Chapter 10

Election of 1932

republicans renominate Herbert Hoover, Democrat

Election of 1936

Roosevelt wins and defeats Alf Landon, Roosevelt won every state but Vermont and Maine

Social Security Act

(August 1935) help elderly/unemployed workers receive benefits by paying premiums and welfare payments to nose who need it (poor families, disabilities, etc..)

Civilian Conservation Corp

put young men to work outdoors, learn work skills, forest

Federal Deposit Insurance Corp

Harry Hopkins, channels money to state and local government

Home Owners’ Loan Corp

buy up mortgages restructure at lower interest rates, must ave a job

CWA

clean water act, restore and maintain clean and healthy waters

PWA

public works administration, highways, sewers, dams, schools, etc…, government insists on hiring all races, break trade, barriers in all industries

Fair Labor Standards Act of 1938

abolish child labor, protection for workers, 25 cent/hr, 40 hour work week

Wagner Act (NLRB)

workers have the right to organize unions and bargain collectively

Polio

paralysis

Broker State

role of the government to work out conflicts between interest groups

Sit Down Strike

stop working, refuse to leave factory

Deficit Spending

borrow money to pay for programs

Gold Standard

investors choose to take money out prior to convert it to gold before it loses value

Federal Number One

controversial but they “gotta eat too”, finance plays, murals and symphonies, etc…, offers work to artists, musicians, etc…

Agricultural Adjustment Act

government pays farmers NOT to grow crops

Congress of Industrial Organizations

becomes federation of unions, sought to organize all industrial unions many industries, focus: steel, automobiles

FDR

political mistakes, trying to give more power to executive, causes conservative Democrats to work with republicans to oppose New Deal legislation, Roosevelt cut budget as unemployment suddenly surged, introduced new programs to help unions (1935), won second term

Harry Hopkins

FDIC, deputy to FDR, directed New Deal relief programs

Dr. Francis Townsend

supports monthly check to citizens, left wing critic of New Deal

Henry Morgenthau

treasury secretary, wants to cut budget

Frances Perkins

secretary of labor, 1st woman appointed to a cabinet post

John Maynard Keynes

“Keynesian” economics, gov should spend heavily during a recession to jump starts the economy

Huey Long

senator Louisiana, left wing critic of the New Deal, Democratic, supports share our wealth programs

New deal

success: put people back to work, saved capitalism, restored faith in tje economic system, revived hope in American people

Disappointment: war debts, high tariffs, failed regulation, Roosevelt did not recognize that the Great Depression was mostly caused by the government itself

Political Progress vs Mistakes

Progress:

Mistakes: FDR, meddling to give more power to executive, conservative democrats work with republicans to oppose New Deal legislation

Background of FDR

grew up outdoors, Harvard and Columbia Law, competitive, charming, persuasive, NY state senator (1910), assistant secretary of Havy through WWI under Wilson , developed polio (1921), supporter of Alfred E. Smith (1924)

New Deal

series of programs, public work projects, financial reforms, and regulations enacted by President Franklin D. Roosevelt

bank holiday

close banks before runs put out of business

First Hundred Days

FDR initiated a series of laws which transformed the US

Fireside Chats

Keep Americans informed by radio, assures people banks are safe, deposits outweigh withdrawals, banking crisis over

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Securities Exchange Commission SEC

regulate the stock market and prevent fraud

FDIC Federal Deposit Insurance Corp

provide government insurance for bank deposits up to a certain amount

AAA Agricultural Adjustment Administration

Over two year period production cut back, prices and income for farmers up

arbitration

union members bring complaints to neutral party, they decide

safety net

safeguards and economic relief which protected average Americans from economic disaster

court packing

justices were “overburdened” with work, add additional justices to court to change polticial balance (worked for 10 years and 70+), Causes conservative Demcorats to work with republicans to oppose New Deal legislation