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Transcript of The 1920’s was a time known for wealth and prosperity People were living their dream Lots of...
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The Great Depression and the New Deal
Chapter 25Pages 656-681
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Roaring 20’s
The 1920’s was a time known for wealth and prosperity
People were living their dream
Lots of jobs, money, and happiness
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Stock Market Crash
October 29, 1929
Known as “Black Tuesday”
Investors began selling their stocks at any price
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Stocks Lost All Value
U.S. Steel went from $262 per share to $22
Montgomery Ward went from $138 per share to $4.00
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Example
Say that you owned 500 shares of Montgomery Ward
Before the Crash your stock value was $69,000(500 x 138)
After the Crash, your stock value was $2,000 (500 x 4)
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Beginning of Great Depression
The Wall Street Crash marked the beginning of the Great Depression, but it did NOT cause it
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Causes of Great Depression
Biggest cause of the Great Depression was the unequal distribution of wealth
The richest 0.1% of American families had as much total income as the bottom 42%.
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Limited Purchasing Power
With more than half the nation’s people living at or below the poverty line, there was a lack of purchasing power
People couldn’t afford to buy anything, therefore, companies went out of business
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2. Oligopolies
Markets or industries dominated by a small number of sellers
Prices were kept artificially high, not determined by supply and demand
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3. Agriculture
Agriculture was suffering from overproduction
This led to lower prices and heavy debt
Why would lower prices be a problem?
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4. Banks
Poorly managed and regulated
Disappearing money
People were fearful and pulled their money out of banks…bad why?
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5. International Problems
Stock market crash ended the flow American dollars to Europe
Industries collapsed
Stopped buying American goods
This was a global depression
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The Depression Spreads
An average of 100,000 workers a week were fired in the first three years after the crash
By 1932, the unemployment rate was 25%
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The Economy effected people of all ages
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Hoovervilles
Most urban families who lost their homes gathered together in Hoovervilles
Collection of wooden or cardboard shacks, tents, and boxes located in public areas
Called “Hoovervilles” as a jab at President Hoover
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Charities
Soup kitchens and charities tried to assist, but there were simply too many people that needed help
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“Women’s Jobs” and “Men’s Jobs”
There was an effort made to stop hiring women, especially married women
“They are holding jobs that rightfully belong to the God-intended providers of the household”
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Why?
School systems refused to hire married women
Banks and insurance companies fired married women
Few men sought these jobs, so it just made the problem worse
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Great Depression Families
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Families
Divorce declined…why?
Desertion increased
Marriage rates fell
Birthrates fell
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Sacrifice vs. Burden
Some parents starved themselves to feed and protect their children
Other parents saw their children as burdens, often leaving home and abandoning them
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Last Hired, First Fired
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Effects on Minorities
Black unemployment rates were twice as high as whites
Whites took jobs that were usually reserved for blacks such as street cleaning and domestic service
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Discrimination
In Atlanta, white citizen paraded with banners denouncing the hiring of black workers until “every white man has a job”
Religious and charitable organization often refused to care for blacks
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Protest
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Examples of Protest
Ranged from small desperate gestures like stealing food and coal to more dramatic needs
One hundred women held the city council of NJ hostage to demand assistance, “bloodless battle of Pleasantville”
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Help from Communists?
