Chapter 2.3 How successful was the first new deal in ending the depression? Flashcards
(26 cards)
how did FDR fare in the 1932 presidential election
-won 22.8 million votes compared to Hoover’s 15.8 million
-FDR received support from trade unions, workers in manufacturing, catholics, jews and the whites of the old south
-up until 1932, BAs had generally supported the republicans (Hoover) which had abolished slavery in 1865, however began to switch in 1932
what happened during the lame duck period
=Hoover offered to work with FDR to relieve the misery of the depression
-FDR refused as he didnt want Hoover to gain any credit for getting the US economy out of the depression
what was the hundred days
-a hundred days of activity in congress where fdr passed legislation that would come to form the basis of the first new deal
-the first new deal was not a master plan to bring about radical change to the USA
-fdr claimed that he would experinment with ways to bring relief, recovery, and reform
what was Tennessee Valley
-an area notorious for flooding, poor infrastructure and low standard of living
-comprised of seven states and around 2 million people and covered 40,000 miles
what did the may 1933 Tennessee Valley Authority do
-established a network of dams to control the flow of rivers and create hydro electric power
-in 1933, only 2% of TV farms had electricity
-by 1945, this was 75%
-flooding and soil erosion had been prevented, increasing agricultural yield
what was the June 1933 NRA
-codes of practice for each industry
-aimed to promote fair competition , wages and hours
-child labour banned below 16
-section 7a allowed unions to collectively bargain for wage rates
-$3.3billion budget
-blue eagle sign
why was the june 1933 NRA not so successful
-issued 557 codes of practice , any of which proved unworkable and large companies such as Ford did not participate
-declared unconstitutional by SC in 1935
-put 2 mil back to work but low wages and no improved working conditions
what did the march 1933 CCC do
-offered mostly manual labour work to young men aged 18-25 for a minimum of 6 months and up to 2 years
-250,000 off unemployment list
-lived on segregated camps
-$1 a day, 30$ a month, $25 sent home tto family
how much did the CC achieve before it ended in 1942
-3 million men
-125,000 miles of road
-46,800 bridges
-3 billion trees
what was FERA in may 1933
-first attempt to aid unemployment directly
-harry hopkins
-$500 million budget
-5000 buildings
-used threat of withdrawal of federal funding to reluctant states like Georgia
what was the november 1933 CWA
-temporary
-meet the problems caused by winter to the unemployed
-$400 million budget
-4 months, 4,2 million workers
-400 airports, 255,000 miles of road
what was the PWA in june 1933
-part of the NIRA
-Harold Ickes
aimed at long term economic growth
-$3.3 billion budget
-13,00 schools, 50,00 miles of road
what was Harry Hopkins accused of
-providing jobs that aimed merely to give the unemployed emergency work
-boondoggle jobs
-
under the PWA, what was Harold Ickes acccused of
-spending federal money too slowly
-spent only $110 million in six months
-whereas Harry Hopkins had spent $5 million in a few hours
by 1834, what had FERA, PWA, CWA done collectively
-offered work to 20% of the workforce
why was the AAA of june 1933 seen as necessary
-the mcnary haugen bills of 1920s has attempted to stabilise farm prices through governent purchasing of surpluses
-overproduction had brought prices down
-sales of farm products had fallen due to the depression and foreign tariffs on american food exports
what did the june 1933 AAA do
-allotment plan - to prevent surpluses, farmers would reduce acres under cultivation or reduce production (killing pigs, pouring away milk and burning crops in an era mass malnutrition)
-by 1935, 35 million acres had been removed from cultivation
-farm incomes rose from 4.5B to 6.9B
what did not all farmers benefit from the June 1933 AAA
- many BA sharecroppers in the old south still loved in abject poverty
-in 1935, most rural parts of the USA were still without electricity
-climate changes and poor agricultural methods resulted in the dustbowl
what was the March 1933 emergency banking act
-two days after his inaugeration speech, FDR ordered a national bank holiday from 6-9 march
-EBA passed in 7 hours
-investigated all banks threatened with collapse
-only those approved by the treasury allowed to reopen
-restored confidence in banking system
what was the june 1933 glass steagall act
-separated commercial banking from investment banking
-investment banking was seen as a contributing factor to the WSC
-created the federal deposit insurance coorporation
which guaranteed all bank deposits to the value of $5000
what did the march and june 1933 EBA and Glass steagal acts do together
-in 1936, for the first time in 60 yeaes, no US banks closed for business
what was the may 1933 federal securities act
-regulate the buying and selling of shares
-all new share purhcases had to be reigstered with the federal trade commission
what was the january 1934 gold reserve act
-devalued the US dollar against the rate of gold to make exports cheaper
what was the june 1934 silver purchase act
-hoped to raise prices by increasing the amount of silver in the US coinage
