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

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

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

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

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

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

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

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

Boulder Dam Public Works project $700 million into circulation

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

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

23:1 The New Deal

New Deal Platform RRR Alleviate effects of depression through relief, recovery, and reform “The only thing we have to fear is fear itself”

Four Freedoms

FDR’s Brain Trust Pre-term advisors

Fireside Chats Radio addresses Bully pulpit

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

Emergency Banking Relief Act EBRA Bank Holiday-banks closed to prevent withdrawals Restore confidence in banks

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

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

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

Agricultural Adjustment Act AAA Paid farmers to lower production to raise prices controversial

Tennessee Valley Authority TVA Works project Flood control, hydroelectricity Impoverished Tennessee Valley

Civilian Conservation Corps Works project Men Building and conservation projects $30 month/$25 home controversial

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

Public Works Administration PWA Created by the NIRA Gave money to states for public works projects

Civil Works Administration CWA Federal works projects including schools and teacher jobs Created 4 million jobs

Home Owners Loan Corporation HOLC Government loans to homeowners to prevent foreclosures

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