SCR Page 11 SCR Page 11 on Back Great Depression: 1932 Election Hoover vs F.D.R. Mr. Doherty / Mrs. T Herbert Hoovers Approach to Depression Laissez Faire- govt should play as small a roll as possible in economic affairs. Laissez Faire- govt should play as small a roll as possible in economic affairs. Laissez Faire Think Lazy 1932 Election FDR Declares Bank Holiday Many banks were in trouble and in danger of failing. Many banks were in trouble and in danger of failing. Emergency Banking Relief Act- closed banks for four days, banks w/ enough funds to meet depositors demands could reopen. Emergency Banking Relief Act- closed banks for four days, banks w/ enough funds to meet depositors demands could reopen. Fireside Chats Nickname of speeches FDR gave over the radio while in office. Nickname of speeches FDR gave over the radio while in office. Helped to spread his ideas to the people. Helped to spread his ideas to the people. Federal Deposit Insurance Corporation (FDIC) Insured savings accounts in banks approved by the govt Insured savings accounts in banks approved by the govt Civilian Conservation Corps (CCC) Provided jobs for men planting trees, building bridges and parks. Provided jobs for men planting trees, building bridges and parks. Public Works Administration Hired workers for thousands of public works projects such as ports, schools, and aircraft carriers. Hired workers for thousands of public works projects such as ports, schools, and aircraft carriers. Works Progress Administration (WPA) Employed men and women to build hospitals, schools, parks and airports Employed men and women to build hospitals, schools, parks and airports Social Security Act (SSA) Pension- money given to employees after they retire Pension- money given to employees after they retire Unemployment- people who lose their jobs receive payments until they find work. Unemployment- people who lose their jobs receive payments until they find work. Disability- people w/ disabilities and families are compensated Disability- people w/ disabilities and families are compensated Agricultural Adjustment Administration (AAA) Govt paid farmers not to grow certain crops Govt paid farmers not to grow certain crops Smaller harvests = increase in prices Smaller harvests = increase in prices Rural Electrification Administration (REA) Loaned money to extend electricity to rural areas. Loaned money to extend electricity to rural areas. SCR Back of Pg 7