The Great Depression. APUSH Period 7

Transcription

1 The Great Depression APUSH Period 7 1

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3 "Mellon pulled the whistle. Hoover rang the bell. Wall Street gave the signal. And the country went to hell." 3

4 Causes of the Great Depression Spark of the Depression Stock Market Crash stock prices plunged Black Tuesday 10/29/29 4

5 Background Causes Weakened industries were not profitable Agriculture lacked profit; indebted farmers Consumer spending was down Poor distribution of wealth Consumers indebted installment plan 5

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8 Bank Runs, Business failure, unemployment, Hoovervilles Stock Market crash triggered bank runs banks had failed (1/4 of total) 85,000 bankrupt businesses 25% unemployment by 1933 Hoovervilles (shantytowns) 8

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10 Early Government Response: Tariffs! - Smoot-Hawley Tariff 1930 highest tariff in US history 60%+ backfired Tariff war Global trade plunged Global Depression 10

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12 Republican Pres. Herbert Hoover s Response Early Response: Gov t handouts will weaken self-respect and will to work Hoover felt social welfare could be left to charity After 1930 elections Hoover changed positions 12

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14 Changes in Congressional Representation 14

15 Democrats win congress Hoover s weak response led to Democratic Party Landslide in 1930 election Meanwhile - Hoovervilles dotted the country 15

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20 Woody Guthrie - I Ain't Got No Home This Land is Your Land This Land is your land - modern 20

21 Effects on the family No forms of direct government relief for food/jobs Increased malnutrition, disease 300,000 hoboes wandered country Suicide rate up 30% 21

22 The Depression Urban & Rural Shantytowns aka Hoovervilles throughout cities Soup kitchens/breadlines 400,000 farm foreclosures

23 Dust Bowl Drought, then windstorms Previous overproduction had damaged soil Okies left plains for California 23

24 Hoover s later attempts Boulder (later Hoover) dam 1930 Federal Home Loan Bank Act 1932 refinancing for mortgages and indebted farmers Reconstruction Finance Corporation $2 billion of emergency financing to key businesses *** NO DIRECT RELIEF 24

25 The Bonus Army Spring s of WWI vets marched on DC Demanded early payment of WWI bonus ($500) Senate passed Patman Bill for bonus Hoover veto President Hoover saw marchers as troublemakers Bonus Army gassed 7/28/

26 Bonus Army Bonus Army - Short Form Bonus Army - Long Form 26

27 Hoover Dam - Vegas Vacation Hoover Dam - Old School 27

28 Well, this will elect me Franklin Delano Roosevelt 28

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32 1932 election Roosevelt landslide Roosevelt s campaign focused on bringing change/restoring economy Hoover blamed for Depression, country s problems 32

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34 Waiting on Roosevelt Roosevelt not inaugurated until March 4, th Amendment moving presidential inauguration to January not in effect yet Roosevelt used brain trust to plan as he waited; waiting on Roosevelt people panicked So, first of all, let me assert my firm belief that the only thing we have to fear... is fear itself Roosevelt s inaugural address 34

35 Waiting on Roosevelt 35

36 The 100 Days March 9- June New Deal - broad set of economic reforms introduced 3 Rs Relief, Recovery, Reform Congress passed 15 pieces of New Deal legislation Banking and Finance Reform Bank Holiday Explained programs on radio Fireside Chats 36

37 Financial Protections Emergency Banking Relief Act 1933 pres. power to regulate banking, foreign exchange, reopen banks Glass-Steagall Act 1933 created FDIC bank deposits insured up to $5000 Federal Securities Act accountability for corporations that offered stock Gold Reserve Act 1934 individuals and agencies had to sell gold to treasury; price of gold rose Securities Exchange Commission regulated stock market 37

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40 New Deal = Immediate Relief The New Deal - alphabet soup of programs **Rapidly expanded the reach of government National Industrial Recovery Act (NIRA) National Recovery Administration (NRA) gave POTUS broad reach to regulate industry/stimulate economy 40

