HIST 2112 1st edition Lecture 19Outline of Previous LectureI. Klu Klux KlanII. Harlem Renascence (Great Migration)III. First Red ScareIV. ProhibitionOutline of Current LectureI. Franklin Delano Roosevelt II. Hoover and the Depression – the laissez-faire approachIII. The New DealIV. Other Important New Deal ProgramsV. Backlash against the New DealCurrent Lecture I. Franklin Delano Roosevelt Was born into wealthII. Hoover and the Depression – the laissez-faire approach Voluntary Cooperation The Great Depression is awful People are mad at Hoover because he can’t stop the depression Hoover was a big supporter of the laissez-faire approach As a Republican he believed that there shouldn’t be an active hand in the market, the markets should be left to themselves Around the time when he loses his seat in the office he starts to rethink his opinion of laissez-faire Hoover believed in voluntary cooperationo Let people voluntarily quit and the business not fire the peopleo Doesn’t work because the businesses have to go to low measures to stay afloat Reconstruction Finance Corporation (RFC) – 1930o Hoover finally realized he had to do something to stop the Great Depression Too little, too late – FDR wins in ‘32o FDR is without a doubt one of the most important and influential presidents we have ever hadThese 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.o He is a hero to many people Rebirth of the progressive area Liberalism is the idea that the Government has a duty and the ability to flex its muscles for social change FDR has a plan to help the economy – The New DealIII. The New Deal Five agendaso Relieve immediate sufferingo Federal Emergency Relief Act (FERA) FERA helped with relief suffering, a lot of people felt embarrassed and ashamed to get help but they came to a point where they had to accept helpo Save banks, increase money supply When people put money in the banks the bank would then invest the money or sometimes even play around with it and then they would lose it and the people would lose their money Roosevelt passes a bill to have every single bank audited by the Treasury department Roosevelt passes the Banking Act of 1933- Banks were shut down for a week during the audits- The banks who can’t be brought back are shutdown - The banks who are healthy and they are allowed to open back up- So when the government tells the people the banks aresafe to put their money into it, they do it- Roosevelt passes FDIC which ensures the people will not lose their money that they put in the banko Jumpstart industryo Address the agricultural crisis National Recovery Administration Act (AAA)- It pays farmers to not farm- The farmers needed money and if they don’t farm the food out there is reduced which drives food prices up- There are some problems with the plan – high food prices are only exciting for farmers, and not for the Urban people- In the South sharecroppers are hit extremely hard by ito The government pays the owners of the fields and they just cut the production for thesharecroppers and they didn’t share that money with the sharecropperso “make-work” programs to restore morale FDR knew Americans did not want charity so he created the make-work programs- Civilian Conservation Corps (CCC)- Works Progress Administration (WPA)o A massive program that put people to work doing a wide variety of work To paint To dig ditches To teach ETC…- Tennessee Valley Authority (TVA)o Built damsIV. Other Important New Deal Programs Securities Exchange Commission (SEC)o Regulating the stock market Social Security Act Wagner Act of 1935 and the NLRBo Pro-labor billo The act makes it illegal for employers to prevent the workers from unionizingV. Backlash against the New Deal Conservative businessmen – New Deal too radical Radicals – New Deal too conservative Others – a mix of criticismso “Townsend Clubs”o Huey Long and Father Charles Coughlin Why were they popular? What was the
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