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The Great Depression
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9000 Banks Failed all over the U.S.
People started to distrust banks and they wanted to pull out their money. Everyone wanted to take out their money but the banks didnt have enough money for every one so they went bankrupt. There were some states that didn't have a bank at all. -
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The New Deal
President Franklin D. Roosevelt implemented the New Deal as a plan to get out of the Great Depression. The "Hundered Days" was the name given to his first four months in office and in this time he was able to pass 15 acts. He and his Brain Trust, a group of ivy league proffessors, were able to come up with ways to reverse effects that the first years of the Great Depression put on the nation and its people. -
Emergency Banking Act of 1933
This act made it possible for banks that had to close to be inspected and then reopened if they had enough funds. For the banks to be checked all banks closed for a day so the Treasury Department inspecters could look at all the banks. After that one day over half of all banks that closed were able to open again. -
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Fireside Chats with FDR
FDR used the radio as a way to connect with Americans at home. In his chats he talked about how and what the government was doing to help them. He made sure that the people knew that it was ok to trust the banks again. He would also talk about other things that made the people worry durring the G.D. and he was known for having a calming and reasuring voice which helped give Americans hope. These went untill 1944 which was after the Great Depression and he talked about hot topics of that time. -
Agriculture Adjustment Act (AAA)
Whith this act farmers who limited their crop production would be rewarded with cash bonuses. This was only beneficial for middle and upper class farmers because poor farmers could not afford to cut back on their production. This was part of FDR's New Deal because after WWI farmers were still growing crops in large quantities like they did during the war but the prices were not as good so there was alot of extra produce. -
Federal Emergency Relief Administration (FERA)
This organization employed eligable people off of relief rolls who were skilled and well trained workers at their last job. This was ment to provide many different types of work such as agricultural, cunstruction, and educational jobs. This also gave relief to those who needed it but people didn't always like getting handed money withput doing anything to recieve it. The Public Works Adiministration and the Civil Works Administration were branches of the FERA which provided 4-6 million jobs. -
Glass-Steagall Act
The Federal Deposit Insurance Corporation(FDIC) was a result of this act. This enabled little banks to insure their deposits from a pool of money from other banks. The banks would insure deposits up to $2,500. This act also focused on having tighter restrictions on banks and what they were using their money for. State banks now had to send in reports to the Federal Reserve Bank and Board. -
National Recovery Act (NRA)
This act along with the National Industrial Recovery Act (NIRA) both delt with industries and their conditions, codes, and, wages. The NIRA gave all workers the right to collective barganing. The NRA made codes dealing with rates of pay, ages of workers, hours of work, and figuring of prices. -
Securities and Exchange Commission
The SEC regualted stock prices and exchanges. The government created this so that the market could protected from fraud and crashes like it experienced in 1929. Holding companies were broken up to regulate rates and to have smaller companies in more places than to have larger companies in just one spot. -
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Second New Deal
This part of FDR's New Deals focused more on social injustice of the nation instead of the economic recovery like the first New Deal. The biggest thing that came from this second New Deal was the Social Security Act which gave benefits to older americans. -
Social Security Act
This act provided old age benefits and pensions for U.S. citizens. This was one of the more intrusive acts that was put in place, it meant that the government was more in families private lives that it had ever been before. This would also allow older people to retire sooner and not have to worry about running out of money or not being able to provide for their families. This then made more room for younger workers in the workforce.
