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Huey Long
-Opposed the new deal because he believed that Roosevelt's plan to help American economy after the great depression would not adequately help citizens living in poverty
-"Share our wealth" plan -
Stock Market Crash of 1929 Part B
-President Harding wanted to return to normalcy and the economy started to become good
-Millions of Americans became unemployed
-Protectionism was a result of the Great Depression, which was a result of the Stock Market Crash -
Stock Market Crash of 1929 Part C
-As a bank run progresses, it generates its own momentum: as more people withdraw cash, the likelihood of default increases, triggering further withdrawals
-This can destabilize the bank to the point where it runs out of cash and thus faces sudden bank failure -
Stock Market Crash of 1929 Part A
-It was a decline in U.S. stock market values in 1929 that contributed to the Great Depression of the 1930s
-Buying on the margin became so popular that by the late 1920s, 90% of the purchased price of the stock was being made with borrowed money
-U.S. economy had come to depend on that activity
-Before the crash, nearly 40 cents of every dollar loaned in America was used to buy stocks -
Migrant Mother
-Her photographs of migrant workers homeless, women, and children helped draw attention to the desperate conditions in rural America and helped to bring attention to the need for direct relief -
Immigration During The Great Depression
-Passed quotas on immigrants from Europe but not from Mexico
-Mexicans freely entered the U.S. as long as they payed taxes and passed a test
-Many came to escape turmoil
-Immigrants were taking all the jobs so Hoover passed a Mexican Reputation Act -
Dust Bowl
-Farmers had been plowing the grass lands for crops in central plans and trapping under ground water supplies natural causes were 10 year drought
-Farmers had to make it to Cali
-The wind carried the top soil away -
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William Randolph Hearst
-His reputation suffered in the 1930s as his political views changed in 1932
-He was a major supporter of FDR
-Broke with FDR in the spring of 1935 when president voted the pat man bonus bill -
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Franklin D. Roosevelt Presidency
-Defeated Herbert Hoover in the 1932 election
-"Only thing we have to offer is fear itself". FDR was trying to say that our fear is what's causing things to go wrong. It gave the American people and government time to calm down and make recovery plans
-The greatest problem was the widespread of unemployment due to the stock market crash and the dust bowl
-FDR promised Americans a "New Deal", to put them back to work
-The three R's: Relief, Recovery and Reform -
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The New Deal
-The new deal helped America recover from the depression
-Provide temporary help to suffering and unemployed Americans
-Designed to help the economy bounce back from the depression. Includes the AAA and the NIRA
-Targeted the causes of the depression and sought to prevent crisis like it from happening again
-Expanded the role of government through programs designed to restore public confidence and provide jobs -
Francis Townsend
-Dr. Francis was a physician who devised the Townsend plan
-The plan promised to end the great depression by opening up jobs for younger workers
-Adopted a version of the Townsend plan when the social security program was created -
21st Amendment
-Repealed the 18th amendment
-Americans concerned about the adverse of drinking
-Brought an end to the era of national prohibition of alcohol -
SEC 1933
-SEC was created to watch over the stock market, prevent fraud and guard against other stock market collapse
-Was Roosevelt's reform against the new deal -
FDIC
-Federal Deposit Insurance Corporation
-Independent agency of the U.S. federal gov that preserves public confidence in the banking system
-Roosevelt signed the banking act
-Part of Roosevelt's "Reform Legislation Act" -
AAA 1936
-Agricultural Adjustment Acts 1936
-U.S. federal law of the new deal era which reduced agricultural productions by paying farmers subsidies not to plant on part of their land and to kill off excess livestock
-To reduce crops surplus and effectively raise the value of crops -
Judicial Procedures Reform Bill 1937
-Obtained favorable ruling regarding New Deal legislation
-Added more justices to the supreme court
-Congress saw it as unconstitutional
-He stepped pass presidential power and did not follow checks and balances -
Grapes of Wrath
-John Steinbeck
-Main road of exodus for those fleeing from harsh conditions and enviromental conditions of the dust bowl
-Called immigrant workers "oakies", which meant scum
- Moved to find new means of survival
-Mild climates allowed for a long growing season in California and steady income
-They found low paying jobs
-Corporation owned farms -
20th Amendment
-Lame duck sessions
-Amendment changed that both presidents couldn't be in same building -
Gold Reserve Act and The Gold Standard 1934
-Gold and silver have provided two accepted forms of exchange
-Came to an end in 1933 when Roosevelt issued an executive order outlawing the ownership of gold
-Roosevelt wanted people to rely on paper money in order to expand the money supply and stimulate economic activity -
Social Security Act
-No one had any reliable cash generating form of retirement security
-Act to provide for the general welfare by enabling the states to make more adequate provisions for aged people and many others needing assistance
-Helps elderly people get checks for retirement due to the dedicated social security payroll taxes by employee and employer -
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Great Depression
One fourth of the labor force was out of work hourly wages dropped by 50% hundreds of banks had failed
-Worst employment rate was in 1932 and it was 23.6% to 15 million
Many were deprived of their homes