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Definition
1928-1932 (march '29-March '33)
-Stanford-1895-Civil Engineer
-Quaker-quiet, contemplative-reason & logic, spark of God, generous
-Builds dams, bridges, mines, RR's all over the world
-1909- The Principles of Mining-argues 8 hr day/safety conditions
-retired at 40 with 4 mil fortune to devote to service
--Food Admin in WWI, Sec of Commerce (Coolidge), Belgian food relief, rebuild Europe after WWI
-Good Intentions as Pres, disapproved of extreme conserve of Harding/Coolidge
-Hoped to use power of gov to improve lives (Rep Progressive) |
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| How Hoover did dealing with the Depression |
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Definition
-400,000 farms foreclosed
-25% unemployment
-1/4 nations total banks failed
-90,000 businesses failed
-GNP dropped 50%
-300,000 schools closed
-Suicide rates up 30%
-Dust Bowl |
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Term
| Why Hoover Struggled with the Depression |
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Definition
Beliefs-
Hoover-
--believed everyone would be rational, logical, generous
--faith in volunteerism
--believed state gov should do most jobs
--fed gov capacity limited- 3% GNP- Hoover unwilling to expand |
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Term
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Definition
Trickle Down Economics
-Gov subsidies to businesses/banks which would then created jobs
-critics claimed mostly supported large corporations and people couldn't simply wait for money to trickle down
Supported Creation of Federal Farm Board (1929)
-intended to raise crop prices by helping members (the cooperatives) to buy crops and temporarily keep crops off the market
Federal Home Loan Bank Act (1932)
-lowered mortgage rates for homeowners and allowed farmers to refinance their farm loans to avoid foreclosure.
Reconstruction Finance Corporation (1932)
-gave $805 mil as emergency financing to large businesses (but business failures continued)
Boulder (Hoover Dam)
-public works construction project
-Dammed Colorado River to generated hydroelectric power
-Also provided regular water supply, which enabled growth of California's agriculture economy
Bonus Army or Bonus Expeditionary Force (WWI vets and fams) camped in WAshington to support Patman Bill which would make the gov pay a bonus to WWI vets immediately
-Bill no passed; Hoover ordered Army to expel
-Army used violent tactics, including gas and burning down the makeshift houses
-Killed Hoover's chance for reelection |
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Term
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Definition
Supply side/voluntary-Federal Farm Board
Provide Gov subsidies to business/banks- reconstruction finance corp- $803 mil to businesses |
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-elected 1932 (1933-1945)
-Advocated more interventionist government |
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Term
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Definition
Immediate, to keep people from freezing/starving
-FERA (Federal Emergency Relief Admin)- food, clothing
-HOLC (Homeowners Loan Corp)- refinance mortgages to avoid foreclosures/more homelessness
-Corps-fed, clothed, housed
-Farm Credit Act
-Rural Electrification Administration (REA)
-Social Security Admin (SSA)
-Emergency Banking Relief Bill |
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Term
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Definition
Immediate, to provide stimulus to economy/create jobs
-FHA (Federal Housing Admin)-obtain low-cost loans to buy, build homes
-National Industrial Recovery Act (NIRA)-Public Works Job Admin- PWA, CWA, WPA- all building public construction
-CCC (Civilian Conservation Corps) (see reform)
-AAA (Agricultural Adjustment Agency)-farm, NIRA (National Industrial Recovery Act)- factory-- establish production quotas
-Bank Holiday- FDIC- restored faith in bank safety- stopped runs
-NRA (see Wagner Act)(National Recover Admin)
-Federal Deposit Insurance Corp (FDIC)
-Tennessee Valley Authority (TVA)- built dams. Only socialist part of New Deal |
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Term
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Definition
All jobs programs
-Grass Root Economics- (demand side)- $ at bottom-
-create jobs by borrowing $ (deficit spending) to "Prime the Pump"
-Gov creates PW jobs->workers get $->Spend $->create demand in private sector->local business hire workers to meet demand-> taxes are paid-pays back deficit |
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Definition
*Greatest long-term impact
-Prevent abuses of people or financial systems
-CCC- irrigation, tree planting, etc to prevent future Dust Bowls
-FSA- required full disclosure, required independent audit on disclosure
-Glass Steagall- separated investment banking for commercial banking
-SEC- stopped insider trading- Martha
-Wagner Act- NRLB (National Relations Board)- unionization efforts are protected with enforcement (see NRA)
-Fair Labor Standards Act- min wage/max hours
-National Recovery Administration (NRA) |
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Definition
-FDR proposed freedoms everyone should be able to enjoy-
--speech and expression
--worship
--from want
--from fear |
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Term
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Definition
broadcasted through the radio, in these FDR discussed issues of public concern and New Deal measures
- in his first and most important, he assured public that it was safe to invest in banks
