fdr & the new deal - wordpress.com · franklin d. roosevelt defeated herbert hoover in election...
TRANSCRIPT
FDR & The New Deal
FDR--Background
Came from a wealthy family in Hyde Park
Fifth cousin of TR
Graduated from Harvard in 1904
Undersecretary of the Navy during WWI
Franklin D.
Roosevelt
• Ran for VP in 1920 (Lost)
• 1921-Contracted polio on vacation in Campobello, Maine
• Elected governor of NY in 1928 Won the election in a
landslide (472-59)
• In 1932, promised America a “New Deal”
• “The only thing we have to fear is fear itself.”
Franklin D. Roosevelt
Defeated Herbert Hoover in Election of 1932
Inauguration on March 4, 1933
• 5,000 banks failed between 1929 and 1933
• On March 5th, FDR declared a “Bank Holiday”
Implementing the New Deal
FDR called Congress into special session
March 9--Emergency Banking Act
• Funds to help threatened banks
Hundred Days
Relief, Recovery, Reform
Unprecedented legislation to address crisis of Great Depression
• Expansion of federal government and of government in people’s lives
“Alphabet Soup”
Bank Holiday
Reconstruction Finance Corporation (RFC)
Civilian Conservation Corps (CCC)
Agricultural Adjustment Act (AAA)
Tennessee Valley Authority (TVA)
Nat’l Industrial Recovery Act (NIRA)
Federal Housing Administration (FHA)
Public Works Administration (PWA)
Banking Act of 1935
Social Security Act (SSA)
National Labor Relations Act (Wagner Act) (NLRA)
Glass-Steagall Act/ Federal Deposit Insurance Corporation (FDIC)
Federal Emergency Relief Administration (FERA)
Securities & Exchange Commission (SEC)
Works Progress Administration (WPA)
….
Role of Government The New Deal-- an attempt to save democracy?
Classic Liberalism vs. “New Deal” liberalism
Keynesian Economics vs. Laissez Faire
← New
Deal Liberalism
“It has been well said that ‘the freest government, if it could exist, would not be long acceptable, if the tendency of the laws were to create a rapid accumulation of property in few hands, and to render the great mass of the population dependent and penniless….’
↑ Classic Liberalism
“No people, least of all a people with our traditions of personal liberty, will endure the slow erosion of opportunity for the common man, the oppressive sense of helplessness under the domination of a few, which are overshadowing our whole economic life.”
--FDR, 4/29/38, Message to Congress on Curbing Monopolies
Second New Deal
By 1934, 10 million people remained unemployed-20% of population
“Second New Deal” launched in 1935
The Supreme Court “Court Packing”
1937
FDR wanted to add up to 6 judges, one for every current justice over 70 years old
To combat Supreme Court that ruled against some New Deal legislation
“Roosevelt Recession” of 1937-1938
Unemployment rate was 14.3%
FDR wanted to balance the federal budget, so he cut federal spending for New Deal programs
Unemployment rate jumped to 19.0%
1938-Return to deficit spending