22:3 Hoover and the Depression Practice Questions pg. 691

1. 22:3 Hoover and the DepressionPractice Questions pg. 691

2. Hoover’s Philosophy on the Role of Government in the Economy • Facilitate voluntary cooperation between labor and management • Opposed direct relief • Believed in rugged individualism

3. “Rugged Individualism” • Phrase coined by Hoover • Individual responsibility • Direct relief weakens “moral fiber”

4. 1930s election • Economy got worse • Democrats take control of House • Republicans maintain one vote lead in the Senate • What does this reflect?

5. Hoover takes Action • Federal Farm Board • Federal Loan Bank Act • Reconstruction Finance Corporation • Public Works Project-Boulder Dam

6. Federal Farm Board • Formed cooperatives • Stored surplus grains and cotton • Effort to raise crop prices

7. Federal Home Loan Bank Act 1932 • Created a Federal Bank that would lend to Private Savings and Loan Banks who would then lend to individuals to refinance their homes/farms

8. Reconstruction Finance Corporation • $2 billion to banks, life insurance companies, and big businesses • Trickle down economics

9. Boulder Dam • Public Works project • $700 million into circulation

10. Bonus Army • 10-20,000 WWI Vets • Patman Bill voted down • MacArthur actions • Last nail in Hoover’s coffin

11. 1932 Election • Hoover’s economic policies ineffective • Democrat Franklin Delano Roosevelt elected

12. 23:1 The New Deal

13. New Deal PlatformRRR • Alleviate effects of depression through relief, recovery, and reform • “The only thing we have to fear is fear itself”

14. Four Freedoms

15. FDR’s Brain Trust • Pre-term advisors

16. Fireside Chats • Radio addresses • Bully pulpit

17. First 100 Days • Special session of congress • 15 pieces of New Deal legislation

18. Emergency Banking Relief ActEBRA • Bank Holiday-banks closed to prevent withdrawals • Restore confidence in banks

19. Glass Steagall Banking Act 1933and the FDIC • Federal Deposit Insurance Corp. • Federal insurance to private banks • $5000-$250,000, $400,000 • Restore confidence in banks

20. Federal Securities Act and the SEC • Securities Exchange Commission created • Regulates stock market • Restore confidence in stock market

21. National Industrial Recovery ActNIRA • Ensure fair business practices and promote industrial growth • Child labor laws, set prices and wages, unionization, etc.

22. Agricultural Adjustment ActAAA • Paid farmers to lower production to raise prices • controversial

23. Tennessee Valley AuthorityTVA • Works project • Flood control, hydroelectricity • Impoverished Tennessee Valley

24. Civilian Conservation Corps • Works project • Men 18-25 • Building and conservation projects • $30 month/$25 home • controversial

25. Federal Emergency Relief Administration • $500 in direct relief to needy and in indirect relief works projects

26. Public Works AdministrationPWA • Created by the NIRA • Gave money to states for public works projects

27. Civil Works AdministrationCWA • Federal works projects including schools and teacher jobs • Created 4 million jobs

28. Home Owners Loan CorporationHOLC • Government loans to homeowners to prevent foreclosures

29. 21st Amendment 1933 • Repealed 18th prohibition amendment • “What America needs now is a drink”~FDR