--millions re-deposited savings the following week |
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Definition
-John Maynard Keynes promoted idea of deficit spending to stimulate economic recovery
-Put $ in hands of consumers |
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Term
| Emergency Banking Relief Bill |
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Definition
| authorized Treasury Department to inspect nation's banks during a declared Bank Holiday |
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Term
| Federal Emergency Relief Administration |
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Definition
| $500 mil for direct relief for needy and unemployed |
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Term
| Homeowners Loan Corporation (HOLC) |
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Definition
| helped those in existing homes refinance mortgages to avoid foreclosures |
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Definition
| Provided loans to farmers in danger of foreclosure |
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Term
| Social Security Administration |
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Definition
| benefits to those retired, unemployed, or with disabilities |
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Term
| Rural Electrification Administration |
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Definition
| Provided affordable electricity for isolated rural areas |
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Term
| Civilian Conservation Corps (CCC) |
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Definition
employed young men for conservation projects (planting trees, building roads, developing parks, soil-erosion/flood control projects, etc.) to prevent another Dust Bowl
-modeled after the military |
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Term
| Agricultural Adjustment Act (AAA) |
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Definition
sought to raise crop prices by lowering production and destroying surplus
-later declared unconstitutional (Court said agriculture should be regulated locally by state, not federally) |
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Definition
*later declared unconstitutional
-created PWA, CWA, WPA |
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Term
| Public Works Administration (PWA) |
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Definition
| created jobs on gov projects (construction of schools, community buildings) |
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Term
| Civil Works Administration (CWA) |
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Definition
| provided work in federal jobs (schoolteachers, etc) |
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Term
| Works Progress Administration (WPA) |
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Definition
| created as many jobs as quickly as possible, from unskilled construction workers to symphony orchestras (2nd New Deal) |
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Term
| Federal Deposit Insurance Corporation (FDIC) |
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Definition
| protected bank deposits up to $5,000 |
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Term
| Tennessee Valley Authority (TVA) |
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Definition
federal agency that harnessed water to generate electricity (creating industrial and agricultural jobs) in Tennessee Valley
-led to economic recovery in that region |
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Term
| Federal Housing Admin (FHA) |
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Definition
insured loans for building and repairing homes
-created demand for houses and other industries (furniture, glass, floors, etc) |
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Term
| National Youth Administration (NYA) |
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Definition
| -provide education, job training, jobs, counseling, and recreation for young people |
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Term
| Glass-Steagall Act (Banking Act of 1933) |
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Definition
separated investment and commercial banking (banks could no longer invest customers' money into stock market)
-Established Federal Deposit Insurance Corporation (FDIC) which guaranteed bank deposits |
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Definition
| required full public disclosure on companies' stock |
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Term
| Securities and Exchange Commission |
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Definition
| Made insider trading illegal |
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Term
| National Recovery Administration (NRA) |
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Definition
*created by NIRA
established codes for fair competition
-set prices of products, wages, max working hours, regulations on labor unions
-This section of NIRA was declared unconstitutional because it was an agency that worked within executive branch (according to Constitution, only Congress could make laws) |
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Term
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Definition
reestablished NIRA provision of collective bargaining that the gov protects right to join unions and collectively bargain
-set up National Labor Relations Board (NLRB)-mediated labor disputes |
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Definition