Communists staged hunger marches and blocked evictions
Mothers facing eviction told their children to “run quick and find the reds”
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Hoover and the Depression
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Herbert Hoover
Biggest problem in fighting the Depression is that he believed private relief was preferable to federal intervention
Thought the role of the national government was to advise and encourage the voluntary efforts of private organizers, and local communities
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The Government Wasn’t Helping
In NYC families got $2.39 to live on/ week
Hoover failed in relying on this and not admitting they were inadequate
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Story of the “Bonus Army”
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“Bonus Army”
Hoover’s treatment of the Bonus Army symbolized his unpopularity and set the stage for the 1932 election
Thousands of unemployed veterans came to Washington demanding bonuses that were due to them
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They Were Early
Bonuses were not due until 1945
Hoover refused to meet with them, and they constructed a shanty town at the edge of Washington and stayed
Hoover wanted them gone immediately
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Bad Move
Hoover ordered Gen Douglas MacArthur to get rid of them
MacArthur disobeyed orders and led a cavalry, infantry, and tanks against them
Set the camp on fire and destroyed it
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Outrage
This provoked widespread outrage
They tried to paint the Bonus marchers as Communists and criminals, but it wasn’t true
Made Hoover look harsh and insensitive
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Election of 1932
Hoover ran for re-election representing the Republican Party, but he had little hopes of winning
Democrats nominated Gov Franklin D. Roosevelt of NY who promised “a new deal for the American people”
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Franklin Delano Roosevelt
FDR Distant cousin of TR
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FDR
In 1921 he had contracted polio and had been paralyzed from the waist down
He didn’t disclose what his New Deal involved, usually spoke in general terms
He knew he was likely to get votes just because Hoover wasn’t liked
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Worst Defeat Ever for Rep. Candidate
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March Inauguration
Hoover would continue to be President for 4 more months and things got worse
Final blow came in 1933 when panic struck the banking system
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Bank Failures
6 thousand banks had failed, robbing 9 million people of their savings
Americans rushed to withdraw their money, Hoover had to shutdown all the banks
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The New Deal
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New Deal
“The only thing we have to fear is fear itself”
http://www.youtube.com/watch?v=MX_v0zxM23Q
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“Action Now!”
First 100 days many new laws were passed
Number one priority was to deal with the banking crisis
Issued a Bank Holiday closed all remaining banks
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Emergency Banking Act
extended government assistance to sound banks and reorganized the weak ones
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Had to Restore Confidence
Spoke in an informal way to explain everything to the public
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FDIC
Federal Deposit Insurance Corporation Guaranteed bank deposits up to $2500
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Relief for the Public
FDR also provided relief for the unemployed
The Federal Emergency Relief Administration (FERA) furnished funds to state and local agencies
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CCC
Civilian Conservation Corps
FDR’s favorite program
combined work relief with conservation
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What Did it Do?
Employed 2.5 million young men to work on reforestation and flood control projects, build roads and bridges in national forests and parks, restore Civil War battlefields, and fight forest fires
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CCC
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CCC
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Advantages of CCC
The men lived in camps and earned $30 a month, $25 of which had to be sent home
Guaranteed work
“I’d go anywhere, I’d go to hell if I could get work there.”
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Agricultural Assistance
Agricultural Adjustment Administration (AAA)
subsidized farmers who agreed to restrict production
A subsidy is a payment from the government
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Controversial
Object of the program was to boost prices
Restricting production in hard times caused public outrage
“We have an overproduction of empty stomachs and bare backs”
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Successful?
Harmed poor farmers while aiding larger commercial growers
In 1936 the Supreme Court declared the AAA unconstitutional
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NIRA
Attempted to revive American industry
Guaranteed workers the right to organize unions and to collective bargaining
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New Deal Critics
Conservatives
Father Charles Coughlin
Senator Huey Long
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Conservatives
Complained that the expansion of government weakened the autonomy of American business
Called it “socialistic”
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Father Coughlin
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Father Coughlin
Catholic Priest in Detroit
Had own radio show
Originally supported the New Deal
Franklin “Double-Crossing” Roosevelt
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Anti-Semitic
Was issuing openly anti-Jewish statements and actually praising Adolf Hitler
Church officials took him off the radio
http://www.youtube.com/watch?v=IS9_gqCytV4
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Huey Long
Senator from Louisiana “Share Our Wealth”
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Share Our Wealth
limit individual income to 1 million and inheritance to 5 million
Mathematically impossible, but people liked the idea.
Influenced FDR to tax the rich in the 2nd new deal.
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2nd New Deal
By 1935, FDR thought that not enough had been done
Still wanted to do more
Focused on creating Social Security program
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Social Security
Other nations had established national social insurance systems much earlier, but it took the Great Depression for the United States to do the same
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Purpose?
