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History of the Americas
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- created federally insured bank deposits ($2500 per investor at first) to prevent bank failures.Purpose: (REFORM) PREVENT ANOTHER DEPRESSION
- created to have a pool of money that would enable troubled banks to continue lending money in their communities
- Migrant towns of people who were out of work and on the move to find work. Usually outside large cities where migrants were trying to find jobs.
- The RFC lent out $238 million to approximately 160 banks.A total of $500 million the US Government provided "indirect" relief to insurance corporations, agricultural organizations, railroads and state and local governments.
- Stock Market Crash (billions of $$$ lost)25% Unemployment5,000 banks fail (1929-1932)9 million saving accounts lost1 million farmers lose their farms
- Reaffirmed labor's right to unionize, prohibited unfair labor practices, and created the National Labor Relations Board.Purpose: (REFORM) PREVENT ANOTHER DEPRESSION
- refers to the lines that often formed outside of bakeries where men would wait in line for the bakers to give away old bread to the indigent so that they could eat (established to feed hungry)
- A drought in the 1930s that turned the Great Planes very dry.It was caused by misuse of land and years of sustained drought.many migrated to California.
- Helped businesses organize codes setting prices and minimum wage. (Not forced on Businesses though)Put people back to work at decent jobs, wages and working conditions.Declared unconstitutional by the Supreme Court in 1935 because it violated laissez faire.
- Group of World War I veterans who marched on Washington, D.C., in 1932 (during the Great Depression) to demand the immediate payment of their pension bonuses, Largest protest
- Federal government built a series of dams to prevent flooding and sold electricity.First public competition with private power industries.Purpose: (RECOVERY) BEGIN ECONOMIC GROWTH
- FDR and Congress went to work providing for direct relief, recovery and reform.Used Keynesian Economics (from John Keynes): Deficit spendingFrom March of 1933 to June of 1933, Roosevelt sent 15 proposals to Congress and all 15 were adopted
- Democrat Franklin D. Roosevelt, beat the Republican, Herbert HooverFDR vs. Hoover. FDR and the Democrats carried 42 of the 48 states and won in a landslideRoosevelt won because people blamed Hoover for Great Depression. Roosevelt compared the average worker to the 'Forgotten man'
- Protected farmers from price drops and over production..US Govt. Paid farmers (subsidies)not to grow crops, produce dairyPrevent another Dust Bowl, teach farmers methods of preventing soil erosion.Purpose: (RECOVERY) BEGIN ECONOMIC GROWTH
- Distributed $500 million of direct aid to unemployed workers such as food, clothing and grants of money to cities.Purpose: (RELIEF)EASE SUFFERING OF NEEDY
- Believed in Direct ReliefBelieved capitalism and laissez-faire needed to be reformed.Governmental involvement in people's lives was a good source for those in need.DemocraticCrippled (w/ polio)
- FDR's Wife and New Deal supporter. Was a great supporter of civil rights.became the eyes and ears for her husband
- Employed 8.5 million workers in construction and other jobs, but more importantly provided work in arts, theater, and literary projects.Purpose: (RELIEF) EASE SUFFERING OF NEEDY
- an independent agency of the federal government established in 1913 to regulate the nation's banking and financial industryHoover asked the _________ to pump more money into circulation.
- 31st PresidentFeared Deficit SpendingInderect Relief and Laissez Faire economy,RepublicanBelieved that federal government should not try to fix people's problems.Believed in Indirect Relief