HST 102 1st Edition Lecture 12Outline of Last Lecture II. Killing Progressivism III. Part 1: The Business of Doing Businessa. You’re gonna hear me roar b. Technologicc. Governing businessd. Welfare capitalism e. Labor f. Amber Waves of PainIV. Part 2: Consuming Culture a. Selling the 1920sb. Buying the 1920sc. Hello Ladiesd. A New Era for Women?e. Golden AgeV. Part 3: When It all Falls Downa. Crashi. Black Tuesdayb. The Party’s Overi. Great Depressionc. Rugged IndividualsVI. What does it all mean?Outline of Current Lecture VII. Previously VIII. Part 1: a World of Hurt a. Hoover b. Bonus ArmyIX. Part 2: Election of 1932a. Franklin Roosevelt X. Part 3: a New Deal for American a. The new deal, 3 R’s b. Emergency banking actc. Federal depository insurance d. CCC, CWA and PWAXI. 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 LectureLecture 2/19/15A New Day: FDR & the First 100 Days- Previously on America Since 1865o Progressive spirit collapses after WW1o 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 joblessAmericans.  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 shantiesthey had built - Part 2: the Election of 1932o 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 staterelief agency in the nation.  Confined to a wheelchair. o The Election  Roosevelt does not need to campaign on specific policies, offers anuneven 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 towork as never before Establishes a series of plans and programs to provide the Americanpeople with a “New Deal” No singular ideology – crafted by multiple authors with various objectives. Roosevelt conveys his intentions to the public better than any presidentbefore 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 preventfuture 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 federalpower this far before.  Four key areas of emphasis. o Banking  Roosevelt immediately declares a bank holiday stopping all banktransaction 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 corpso Puts young men to work, improves country’s national parksand wilderness, and prevents deforestation. - Civil Works Administrationo Puts 4 million Americans to work on public projectso 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 asunconstitutional 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 firsto Sets in motion long-lasting political and economic