V. Backlash against FDR and the New DealA New Deal for AmericaI. Franklin Delano Roosevelt – American Savior?II. Hoover and the Depression – the laissez-faire approach1) “voluntary cooperation”- a hands off approach2) Reconstruction Finance Corporation (RFC) – 1930a) A federal agency empowered to lend gov’t funds to endangered banks and corporations3) Good ideas, but too little, too late – FDR wins in ’324) Didn’t want to go too far and have people dependent on the government5) The “bonus army” of 1932- WWI veterans wanted the money they were promised early. Picketed outside the white house. Army sent in to get rid of them.III. The “First New Deal”- progressivism on a larger scale1) Four agendasa) save banks, increase money supplyi. The Emergency Banking Act of 19331. Gave the gov’t power to shut down a bank, inspect it, and reorganize it2. FDR orders all banks to shut down, and most reopen3. Temporarily takes US off the gold standardii. FDIC1. Gives security of moneyb) jumpstart industryi. National Recovery Administration (NRA)1. Fair competition, set prices, got people working together to make everyone happy2. Wage agreements favored whites3. Later ruled unconstitutionalc) address the agricultural crisisi. Agricultural Adjustment Act (AAA)1. Pays farmers not to farm2. Lower supply of cropshigher costmore money for farmers3. Later ruled unconstitutionald) “make-work” programs to restore moralei. Civilian Conservation Corp (CCC)1. Employed men to put trails in forests andto plant treesii. Public Works Administrations (PWA)1. Paid people to build monuments and statuesiii. Works Progress Administration (WPA)1. Painting murals, making sidewalks, putting on plays, digging ditchesiv. Tennessee Valley Authority (TVA)1. Building dams for flood control and to provide electricity**FDR turns federal government from a small, business friendly organization to a large, reform-motivated government**IV. The “Second New Deal”- wanted to improve life in general1) Securities Exchange Commission (SEC)a. Monitors stock trade2) Social Security Act3) Wagner Act of 1935a. Gave workers the right to unionizeV. Backlash against FDR and the New Deal1) Conservative businessmen – New Deal too radical2) Radicals – New Deal too conservative, e.g. communists3) Others – a mix of criticismsa) Charles Townsend and “Townsend Clubs”i. Wanted to give money to old peopleb) Huey Long and Father Charles Coughlini. Why were they popular? What was the
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