDIC

• other finance reform

• relief – recovery -- reform

Banking Reform

• EBA 1933 sets regulatory framework for the 1934 founding of the SEC– SEC: Securities and Exchange Commission

• regulates the stock market

• FDR gradually/partially takes US off the

“gold standard” (until 1945)

“Fireside Chats”

• We look forward to a world founded upon four essential human freedoms. The first is freedom of speech and expression--everywhere in the world. The second is freedom of every person to worship God in his own way-- everywhere in the world. The third is freedom from want . . . everywhere in the world. The fourth is freedom from fear . . . anywhere in the world.--President Franklin D. Roosevelt, Message to Congress, January 6, 1941

“2nd New Deal” from 1935• NLRA and the Wagner Act, NLRB

Social Security Act 1935

• 1% payroll tax• 1st benefit $22.74• REFORM

WPA

• Works Progress Administration

• authorizes $5 billion in public projects

• helps teachers, historians, artists, musicians, theaters RECOVERY

Indian Reorganization Act 1934

• self-governing corporations

• reversed policy of reservation sell-offs

reform

Eleanor Roosevelt

did it woRK?DID THE NEW DEAL END THE

DEPRESSION?