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FDR and the First New Deal

FDR and the First New Deal. Pages 722-726. Objective. Describe the background of FDR. Franklin D. Roosevelt. Democrat New York 1933-1945. FDR the Man. Aristocratic family values Strong sense of civic duty Competitive athletics Commitment to public service Groton Harvard

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FDR and the First New Deal

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  1. FDR and the First New Deal Pages 722-726

  2. Objective Describe the background of FDR.

  3. Franklin D. Roosevelt • Democrat • New York • 1933-1945

  4. FDR the Man • Aristocratic family values • Strong sense of civic duty • Competitive athletics • Commitment to public service • Groton • Harvard • Columbia Law • Believed government could make peoples lives better.

  5. FDR the Man 1905: Married E. Roosevelt 1910: NY State Senate 1913-20: Asst. Sec of Navy 1920: losing VP candidate 1921: Stricken with polio… 1928: 2 term Governor of NY 1932: elected 32nd President The only 4 term President

  6. First Lady Eleanor Roosevelt Most active First Lady in history

  7. Eleanor Roosevelt • FDR’s “social conscience” & advisor • Supports minorities & the poor • Writes, speaks & travels • The “eyes & ears” of FDR

  8. “Once I spent two years in bed trying to move my big toe… After that anything else seems easy” – FDR1938 FDR founds the March of Dimes to find a cure for polio1955 Jonas Salk discovers successful vaccineToday, the organization help pregnant women have strong, healthy babies.

  9. FDR promises America… • FDR promises a “new deal”… • “bold and persistent experimentation”…

  10. The Election of 1932

  11. The Election of 1932 FDRHoover • Electoral Vote: 472 59 • Popular Vote: 23m 15.7m • Percentage: 57.4% 39.7% The Democrats win both houses of Congress

  12. “Brains Trust” • Professors, lawyers, and economists • Power of experts to fix the economy • Belief in government-business cooperation • “Economic reform must accept the modern reality of large corporate enterprise based on mass-production and distribution.”

  13. Inauguration Day 1933…

  14. The Beer Act21st Repeals 18th

  15. Restoring Confidence • March 4, 1933 Inaugural Address • “the only thing we have to fear is fear itself.” • The next day, ordered a 4 day “bank holiday” • 1300 banks fail in 1930 • 2000+ fail in 1931 • History finds… • Stock manipulation • Illegal loans to bank officials • Tax evasion • No public confidence

  16. Bank Runs –20% of all banks close

  17. Police Guarding a Bank

  18. Bank Holiday • 1930 = 1300 failures • 1931 = 2000 failures • Pattern of dishonesty • Stock manipulation • Illegal loans • Tax evasion • Emergency Banking Act restores confidence • 1933 Glass-Steagall Act establishes FDIC and insures individual accounts

  19. Glass-Steagall Banking Act…

  20. How safe is your money? That "FDIC" logo you see as you walk in the door means that you hold insurance on your deposits. Depositors are typically protected for up to $100,000. Banks also carry private banking insurance -- specially designed private coverage to protect deposits in the case of burglaries, robberies, vandalism, etc.

  21. Federal Securities Act • Requires corporations to provide complete info on all stock offerings • Liable for misrepresentations • SEC regulates the stock market and prevents “rigging” the system.

  22. The “fireside chat” • Radio broadcast that explains to the American people his steps taken to meet the financial crisis. • Enormously successful in exuding confidence • Exemplified courage • Communicated compassion • Emergency Banking Act • Healthy banks reopen • Federal management of failed banks • Mid-March the crisis passes

  23. Fireside chat with FDR…

  24. Objective Describe the government responses under the Roosevelt administration to the social & economic problems associated with the Depression.

  25. The Goals of the New Deal… • The 3 Rs… Relief… Recovery… Reform…

  26. The HundredDays

  27. J. Doyle, Phila. Daily News March 3, 1933

  28. The idiom “prime the pump” To do something in order to make something succeed, especially to spend money

  29. What was Keynesian Economics?... • Get the economy going: - Lower taxes - Spend money - Deficit spending

  30. Key Legislation of the First New Deal • Emergency Banking Act • Civilian Conservation Corps • Fed. Emergency Relief Admin. • Agricultural Adjustment Act • Tennessee Valley Authority • National Industrial Recovery Act • Glass–Steagall Banking Act • Truth In Securities Act

  31. The CCC • Unemployment relief • Protecting and conserving natural resources • Road construction, reforestation, flood control, national parks improvements • R&B + $30.00 per month • $25.00 sent home • 2.5 million youth • 1500 camps

  32. The Civilian Conservation Corp…

  33. FDR visiting a CCC work camp...

  34. The Civilian Conservation Corp…

  35. The CCC…

  36. “The First 100 Days”March 9 - June 16, 1933 Federal Emergency Relief Act…

  37. The FERA • The Federal Emergency Relief Act • $500 million • ½ to states for direct relief • $3 from state = $1 from fed grants for relief • Hoover est. loans only • Harry Hopkins • Most influential & trusted advisor • NY social work admin. & civil rights advocate

  38. “The First 100 Days”March 9 - June 16, 1933 Agricultural Adjustment Act (AAA)…

  39. The AAA • The Agricultural Adjustment Act • Farm relief • Fed. Planning and price setting • Parity pricing • Benchmark becomes prosperous years • Subsidies • Payments for reducing production • Paid for by new taxes created on food processing

  40. Agricultural Adjustment Act

  41. The AAA’s downside • Great for large landholders • Landlords don’t share the wealth with tenant farmers • Surplus crops, livestock, and milk being destroyed when so many are hungery

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