The Great Depression and New Deal, 1929-1939
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THE GREAT DEPRESSION AND NEW DEAL, 1929-1939
HIST 202 - HESEN
Causes of the Great Depression Black Thursday
October 24, 1929 Stock fells sharply
Black Tuesday October 29, 1929 Stock market
crashed
Long-term Causes of the Great Depression
Uneven distribution of income
Stock market speculation
Excessive use of credit
Overproduction of consumer goods
Long-term Causes of the Great Depression
Weak farm economy
High tariffs
Global economic problems
Effects Effects on Business
$104 billion to $54 billion in four years
Incomes declined 50%
20% of banks closed 25 million people
unemployed (20-25%)
Hoover’s Policies “Rugged
individualism” Hawley-Smoot
Tariff 1930 Set a higher tariff Europeans raised
tariffs on American goods
Debt moratorium Placed hold on all
foreign debts
Domestic Programs – Too Little, Too Late Federal Farm Board
Helped to stabilize farm prices
Farmers continued to over produce crops
Reconstruction Finance Corporation Promise to aid
businesses Stabilize steel, oil,
and RRs
“Hooverisms” “Hoovervilles”
“Hoover Blankets”
“Hoover Flags”
Bonus Army 1932 – WWI
veterans Marched on
Washington, DC Wanted WWI
bonuses - $500-$1000
Hoover wanted to give bonuses
Congress declined Marchers protested
The Election of 1932
FDR Hoover
FDR & The New Deal FDR: The Man
Teddy – 5th cousin Grew up in Hyde
Park, NY Harvard/Columbia
Law School Married Eleanor Stuck with polio at
39 Focus was on BIG
GOVT.
New Deal Philosophy The Three Rs
Recovery Relief Reform
The Brains Trust Rexford Tugwell Adolph Berle Raymond Moley
The Hundred Days Bank Holiday
Closed the banks Ceased the run on banks Allowed banks to hold cash
Fireside Chats – March 12, 1933
Repeal of Prohibition 1933 21st Amendment
Financial Relief Programs Emergency Banking
Relief Act Gave relief to banks Provided billions to banks
to get back on feet again
Federal Deposit Insurance Corporation Ensured money in the
banks Acted as an insurance
policy up to $100,000
Unemployment Relief Public Works
Administration Bridges, Road, Tunnels,
Sewers Civilian Conservation
Corps Put men 17-25 to work Military style
Tennessee Valley Authority Constructed hydro-electric
dams in the Tennessee Valley
Industrial and Farm Relief Agricultural
Adjustment Administration Aided farmers with
surplus Plowed under every
other row of crops
Second New Deal Focused more on
relief and reform Works Progress
Administration National Labor
Relations Act Social Security Act
Opponents of the New Deal Huey Long
Share Our Wealth
Father Charles Coughlin New Deal is too radical
Dr. Francis Townsend Look after the old folks
Supreme Court New Deal unconstitutional
Supreme Court Packing Plan
FDR and the Supreme Court Wanted to appoint
Justices Decided to add 1
Justice for each over 70.5 years old
Change from 9 Justices to 15
Harsh reaction
Life During the Great Depression
Men, Women, Children
Dust Bowl
Popular Culture
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