Provided unemployment compensation
old-age pensions
aid for dependent mothers and children and the blind
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Some Left Out
Did not include farm laborers and domestic service
Left out about 25% of the American workforce
One of the most important laws in American history despite its weaknesses
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The Dust Bowl
Since WWI, farmers stripped the land of grass in order to plant wheat
Drought and high winds caused crops to fail and nothing was left to hold the soil
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Consequence?
Dust storms blew away millions of tons of topsoil
Darkened the sky 1,000 of miles away
Families were forced to abandon their farms
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Dust Bowl Clip
http://www.youtube.com/watch?v=x2CiDaUYr90
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TVA
Tennessee Valley Authority built dams to control floods and
generate hydroelectric power
agricultural development and conservation
Schools and health systems
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Resettlement Administration
Focused on land reform and help to poor farmers
Attempted soil erosion projects and helped poor farmers find better land
Problem was too widespread to fix
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Election of 1936
FDR (D) vs. William Landon (R)
African Americans overwhelmingly voted Democratic for the first time
So did women
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FDR 528 – Landon 8
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Labor Relations
Many unions joined together to form the CIO, led by John Lewis.
Gained 4 million members in 2 years.
Their most powerful form of protest was the strike
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Sit Down Strikes
* Sit down strike, laborers stop working but refuse to leave the building
Supporters sit outside and form picket lines
this prevented them from bringing in scabs
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“Sitting” on Inventory
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General Motors Strike
12/31/1936
Executives turned off the heat and blocked entry so no food could be brought in
Police were called to the picketers outside, eventually a fight broke out.
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Result?
women got involved in lines and providing food.
Governor and Roosevelt refused to battle the pickets and GM had to give in.
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Memorial Day Tragedy
Republic steel in Chicago
Police guarding the plant fired on strikers and their families
Ten people were killed
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Long Way Left to Go
A sign that labor, despite few success, faced obstacles
1939 Supreme Court outlawed sit-down strikes
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Women and the New Deal
Mixed Impact
Mostly did “women’s work” and were paid less than men
Frances Perkins became first female cabinet member of FDR
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Eleanor Roosevelt
Pushed for women’s rights Travelled and campaigned constantly
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Minorities and the New Deal
Mostly discriminated against early on
FDR didn’t want to anger Southern Democrats which he needed
Eleanor Roosevelt pushed for appointment of black officials and supported racial equality
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Benefits to Minorities
Improved literacy due to public education
Black college students and graduates more than doubled
Reduced infant mortality rates and raised life expectancy rates
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Court Packing Fiasco
Supreme Court had shut down many programs
No specific number of judges ever set in the Constitution
Had just always been 9
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Court Packing
Roosevelt said he just wanted to lighten the burden on the existing aging judges
He asked congress for permission to appoint up to 6 more judges, one for each judge over 70 years old.
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“His Guys”
Wanted to appoint judges who supported New Deal programs
Huge backlash from critics who thought he wanted to be a dictator
Withdrew his plan
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Last days of New Deal
New Deal was no miracle cure for the Depression
in 1937 the economy collapsed again and went into a recession
Social security tax had a lot to do with this. Since it was automatically deducted, Americans had less money in their pockets to spend.
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National Debt on the Rise
National debt rose from 21 billion in 1933 to 43 billion in 1940.
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Modern Day Critics
Most have now found the new deal to be lacking
Hindered economic progress and threatened America’s core beliefs in free enterprise
America wasted precious resources in the AAA
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Deficit Spending
paying out more money from the annual federal budget than the government receives in revenues
New Deal required the government to borrow money
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Entertainment During Depression
Americans used movies to escape Depression
25 cents for two movies
Inspirational and comedies were most popular (Can you guess 3 most popular films/characters?)
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Lasting Achievements
Voters began to expect President to formulate programs to solve problems
Accepted more government intervention
Grew used to larger governments
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Most Important Achievement
Restored a sense of hope to Americans
New Deal did NOT solve the Depression, but it gave people hope that the end was near
Economic Recovery would not come until World War II