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The Great Depression and the New Deal

The Great Depression and the New Deal. 1929-1939. CAUSES:. Stock Market Speculation Mistakes by the Federal Reserve Board An Ill-Advised Tariff A Maldistribution of Wealth. MARKET SPECULATION :. Money poured into the stock market Many investors bought on 10% “margin”

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The Great Depression and the New Deal

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  1. The Great Depression and the New Deal 1929-1939

  2. CAUSES: • Stock Market Speculation • Mistakes by the Federal Reserve Board • An Ill-Advised Tariff • A Maldistribution of Wealth

  3. MARKET SPECULATION: • Money poured into the stock market • Many investors bought on 10% “margin” • Rampant speculation and risky ventures • Confidence in future earnings fell and banks, brokers demanded loan repayment • Federal Reserve: • Curtails amount of money in circulation • Raised interest rates • 1930-1931, Federal Reserve curtailed the amount of money in circulation and raised interest rates Harley-Smoot Tariff: Raised tariffs on Agricultural and manufactured goods.

  4. MALDISTRIBUTION OF WEALTH • Coolidge administration had lowered taxes on wealthy • Slowed consumer purchases

  5. HOOVER: • Worked his way up the corporate ranks • Secretary of Commerce • President, 1929 • Predicted economic prosperity • Associationalism • Glass-Steagall Act (1932) • Reconstruction Finance Corporation (RFC) • Hoover uncomfortable with deficit spending, Especially spending that directly gave money to the poor • Livestock feed over food for farm families • Bank bail out over salaries for teachers and city workers

  6. BONUS ARMY: • Bonus Expeditionary Force • 20,000 staged a march on Washington, D.C. • Anacostia Flats • House agrees, Senate refuses • Douglas MacArthur and George Patton • Election of 1932 • Franklin D. Roosevelt • Herbert Hoover

  7. ROOSEVELT: • Rich New York elite • Best prep schools and Ivy League • Until 1920s, success because of family connections • Polio • Eleanor Roosevelt

  8. ROOSEVELT LIBERALISM: • Governor of New York • 1929-33 • Reform-minded • Championed liberalism • Hundred Days” • 15 major pieces of legislation passed • “Fireside chats” • Roosevelt exuded confidence and a defiantly cheery nature

  9. ALPHABET SOUP • Federal Emergency Relief Administration (1933) • Harry Hopkins • Civilian Conservation Corps (CCC) • Civil Works Administration (CWA) • Homeowners’ Loan Corporation (HLC) • Tennessee Valley Authority (TVA)

  10. CRITICS OF THE NEW DEAL: • Huey Long • Father Charles Coughlin “radio priest” • Francis E. Townsend

  11. SECOND NEW DEAL, 1935-37 • Labor unrest of 1934 took Roosevelt by surprise • Roosevelt called for new programs to aid the poor and downtrodden • Not a socialist, but Roosevelt sought approval from poor Americans so they would not turn to radical solutions

  12. Social Security Act (1935) • National Labor Relations Act (1935) • Robert Wagner • Holding Company Act • Wealth Tax Act • Rural Electrification Administration • Works Progress Administration (WPA)

  13. 1935-36: Roosevelt’s rhetoric was more radical than the laws he supported • He promised more than he delivered to many of nation’s poor: • Farm workers, African Americans and Chicanos not covered by New Deal • Roosevelt’s corporate ties • Democratic reality: party of the masses and 1 section of big business

  14. AFRICAN AMERICANS AND FDR: • New Deal reproduced patterns of racial discrimination • Blacks living in rural South were still barred from voting, sharecroppers excluded from farming programs, denied protection in farming unions • Eleanor Roosevelt and Marian Anderson • Roosevelt’s “Black Cabinet”

  15. Mexican Americans and FDR: • Hoover’s repatriation plan • Local governments pressured many Mexicans to leave • Discrimination against Mexican-Americans • Many who stayed in the U.S. became the “invisible minority” • Many urban-dwelling Mexicans did benefit from New Deal policies

  16. Native Americans and FDR John Collier Commissioner of Indian Affairs Prohibited the selling of Native American Financed day schools with WPA money Encouraged land conservation

  17. FDR and Foreign Policy • Recognized the Soviet Union • Good Neighbor Policy • Attempt to improve relations between US and Central and South America • Reciprocal Trade Agreement, 1934 • Response to earlier attempts at raising tariffs (which was countered by other countries).

  18. Restored confidence • Used Fireside chats to talk to the American people • Some of his New Deal Programs declared unconstitutional • Governed an unprecedented 12 years

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