| set minimum wages and max hours for entire country |
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Definition
Because of the New Deal, union members enjoy better conditions and bargaining power
-Membership grows from 3 mil to 10 mil
-Congress of Industrial Organizations (CIO)- John Lewis
--signed up unskilled and semi-skilled workers
--consisted of unions previously part of the AFL (the AFL opposed industry-wide unions) |
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| Opponents to the New Deal (5) |
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Definition
1. Huey Long-Senator of Louisiana (Left)
2. Dr Francis Townshend-phsyician and health officer from CA (Left)
3. Charles Coughlin- Roman Catholic priest who broadcasted radio sermons that combined economic, political, and religious ideas (Left)
4. American Liberty League-political organization (Right)
5. Supreme Court (Right) |
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Definition
-initially supported New Deal but later turned against it
-Proposed national program "Share Our Wealth"-confiscates fortunes, each family receives $5000 with yearly income of $2500 (half of averages)
--millions of supporters |
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Definition
-Believed FDR wasn't doing enough to help the poor and elderly
-Devised a pension plan that would provide monthly benefits ($200) to elderly, forced retirement at 65 years (shrink labor pool), 25 mil signed petitions in support |
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Term
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Definition
-"Jew Deal"- believed in money conspiracy run by Jews that caused collapse of the economy
-Immensely popular (40 mil listeners) |
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Definition
opposed New Deal measures that were believed violated respect for the rights of individuals and property (Right)
-Mostly corporate interests
-Called FDR fascist |
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Term
| Supreme Court, Opposition of New Deal |
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Definition
-Struck down NIRA because law gave legislative powers to executive branch, and the fed gov was going beyond regulations of interstate commerce clause (Schechter case)
-Struck down AAA, ruled that agriculture was a local matter and should be regulated by states (US v Butler
-FDR proposed a "Court-packing bill" that allowed him to appoint 6 new justices (he feared the Court would undo much of the New Deal's progress)
--aroused protest from press and Congress, did not pass, but FDR ended up getting his way over the next 4 years due to judge resignations |
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Term
| New Deal on Native Americans |
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Definition
1934 Indian Reorganization Act (Wheeler-Howard Act)- moved from gov policy from assimilation to autonomy: 3 areas
1. Economic- Native American lands belong to entire tribes, prohibited gov from taking and selling unclaimed and reservation lands
2. Cultural- Boarding schools for Native American children reduced, children could attend school on reservations
3. Political- Tribes given permission to elect tribal councils to govern reservations |
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Term
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Definition
Francis Perkins
-First female cabinet member
-Major role in creating Social Security system; supervised labor legislation |
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Term
| New Deal on African Americans |
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Definition
FDR appointed more than 100 African Americans to key positions in gov
-Mary McLeod Bethune- appointed to head the Divisions of Negro Affairs of the NYA.
--worked to ensure that the NYA hired African American administrators and provided job training and other benefits to minority students
--Also helped organize "Black Cabinet" of influential African Americans to advise the FDR admin on racial issues
-Elanor Roosevelt arranged for singer Marian Anderson to sing at Lincoln Memorial after the Daughters of the American Revolution did not allow her to perform in their concert hall |
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Term
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Definition
David Kennedy: What the New Deal Did
-New Deal offers Security (in the markets, banks, and housing sectors), "rationalized" (regulated) form of capitalism
--Results in an Explosion of private investment |
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Term
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Definition
Glass-Steagall
FDIC- insured individual bank acounts (bank Holiday)
Proof-hundreds of banks failed per year-prior
post-fewer than 10 banks per year failed |
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Term
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Definition
FHA- standardized construction procedures
HOLC- required uniform appraisal before getting a loan
Impact?
4 out of 10 Americans owned homes prior
post-66% of Americans owned
Capital flow went from capital rich (NE) to capital poor (SE) |
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Term
| Financial Sector (Market) |
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Definition
SSC- no insider trading
FSA- full disclosure and independent auditor
Impact? prior- 3% of Am own stocks
post- currently 66% (?) |
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| You're Gonna Ace This Test! :) |
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