HIST 112 1st Edition Lecture 24FDR and the New Deal Part 1Outline of Last Lecture I. Origins of the CrashOutline of Current LectureI. HooverII. Election of 1932III. AAAIV. TVAV. Resistance to FDRCurrent LectureKey Terms:- Reconstruction finance administration- First 100 days- Brain trust- AAA- Dust bowl- TVA- NRA- Schechter Poultry vs. US- Court-packing scheme- Huey LongHoover- Americans had bad habit of demanding money from banks in times of economic crisiso Hoover and Federal Reserve were unable to stop it- Hoover believes his responses are limited by the constitution- By 1931 unemployment = 16%- By 1932 unemployment = 24%o People are VERY unhappy with Hoover- Reconstruction Finance Administration (RFA) created by Hoover at prompting of Congresso Bailout programThese notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute.- Many see Hoover’s response as too little too late- Blame Hoover, Republicans, and laissez faire economic stanceElection of 1932- Democrats nominate FDR (part of the social elite)o Promises the “New Deal” (very vague)o Strong, optimistic campaign Gov’t relief to individuals (vague) plan for crop control (vague) plan for industrial economyo Hoover accuses him of being a radicalo FDR calls Hoover a fat, timid capon (a castrated chicken)- FDR wins by a landslide- Blames depression on a few greedy individuals- New Deal after inauguration becomes about Relief, Recovery, and Reformo First 100 days were important—bring relief to people- Brain trust – group of academic advisors on how to approach economic reliefAgricultural Adjustment Administration (AAA)- Farmers need relief because of overproduction of crops, supply > demand- AAA is a plan to decrease agricultural production- Gives farmers financial incentive to take some land out of rotationo Many farmers end up kicking the tenants off their land- Destroy crops and livestock for compensation- Somewhat successful at raising crop prices- Average Americans are mad because they have to pay more when the gov’t just threw away tons of food- Dust bowlso There was an unusual amount of rain in the plains in the 1920so People started growing grain and digging up the grasso Then dust storms came, and no one could grow anything anymoreTennessee Valley Authority (TVA)- One of most successful programs- Southern Tennessee and northern Alabama = Tennessee Valleyo A LOT of poverty- Train farmers on how to be more successful- Build massive dams to bring electricity to Tennessee Valley- Encourage factory growth- Dam replaces houses (15,000 families displaced)- Many don’t even want electricityResistance to FDR- 1933 – National Recovery Administrationo Reduce instability by imposing standards on companieso Set prices for thingso Standards for quality controlo Set minimum wage and max hours for workers- Schechter Poultry vs. USo Jewish immigrants open kosher butcher shopo Not wealthy, but still a good businesso Don’t think some NRA policies make senseo NRA bans straight killing (meaning customers can pick their chicken) – Schechter Bros are unhappyo Schechter accused of selling sick chickenso Cited for ~60 NRA violationso Go to court, lose, appeal all the way to Supreme Courto Supreme Court Rules in favor of Schechter Bros Finds NRA
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