HST 102 1st Edition Lecture 12 Outline of Last Lecture II Killing Progressivism III Part 1 The Business of Doing Business a You re gonna hear me roar b Technologic c Governing business d Welfare capitalism e Labor f Amber Waves of Pain IV Part 2 Consuming Culture a Selling the 1920s b Buying the 1920s c Hello Ladies d A New Era for Women e Golden Age V Part 3 When It all Falls Down a Crash i Black Tuesday b The Party s Over i Great Depression c Rugged Individuals VI What does it all mean Outline of Current Lecture VII Previously VIII Part 1 a World of Hurt a Hoover b Bonus Army IX Part 2 Election of 1932 a Franklin Roosevelt X Part 3 a New Deal for American a The new deal 3 R s b Emergency banking act c Federal depository insurance d CCC CWA and PWA XI Exploring the market system under our nice assumptions These 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 Current Lecture Lecture 2 19 15 A New Day FDR the First 100 Days Previously on America Since 1865 o Progressive spirit collapses after WW1 o 1920s marked by economic expansion and restrained governmental power o Economic collapse late in 1929 becomes prolonged depression Part 1 A World of Hurt o Jobless Nation Widespread unemployment Extensive bank failures Economy continues to worsen until 1933 Americans are increasingly disillusioned o Hoover s New Deal Pres Hoover is eventually compelled to act Some difficulties with policies Smoot Hawley Tariff 1930 Relies on private charities and local gov t for relief to jobless Americans By the end of 1931 has embraced more expansive federal aid Reconstructive Finance Corporation Federal Home Loan Bank System o The Bonus Army Pres Hoover s response to the crisis appears callous and out of touch 20 000 unemployed WW1 veterans march on Washington in 1932 Half remain as squatters in public lands and buildings Hoover mobilizes the US army to drive them out and torch the shanties they had built Part 2 the Election of 1932 o Backlash President Hoover is the focal point for public rage Americans increasingly demand dramatic action by the federal gov t As the election approaches Hoover s chances look slim o Franklin Delano Roosevelt Hoover s competition is NY governor FDR Compelling orator and proponent of Progressive style reforms Had created the Temporary Emergency Relief Association the first state relief agency in the nation Confined to a wheelchair o The Election Roosevelt does not need to campaign on specific policies offers an uneven platform in public speeches 1932 provides a massive Democratic victory A clear mandate for change but not clear program to implement Was a blow out o Interregnum President Hoover enters a 4 month long lame duck period Urges FDR to declare his policy intentions publically Insists that Roosevelt should commit to Republican fiscal principles Part 3 A New Deal for America o The new deal FDR assumes the presidency and immediately puts the federal gov t to work as never before Establishes a series of plans and programs to provide the American people with a New Deal No singular ideology crafted by multiple authors with various objectives Roosevelt conveys his intentions to the public better than any president before him o The Three R s FDR initial program revolves around three objectives Relief Alleviating immediate hardship Recovery Rebuilding the economy Reform Changing political and economic structures to prevent future depressions o The first 100 days FDR capitalizes on his victory and public support for change Enacts a wide variety of sweeping legislation No president had ever expanded the reach and functions of federal power this far before Four key areas of emphasis o Banking Roosevelt immediately declares a bank holiday stopping all bank transaction in the country 5 days into his term passes the Emergency Banking Act Takes the nation off the gold standard In June 1933 passes the Glass Steagall Act Separates commercial and investment banking Creates federal depository insurance o Employment Creates the National Recovery Administration Standardizes prices wages and production levels Recognizes worker s right to unionize Largely fails Programs of paid public works Civilian conservation corps o Puts young men to work improves country s national parks and wilderness and prevents deforestation Civil Works Administration o Puts 4 million Americans to work on public projects o FDR eventually feels it was too expensive so he cut it Public Works Administration o Farming Farmers are especially hard hit by the Depression The Agricultural Adjustment Act Federal regulation of farming production Direct payments to farmers Tennessee Valley Authority Builds dams on the Tennessee River Provides electricity to rural areas o Housing The New Deal revolutionizes homeownership in America FDR calls homeownership an American birthright Home Owners Loan Corp in 1933 Emergency relief to prevent foreclosures Federal Housing Administration in 1934 Insures long term mortgages o Shot Down But this legislative expansion meets resistance The Supreme Court Strikes down the NRA and the AAA as unconstitutional by 1935 36 Suggest they will eliminate most of the New Deal legislative packages What does it all mean o 1932 shifts the balance of power in American party politics o The New Deal brings the federal gov t into American lives more than ever before Ideologically diverse Premised on balancing industrial and federal power Still somewhat restrained at first o Sets in motion long lasting political and economic transformations