The Depression and New Deal

1. The Depression and New Deal

2. The Stock Market Crash and Underlying Causes of the Depression • Why does the 20s bull market collapse? • Inflated stock values • Borrowing to buy stocks • Stock Market Crash – October 1929 • Underlying economic weaknesses • Durable goods and construction • Corporate profits vs. wages • Consumer indebtedness • Banking and stock-brokerage • Agricultural sector weakness • High Tariffs

3. Ecological Disaster • The “Dust Bowl” • Agricultural prices (1929-1932) • Foreclosures and farm abandonment “The farmers are all in the same class. Broke—financially, underfeed.[sic] —under clothed, all have the blues and disgusts.”--John A. Garner • Hitting the Road • “Okies”

4. Minorities and the Depression • Mexican-Americans • Unemployment rates • Forced repatriation • African-Americans • Unemployment rates • Lynchings “create vacancies”

5. Contrasting Approaches to National Emergency Franklin Delano Roosevelt Herbert Hoover and voluntarism”

6. Roosevelt’s New Deal • Bank Holiday and Emergency Banking Act • Agricultural Adjustment Act (AAA) • Federal Emergency Relief Administration • Civilian Conservation Corps • National Youth Administration • Works Progress Administration • Social Security Act

7. Assessing the New Deal • Expansion of Federal Spending • Transformation of State Bureaucracies • Establishment of a welfare state • Maintenance of American income levels

8. Expansion of Government • Government spending on public aid (all levels) • 1913-- $21 million • 1932-- $208 million • 1939-- $4.9 billion • Public Aid as percentage of all government expenses • 1913-- 1% • 1933-- 6.5% • 1939-- 27.1% • Per Capita spending on public aid (all levels of government) • 1913-- $.22 • 1939-- $37.80

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11. Unemployment and Wages

16. Civilian Conservation Corps (CCC)

18. FERA canning operation

19. Waiting for Relief Checks