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Depression / New Deal
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Objectives Look at effects of the Depression Examine pictures to visual the
impact of the depression
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1920’s in the U.S. Consumer Economy: an
economy that depends on a large amount of spending by consumers
People began to buy on credit
Industries boomed because people were buying so much.
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People began to invest in the Stock Market
People would borrow money to purchase stocks (buying on margin)
Speculation: purchasing high risk stocks
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HOWEVER… Uneven prosperity: not
everyone was enjoying the economy
Falling farm prices put farmers into trouble, they couldn’t pay debts.
People over purchased on credit, couldn’t pay bills
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Black Tuesday: The Great Crash On October 29, 1929, the stock
market crashed. Prices fell, stocks were
worthless Businesses couldn’t pay their
bank loans. Factories shut down, people
lost jobs People couldn’t pay personal
loans
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People couldn’t purchase products
More stores and factories closed
People tried to get their money from the banks
Banks closed
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RESULT…
The Great Depression
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President Herbert Hoover (Republican) believed that the natural process of the cycle would lead to correction.
Asked businesses to voluntarily cooperate
Laizze Faire Economics
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Effects:
Bank runs Savings were wiped out Cuts in production Rise in unemployment
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And then to make things worse… It stopped raining in the
mid-west. Referred to as the “Dust
Bowl” Nothing would grow Primarily affects: Kansas,
Oklahoma, Nebraska
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People packed all their belongings in their trucks
Moved to California Created cardboard towns
called Hoovervilles Named for Pres. Herbert
Hoover
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Images From The Great Depression
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A man selling apples on a New York City street corner, just trying to make ends meet.
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“Hooverville”
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Unemployed Chicagoans during Great Depression.
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Famous photo taken by Dorthea Lange. This is a picture of an immigrant mother who just sold the tires from her car to buy food. Before this day, her family had been living on frozen vegetables and birds that the children had killed.
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Unemployed men vying for jobs at the American Legion in Los Angeles during the great depression.
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Iowa – A farm foreclosure sale
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Breadline.
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Breadline
New York City. The corner of 6th Avenue and 42nd Street.
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Ladies in the food line – Kensington, Pennsylvania.
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Soup Line
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The Dust Bowl
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What do you think? From the images you have just
seen, how do you think the mood the country was at the time?
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Objectives Examine FDR’s response to the
Great Depression
Examine & assess the effectiveness of New Deal policies
We will assess the impact of the New Deal
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Happy Days are Here Again
1932: Franklin D. Roosevelt (Dem.) is elected President
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New Deal “Relief”
Help people now
“Recovery” Jobs, econ…
“Reform Change econ. policy, gov. role….
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The New Deal
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KEY GOALS OF THE NEW DEAL
1.
2.
3.
1.
2.
3.
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First Hundred Days
Restore the nation’s hope
Provide relief to the people
Create jobsStimulate economic recovery
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The Second Hundred DaysSocial Welfare benefitsStricter controls over business
stronger support for unions
higher taxes on the rich
Pass new labor laws
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First Half of New Deal 1933 FDR
Keynesian Economics Defecit spending
1933 FDIC Federal Securities Act
Public info on stock market & regulation NIRA NRA
Codes for businesses WPA CCC
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FDIC established in 1933
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Second Half of N.D. 1935 Wagner Act
Form unions & strike
SOCIAL SECURITY Workers & employers pay “old age” benefits (65) Unemployment insurance
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New Deal
Expanded the role & power of the Federal GOVERNMENT
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Reactions to the New Deal1. Huey Long
Louisiana populist“Share our wealth”Anyone w/ $5 mil. In bank
gov should take it & distribute it
2. Charles CoughlinNational Union for Social JusticeAttacked bankers“Radio Priest” of DetroitBorderline fascist
3. F. TownsendOver 60 yrs. Old $200/mo and you must spend itCirculates $
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Reading After filling in the graphic organizers,
read FDR: Opportunistic Architect of Big Gov. (Robert Higgs)
Create 3 questions of your own from the reading
1. How does his view of FDR & the New Deal differ from most? Why?
2. According to Higgs what impact did FDR have upon American History?
3. What is your opinion?
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Discuss What impact did the New Deal
have? Positive, negative…?
Are there any comparisons one can make between Obama’s recovery plans and the New Deal?
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Social reactions: People left their homes, westward movement
Increased discrimination against minorities, many lost their jobs
Men left families
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Women lost jobs Increased union membership and riots (Wagner Act)
Many thought FDR was a Communist
Others said he wasn’t doing enough
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Recovery
People returned to work 1937 Recession FDR was reelected in ’36, ’40, and ’44.
Welcome to WWII