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UT Arlington HIST 1312 - The Great Depression and FDR

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HIST 1312 1st Edition Lecture 24 Outline of Last Lecture I. Essay #1—Progressive ReformsII. Essay #2—WWl III. Essay #3—Roaring 20’sIV. Multiple ChoiceOutline of Current Lecture I. Great DepressionA. Stock Market CrashB. Federal Reserve ResponseC. Hawley-Smoot TarifD. Associational PrinciplesE. Reconstruction Finance Corp. (RFC) II. Election of 1932A. Hoover vs FDRIII. FDRA. Emergency Banking ActB. FDICC. Fireside ChatsD. Glass-Steagall ActE. Gold not Legal to OwnCurrent Lecturel.A. The Stock Market Crash occurred on October 29, 1929 when Hoover was President. This greatly impacted the Great Depression, because everyone’s investments were now lost and people now owed money.B. The Federal Reserve response was to increase interest rates which made companies start falling apart because they couldn’t pay them, so now big businesses go in debt.C. Before the stock market crash Hoover had Congress look at a tarif to specifically help farmers because they were a sick industry and he wanted to keep them from going under. However Congress was still debating when the crash occurred and now everyone wanted protection. So Congress raises the tarif from 65% to 68% which was not enough for most people. This was the Hawley-Smoot Tarif.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.D. Associational Principles was for big businesses where they were going to try and have a meeting to split up what each company does so they can all stay in business. However businesses were greedy and didn’t do this. They were only interested in helping themselves.E. The Reconstruction Finance Corp. loans money to big banks and businesses so that it canhopefully trickle to the smaller businesses but this only helps a little, and unemploymentis at 25% with no government help.ll.A. In the election of 1932 people are angry at Hoover because of the Depression so they elect FDR to be the next President. FDR has polio but refuses to be seen with crutches ora wheelchair, and he runs on the campaign slogan “A New Deal”. He doesn’t define what this means but the people know the old deal was capitalism which led them into this depression so they think FDR’s new deal is socialism or communism.lll.A. People begin removing their money from the banks because they’re scared they’re goingto lose it. The banks run out of the 20% cash they have on hand. FDR says they need to close down national banks for a 5 day period so they make an Emergency Banking Act sothey can do this. After 5 days the banks that have good credit are reopened but the banks that don’t are closed forever and many people lost the money they put in those banks so it was very hard for people to trust banks after that.B. Because everyone is withdrawing their money from the bank, FDR does Fireside Chats on the radio, to get people to re-invest in banks so they can get the circulation going.C. FDR also creates the FDIC that says 2% of bank money goes to the FDIC who invests in the banks. If the banks fail the FDIC will cover up to $100,000 per account holder.D. The Glass-Steagall Act is created. This act said that companies could no longer invest in banking, insurance, and financial securities, they could only do one at a time. This kept another big crash from happening by doing this.E. FDR passes a law that says Americans must turn in their gold, it is illegal to now own gold, especially gold coins, because the government wants


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UT Arlington HIST 1312 - The Great Depression and FDR

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