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The Beginning of the New Deal
The Great Depression The stock market crashes, marking the end of six years of unparalleled prosperity for most sectors of the American economy. The "crash" began on October 24 (Black Thursday). By October 29, stock prices had plummeted and banks were calling in loans. An estimated $30 billion in stock values "disappeared" by mid-November. -
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The Great Depression
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Lack of confidence
Any lack of confidence in the economic future or the basic strength of business in the United States is foolish."—President Herbert Hoover. -
Unemployment
More than 3.2 million people are unemployed, up from 1.5 million before the "crash" of October 1929. President Hoover remained optimistic however stating that "all the evidences indicate that the worst effects of the crash upon unemployment will have passed during the next sixty days." -
Street Corners
The street corners of New York City are crowded with apple-sellers. Nearly six thousand unemployed individuals worked at selling apples for five cents a piece,
The bill fell to defeat in the Senate, however, 62 to 18. The vets maintained their determination to stay camped out until they got their pay. -
The New Deal
The New Deal was a series of domestic programs enacted in the United States between 1933 and 1938, and a few that came later. They included both laws passed by Congress as well as presidential executive orders during the first term (1933–1937) of President Franklin D. Roosevelt. -
What caused the new deal?
new deal“The New Deal” was the program on which Franklin D. Roosevelt was elected President of the United States in 1933 – to reduce unemployment, introduce welfare for the poor and deal with the devastation of the Great Depression and its causes, and in doing so vastly increase the extent of government intervention in the economy. The term comes from Roosevelt’s acceptance speech at the Democratic Convention in July 1932. That November, Roosevelt received a landslide endorsement for the “New Deal” -
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Hard Times
Reformers and philanthropists in New York generated many projects aimed at helping the poor by underwriting the cost of food. One of the most famous was inspired by the widespread unemployment in the city during the Great Depression. In the fall of 1930 Joseph Sicker, chairman of the International Apple Shippers’ Association, had the idea of putting unemployed New Yorkers to work selling apples on the street. A fund supported in part by produce suppliers helped the plan get started.
