1. Quick write:
At the height of the Great Depression, 1933, thousands of banks and businesses have failed, and 25% of the adult population is out of work. A new president takes office, promising to bring relief to the ailing economy.
Question: How would you begin to revive the economy?
Respond in a ½ page response

2. A New Deal Fights the Depression

3. Franklin Delano Roosevelt
Governor of New York
Fifth cousin of TR
Married to Eleanor Roosevelt (niece of TR and distant cousin of FDR)
Crippled by polio
Viral infection
Elected president in 1932

5. Eleanor Roosevelt Wife to FDR Outspoken first lady
Interested in child welfare, housing reform, equal rights for women and minorities
Influential figure in FDR’s political decision making

6. FDR’s “New Deal” New Deal: Program of domestic reform launched by FDR
Veered from capitalism in that the government took on more economic responsibility

7. The 3 R’s: Relief, Recovery, Reform-- The Focus of the New Deal
Immediate relief for the needy
Recovery:
Immediate economic recovery
Reform:
Overall long term financial reform

8. FDR’s Hundred Days FDR’s “Hundred Days” March 9-June 16, 1933
FDR given extraordinary powers by Congress
Moved quickly to try and repair the economy
15 pieces of legislation were passed, expanding the federal government’s role in the nation’s economy
Targeted industrial and agricultural recovery
“Bank Holiday”
Closed banks until Congress enacted the Emergency Banking Act to provide federal loans to distressed banks
Utilized “fireside chats” to speak to the nation
Radio talks about issues of public concern

9. Regulating Banking and Finance
Glass-Steagall Act (1933)
Established the Federal Deposit Insurance Corporation (FDIC)
Federal insurance for individual bank accounts up to $5,000
Impact: reassured Americans their money was safe and required banks to protect their customer’s money
Federal Securities Act (1933)
Stock Market regulation
Corporations had to provide complete info on all their stocks and were liable for any misrepresentations

10. Alphabet Soup
Agricultural Adjustment Act (AAA): Raise crop prices by lowering production- reduced supply would boost prices.
Civilian Conservation Corps (CCC): young men ages lived in work camps
-public works (roads, parks, planting trees, flood- control projects etc…)
Public Works Administration (PWA): Create jobs in construction (schools/community buildings)

11. Opposition to the New Deal
1) Fiscal Conservatives considered the New Deal programs as being “reckless spending” and “socialistic”
Northern Republicans (wealthy industrialists) & form the American Liberty League
Membership numbered about 150,000
FDR’s response:
“The forces of organized money are unanimous in their hatred for me, and I welcome their hatred”

12. 2) Dr. Francis Townsend Townsend Plan California physician
EPIC (End Poverty in CA)
Upton Sinclair’s role
Had 5 million followers
Townsend Plan
“Old Age Revolving Pension Plan”
$200 per month for everyone over 60 years old, provided they spent it all within the month to stimulate the economy
Financed by sales tax
Foreshadowed social security

13. 3) Father Charles E. Coughlin
Catholic Priest
Radio orator
Originally supported FDR; eventually became a foe
Attacked Jews and FDR
National Union for Social Justice
Issue greenbacks
Nationalize banks
Re-monetization of silver

14. 4) Senator Huey P. Long of Louisiana (aka: “Kingfish”)
“Share Our Wealth” Plan to make “Every Man a King”
Populist movement
Redistribution of wealth
Higher taxes on the rich; income subsides for the poor
Limit income to $1 million per year
Limit inheritance to $5 million per year
Guarantee every family:
A homestead $5,000
Annual wage $2,500
Free college education

15. FDR’s Response: 2nd New Deal (1935 on)
1) Raised taxes on the rich
75% income; 70% inheritance
2) Social Security Act of 1935
$15/month for destitute
$10 to $85/month beginning in 1942
Unemployment insurance
3) Works Progress Administration
Total of 8.5 million will be employed
4) In 1937 FDR cuts government spending
5) Takes the U.S. off the gold standard