2. Crisis of Capitalism: FDR and the New Deal Folks, this is great stuff! BTW, what is capitalism?

3. FDR What do we know? –Marriage? Family? Political Experience? –Polio 1921 1932 Election: –25% Unemployment. –Banks shutting down. All tied to Hoover. –Examples? Fair? Smoot-Hawley Tariff (1930) –What is a tariff –20,000 products effected –Why is this bad? FDR wins big - Promised New Deal? –Progressivism?

4. The 3 R’s - First Hundred Days Relief: –Bank Holiday 1933 –FDIC? –Gold collected for paper money CCC - Jobs for young men (3 million) –Pick & shovel work –% of pay goes home FERA - $3 billion to states for projects Recovery: Later Acts –WPA - Adult CCC (9 million jobs) Also for art & humanities –NRA - intended to end “destructive competition” Minimum prices & wage floors? Good? S. Ct? –TVA - why the TN River valley?

5. Other Acts AAA - Aid for deflated farm prices? –Dust Bowl? –Supply & demand –Technology –Supreme Court? Schecter Poultry Corp. v. U.S. Reform: Social Security - what? 5 things: –Old age pension –Umemployment –Survivor benefits –Disability –Aid to Dependent Mothers & children

6. High Tide for Labor Wagner Act (1935) –Allowed closed shops –Right to collective bargaining –Outlawed spying on Unions blacklisting of members –Set up National Labor Relations Board to enforce Fair Labor Standards Act (1938) Banned child labor Established a minimum wage

7. Legacy Programs not permanent –Low wages? Why? Change people’s view of Fed. Govt –Expected to solve our problems –precedent for future gov’t action FDR brought back a sense of hope!!!!!!!!!!!!!!! Did this get us out of the Depression? No 1937 Recession Unemployment: –1934 - 21.7% –1936 - 16.9% –1939 - 17.2% –-6% for WPA