The Great Depression and the New Deal

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[...] Farmer's Reconstruction The Agricultural Adjustment Act 1933 : Paying farmers not to produce surpluses = raise prices The Farm Credit Act : Provide farmers with credit to pay for equipment and mortgages I. Business Opposition to New Deal Associations : The National Association of Manufacturers, The Chamber of Commerce Business leaders labelled The New Deal as centralize government planning J. The Second New Deal (1935-36) 1934 Midterm Elections Largest majority held in the Senate in U.S. history The creation of the U.S. [...]

[...] welfare state The Works Progress Administration 1935 K. The Works Progress Administration (WPA) Tackling unemployment Federal funds given to state and local governments Jobs for 8.5 million people L. Women In Government Elanor Roosevelt, First Lady Frances Perkins, Secretary of Labor Ruth Bryan Owen, ambassador to Denmark M. [...]

[...] Franklin Delano Roosevelt Franklin Roosevelt elected unprecedented 4 times : 1933- 1945 Electoral shift toward Democratic Party A new democratic Coalition of immigrants, African Americans, farmers, industrial workers and women voters (many first-time voters) FDR promises a New Deal F. The First Hundred Days Of The New Deal Name of Act Date passed Informations Emergency Banking Act 09/03/33 Reopening of stable banks Civilian Conservation Corps 31/03/33 Jobs for 3 million unemployed young people Agricultural Adjustment Act 12/05/33 Funds to farmers for not growing surplus crops Federal Emergency Relief Act 12/05/33 Funds to counteract hunger and homelessness Tennessee Valley Authority Act 18/05/33 Electric power and conservation in Tennessee Vally National Industrial Recovery Act 16/06/33 Cooperation between business, government and labour Glass-Steagall Banking Act 16/06/33 Creation of Federal Insurance Corporation ( FDIC ) G. [...]

[...] The Great Depression and the New Deal A. The Stock Market Crash 1929 Why did the stock market crash? Between 1919 and 1929 : new exuberance entered the American psyche = new technologies During WWI : average Americans were compelled to buy "Liberty Bonds" to fund the war effort After WWI : Charles Mitchell, President of National City Bank in New York, proposed the idea of getting average Americans to start buying common stocks on the stock market 1920s : 3 million Americans invested money in the stock market = 1924-1929, value of stocks on New York Stock Exchange increased 400% Buying on Margin Borrowing money to buy (or speculate) on stock More demand for stocks = increases prices of stock and profits increase Timeline 23 October : shares begin plummeting 24 October : "Black Thursday" 25 October : Bankers response = $100 million of liquidity in top American companies 28 October : freefall continues 29 October: "Black Tuesday" = 10% of Americans' personal wealth lost B. [...]