The Great Depression & The New Deal. Stock Market Crash of 1929 1928 - 29: Surge in Stock Market speculation, $87 billion in 1929 October 29, 1929: approximately.

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  • The Great Depression & The New Deal

  • Stock Market Crash of 19291928 - 29: Surge in Stock Market speculation, $87 billion in 1929October 29, 1929: approximately $50 billion lost

  • U.S. Depression Linked to a Global DepressionEurope struggled with wartime debtU.S. and Europe could not buy American goods1930: 1,352 banks failed & $850 million deposits lost1931: 2,300 banks failed & $1.7 billion lost

  • Hoovers Response, 1929 - 1932Relied on VOLUNTARY aid associations

    The Bitter Bread of Charity: Aid humiliated and disciplined the poor

  • HoovervillesSeattle, 1932Pipe City in Oakland, 1932

  • What Was Life Like During the Great Depression?1932: 250,000 nomadic familiesWomens unemployment rate was over 20%2 million women housecleaners did not earn minimum wage

  • Effects of the Great Depression on Family LifeBirth Control easier to obtainDivorce rate soaredHigh School enrollment increased

  • Farm Life of all farm families on public or private aidMortgage foreclosures of farms across the U.S.

  • World War I Bonus Marchers, 1932

  • What Happened?10,000 WWI veterans demanded early bonuses in Washington D.C.2,000 stayed in Hoovervilles in D.C.July 28, 1932: General Douglas MacArthur burned their sheltersRiot ruined Hoovers career

  • Mexican Repatriation1/2 million Mexicans returned to Mexico in the 1930s, some voluntary and many by forceDeportations involved round ups of laborers70,000 Mexicans left Los Angeles, CA in 1931

  • Election of 1932FDR: 57.4% of votes vs. Hoover: 39.7% of votes

  • FDRs Inaugural Address

  • The First New Deal: March 1933 34

    March 1933: 14 million people out of work

    FDR hired the BRAIN TRUST: Professors, lawyers, politicians, & former Progressive Era reformers who developed New Deal policies

  • Addressing the Bank Crisis

    March 5, 1933: National Banking Holiday, banks closed for 4 daysEmergency Banking Act: Only healthy banks could re-open(FDIC) Federal Deposit Insurance Corporation created

  • (CCC) Civilian Conservation CorpsEmployed jobless youth in reforestation & environmental programsPaid $30 - 35 per month1933: 500,000 workers 1942: 3 million workers

  • (PWA) Public Works AssociationLarge scale public works projects: building libraries, bridges, damsBuilt 500 airports and 250,000 rest stop bathrooms in CA, OR, and WAHelped redefine the meaning of public assistance

  • (AAA) Agricultural Adjustment ActPaid farmers to stop producing wheat, corn, cotton, pigs, and dairyWanted to raise the price of goods by reducing the supply in the marketProblem: AAA did not help farm workers or migrant workers & it only helped large land holders

  • (TVA) Tennessee Valley AuthorityAdvanced the economic development of the entire Tennessee River ValleyCreated jobs for architects, engineers, construction workers, scientists, and clerksBrought electricity and running water to one of the poorest areas in the nation

  • Results of the First New DealFDR began to strengthen the role and authority of the federal governmentFederal government programs changed the prior idea of charity aidDid not end the Great Depression

  • Challenges from the Left and Right: 1934-1935Father Coughlin: Detroit Catholic priest with an audience of millions

    Fan base primarily of the lower middle class

  • Challenger # 2: Dr. Francis TownsendElderly CA physician

    Proposed the government pay $200 per month to retired people over 60 years old

    Retirees would have had to spend the money in 30 days

  • Challenger # 3: Louisianas Huey Long

  • Huey Longs Share the Wealth Plan5,000 dollars to every American family

    Limit personal fortunes to 1 million dollars

    Old age pensions of $30 a month to persons over sixty

  • The 2nd New Deal: 1934 1936 The Works Progress Association8 million construction workers, writers, artists, photographers, and musicians employed between 1935 1942Employed 10,000 jobless writersOral Histories of immigrants and former slaves

  • Who did the 2nd New Deal Target?Directly addressed the needs of workers, the elderly, and the poorThe federal government became the source of stability and security Fair Labor Standards Act of 1938 sets minimum wage of 40 cents per hourBrain Trust placed higher taxes on corporations and the wealthy out of the fear of the influence of Coughlin, Long, and Townsend

  • Social Security Act of 1935The major accomplishment of the New DealEstablished workers pensions, unemployment insurance, survivors benefits for industrial accidents, aid for the disabled, aid for single mothersIgnored farmers, domestic workers, and self-employed Embraced by people during the 1930s

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