AMERICAN DREAM: THE GREAT DEPRESSION AND FDR

When and why did the stock market crash?

October 29th, 1929

-economic conditions didn't support the growth of the stock market industry

-Bull Market

-long-term laissez faire attitudes from Republican presidents

When and why did FDR become president?

-1933

-The Wall Street crash happened under a period of republicanism so people ultimately turned to the democrats

-he had a 'winning personality'

what was FDR's new deal?

-it aimed to rebuild the country after the great depression

-it created the alphabet agencies such as the AAA (agricultural adjustment administration) , CCC (civilian conservation corps) and TVA (Tennessee Valley Authority) which helped employment

-the Emergency Banking Act 1933 aimed to scrap banks that were completely destroyed by the depression and rebuild the ones that could be saved

-Bank holidays were created

what were some criticisms of the new deal?

-it prolonged unemployment

-Robert Taft, a powerful republican, described it as socialism

-expensive (around £3.1 billion)

-The AAA (agricultural adjustment administration) and the NRA (national recovery administration) were declared unconstitutional due to claims that the programs went to far in restricting businesses

Why was there a second new deal?

-There was a second new deal due to some being unhappy with the first as it focused on the economy rather than the baron social scene

what were the specifics of the second new deal?

-Social Security Act 1935 created welfare and retirement

-National Labour Act 1935 allowed workers to join trade unions and recognised some rights for workers

-Revenue Act 1935 made the highest income tax 75% for people earning over $5 million

why can it be said that WW2 was a godsend for the American economy?

-it meant American factories needed to boost their output, therefore providing jobs for the unemployed and generating money by selling produce for other countries tries in the action

why did people like FDR as a president?

-he had a paternal character and cared for his nation

-Fireside chats were a great show of this: in a time of deep espionage and combat he still maintained an honest front with his nation. (around 40% of households had a radio so could tune in)