The Great Depression and the New Deal (Pt 1) APUSH March 15.
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Transcript of The Great Depression and the New Deal (Pt 1) APUSH March 15.
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The Great Depression and the
New Deal (Pt 1)APUSH
March 15
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The Stock Market Crash People began to buy stocks
less and less—sensing a decline investors began to sell.
Many sold stocks because of “margin calls”
Stock prices plummeted rapidly
October 29, 1929 the worst day
Over $30 billion lost in total. Signal the Depression had
begun.
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Bank Failures When stocks declined,
banks lost money they had invested, and money they had lent to speculators.
Some banks forced to close, with this news, Americans began to pull their money out of banks all at one time.
With too many withdrawals, over 3,000 banks collapsed!
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The Devastation of the Depression By 1933, more than 9,000 banks had failed. In 1932 alone, 32,000 companies went out
of business. In 1933, more than 12 million workers were
unemployed. Average family income dropped from
$2,300 to $1600 a few years later.
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Urban Areas People lost jobs, couldn’t
pay mortgage or rent, many people homeless.
People set up shantytowns—little towns of shacks where homeless stayed.
Soup kitchens and bread lines were established by local charities to help the needy.
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A typical breadline
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Hoover’s Solutions Very pro-business. Like most Republicans,
Hoover believed in helping businesses first, and that their wealth would “trickle down” to the poor.
Some public works programs (Hoover Dam)
Provided loans to businesses in distress.
However, his solutions didn’t deal with overproduction—even if companies could produce, people were too poor to buy anything!
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Refusal to Provide Direct Relief Didn’t want to spend federal money without
further income. Encouraged private charities and state and local
governments to help the poor. By 1932, such agencies were overwhelmed and
did not have enough money to help many Americans.
By 1930, Americans were more frustrated and started to blame Hoover for economic problems.
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The Bonus Army Blunder In 1924, soldiers had been promised a $1000 bonus. With
economic crisis, the House passed a bill which would pay the veterans early.
In 1932, 1,000 soldiers marched across the country to lobby Congress to approve the bill—were called “The Bonus Army.”
Once in Washington, over 15,000 veterans gathered, disappointed when Senate rejected bill.
Many veterans stayed in Washington, because there was nowhere else to go.
Hoover called in troops to force the veterans to leave the city. Two veterans were killed, 1000s were gassed. After this incident, most people were ready to get rid of
Hoover.
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Bonus Army Images
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Bonus Army Images
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Foreign Policy Concerns Japanese Imperialism: 1931 invasion of
Manchuria US responds with Stimson Doctrine—US would
not recognize any territorial acquisitions achieved by force, did little to stop imperialism of Japanese
Good Neighbor Policy: Hoover smoothes relations with Latin America, removal of troops from Haiti and Nicaragua.
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The Rise of FDR 5th cousin of TR Governor of New York Polio Grew up wealthy Religion gave him
sympathy for poor (“forgotten man”)
Charisma and political appeal
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Election of 1932 Roosevelt promises
“New Deal” from campaign
Wins certain victory Role of blacks key in
this election switch to Democratic Party
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Relief, Recovery and Reform First move: Nationwide banking holiday First 100 Days created many key reforms
CCC FERA AAA TVA MANY REFORMS INSPIRED BY PROGRESSIVISM
Congress eager to cooperate with Roosevelt to ensure change and progress
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Managing Money Reform of banking system
with Glass-Steagall Banking Reform Act—insured deposits, created FDIC
“Managed currency”—government bought all gold so it could print more money INFLATION
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Creating Jobs Roosevelt wanted to BOTH aid
the worker and “prime the pump” of industry
CCC—employment in government camps for young men. Had to send some money home
Provided direct relief with FERA HOLC—helped refinance homes CWA—purely temporary jobs
during difficult winter. WPA—public buildings, bridges
and roads
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Roosevelt’s Critics Father Charles Coughlin—
Catholic priest, became fascist-like in his critique of FDR
Senator Huey Long—leftist critic of Roosevelt, “Share our Wealth” program because New Deal wasn’t doing enough
Dr. Francis E. Townsend—raised need for an old age pension
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Women in the New Deal Eleanor Roosevelt: Visible
first lady Francis Perkins: America’s
first women cabinet member
Mary McLeod Bethune—director in National Youth Administration
More women in academia and literature as well
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Helping Industry and Labor National Recovery
Administration: To assist industry, labor
and unemployed Developed codes of
competition in industry—reduced hours, set minimum wages
Workers formally given right to organize and bargain
Declared unconstitutional in Schecter cases (1932)
Led to PWA Repeal of Prohibition