41 New Deal Target Areas ( ) Agriculture - Agricultural Adjustment Act (AAA) raise crop prices by lowering production Employment Projects- Civilian Conservation Corps (CCC), Civil Works Administration (CWA) Housing Home Owners Loan Corporation (HOLC) relief loans to prevent foreclosure Infrastructure Public Works Administration (PWA) Tennessee Valley Authority (TVA) 41

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43 CCC - small documentary 43

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45 New Deal under Attack - Conservatives saw FDR/Congress as meddling with economy Struck down by Supreme Court NIRA National Industrial Recovery Act 1936 AAA Agricultural adjustment Act 45

46 Roosevelt and Supreme Court ** 1937 Roosevelt promoted a court-packing bill Roosevelt got to nominate 7 justices 46

47 Opponents to the New Deal Huey Long income caps and minimum incomes Dr. Francis Townsend pensions for old Father Charles Coughlin radio priest guaranteed annual income 47

48 1936 US Presidential Election 48

49 Alf This is here because this character shares a name with Republican candidate Alf Landon (note to self) 49

50 The Second New Deal Roosevelt sealed resolve with more programs at midpoint of first term 1936 Another Roosevelt Landslide 50

51 Works Progress Administration (WPA) million jobs created Criticized as make-work program 51

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55 Cincinnati, Ohio 55

56 San Antonio, Texas 56

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59 Farm Security Administration FSA $1 billion in loans to tenant farmers and migrant workers to help become landowners FSA massive photo-history campaign 59

60 Social Security Act of most enduring legacies of New Deal Old-Age insurance Unemployment compensation system Disability aid 60

61 "I have pleaded your case from the pulpit and from the public platform--not in the quavering tones of a feeble mendicant asking alms, but in the thundering voice of the captain of a mighty host, demanding the rights to which free men are entitled. John L. Lewis 61

62 Wagner Act Protected right to unionize union membership skyrocketed Established National Labor Relations Board (NLRB) 62

63 Fair Labor Standards Act Maximum work hours 44 hours weekly Federal Minimum Wage (25 cents/hour) Increased child labor laws for those under 16; banned under-18s from hazardous work 63

64 CIO CIO (Congress of Industrial Organizations) formed as offshoot of skilled AFL (1935) organized low-skilled and semi-skilled workers John L. Lewis union boss sit-down strikes Sit-down strikes get GM and US Steel to recognize Unions 64

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69 First woman cabinet member Frances Perkins Secretary of Labor Represented a shift toward greater inclusion of women 69

70 The Black Cabinet Mary McLeod Bethune helped organize a panel of influential African-Americans to advise president Still, Roosevelt was cautious on civil rights 70

71 Eleanor Roosevelt Activist First Lady FDR s ears and legs My Day Newspaper espoused her views gave hope to women, blacks, other longexcluded groups 71

72 FDR s New Deal Coalition Diverse Groups dedicated to Democrats Southern whites Urban groups Blacks Unionized industrial workers Union membership 3 mil. To 10 mil. 72

73 Mass Culture & Entertainment Late 1930s 65% of public attending movies weekly source of news % of homes had a radio 73

74 The Arts Serious art, literature, and music Federal Writers and Artists Projects (WPA) Focused on realism and difficulty of the American experience Woody Guthrie music Dorothea Lange Migrant Mother John Steinbeck - literature 74

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76 I see millions of families trying to live on incomes so meager that the pall of family disaster hangs over them day by day I see one third of a nation ill-housed, illclad, ill-nourished. -FDR inaugural address

77 Perceptions of the New Deal Liberal New Deal did not go far enough Conservative New Deal hurt ambitions, work ethic 77

78 Enduring New Deal Programs FDIC Federal Deposit Insurance Corporation insures your deposits SEC Securities Exchange Commission regulates banking and investment Social Security still provides benefits National Labor Relations Board still regulates problems between labor and workers 78

79 Agricultural/Environmental Farm subsidies Continually Existing New Deal Infrastructures Conservation Expanded national park system 79