Write down these terms and match them with the correct definition on your own paper
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Transcript of Write down these terms and match them with the correct definition on your own paper
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Instructions• Pick up a Google Chromebook• Log in: use your full login
– [email protected]• Go to my website (Great Depression)
http://goo.gl/TACS9J• Wait for instructions.
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End of the 1920s• Election of 1928
– Coolidge not running for a second term.
• Hoover vs Smith– Herbert Hoover
• Sec. of Commerce under Harding
• “Prosperity for everyone”• “we are nearer to the final
triumph over poverty…”– Alfred Smith
• Irish-Catholic-DemocratTriple Whammy
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End of the 1920s• Election of 1928• Biggest Issue of the 28
Election?
Triple Whammy
21st Amendments repeals the 18th, ending Prohibition 1933
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Hoover Disconnected?• Oct 25, 1929- Hoover claims
the foundation of nations industry is strong.
• Oct 29, 1929- Stock Market Crashed
• March 30, 1930- Hoover, “the worst effects of the Crash will pass in 60 days.”
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Hoover’s Philosophy
• Believed:– in “rugged individualism”
• the idea that people succeed through their own efforts
– in confidence economics “Prosperity is right around the corner.”
– money given to business leaders would trickle down…
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The “Hoover” Depression• Believed help should
come from local governments– State– City– Red Cross– Salvation Army– Churches– Charity
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Debt vs. DeficitGovernment Spending • 2008 -4,000,000
• 2009 -10,000,000• 2010 -5,000,000• 2011 +6,000,000 (surplus)• 2012 -3,000,000
• Military• Social Programs
– Health care– Welfare– Unemployment
• Education Yearly
Spending
Red = Govt spends more money than they make (deficit)
Blue = Govt makes more money than they spend. (surplus)
Debt from 2008 to 2012
-16,000,000
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The “Hoover” Depression• Did little to
– spur job growth– stimulate the economy – grant government relief.
• Because he believed GOVT relief would contribute to DEFICIT SPENDING
• * Relief = Aid in any form given by govt to people.
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Too little too lateVoluntary efforts1930
Encouraged business leaders to PLEDGE to stop slashing wages.
Only lasted a year
Public Works Govt. financed building projects
Could not compete with the amount of jobs lost in public sector.
National Credit Corp Govt money given to banks to keep lending.
Did not meet nations needs.
Reconstruction Finance Corp
Make loans to railroad, banks & farms
Did not meet nations needs.
Emergency Relief & Construction act
Money given to states for relief & jobs
Not enough to fight effects of depression
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Hoover looks bad
Hunger Marches Homeless & jobless petitioned Washington to “tax the rich”. Faced violence from police.
Farmer’s Revolts Foreclosed farmers destroyed their crops hoping to drive up prices or prevent banks from profiting on their hard work
Bonus Marches WWI veterans asked for bonuses early. “Patman Bill” assembled in Washington. Hoover ordered army to break up the crowd.
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Hoover’s Legacy• Failed President• Lost to Roosevelt in ‘32
biggest landslide in US history.
• Did more in govt relief than any president before him.
• Depression & Bonus Marches looked bad in the eyes of Americans.
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Roosevelt’s Philosophy• Expand the role of the Executive
Office.• Create federal aide for
unemployed• Promote work relief and create
jobs that do not compete with private industry.
• Abandoned the gold standard• Allow Fed reserve to manipulate
value of the dollar
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Franklin D. Roosevelt’s Appeal• In 1932 presidential
election, FDR was perceived as a man of action.
• Hoover was viewed as a “do-nothing president.”
• Results: a landslide for Democrats and a mandate to use government as an agency for human welfare.
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Situation When FDR Entered Office• In March 1933, the
country was virtually leaderless and the banking system had collapsed.
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FDR Restored Confidence• In his inaugural address,
he said “The only thing we have to fear is fear itself….”
• He promised vigorous leadership and bold action, called for discipline and cooperation, expressed his faith in democracy, and asked for divine protection and guidance.
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Presidency• March 4 1933-Inauguration Day
– US unemployment @ 25%– Most banks were closed
• Gold Standard = Bank Standards– Economy in shambles
• First Hundred Days– Sent dozens of BILLS to Congress– Congress passed 15 BILLS into ACTS
of legislation (New Deal)– Set Precedent for future presidents.
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Purposes of the New Deal• Relief: to provide jobs for the
unemployed and to protect farmers from foreclosure
• Recovery: to get the economy back into high gear, “priming the pump”
• Reform: To regulate banks, to abolish child labor, and to conserve farm lands
• Overall objective: to save capitalism
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Sources of New Deal Ideas• Brains Trust: specialists and
experts, mostly college professors, idea men
• New Economists: government spending, deficit spending and public works, government should prime economic pump
• Roosevelt Cabinet: included conservatives, liberals, Democrats, Republicans, inflationist, anti-inflationists -- often conflicting, compromising, blending ideas
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First New Deal (1933-1934)• Emphasis: reform• Political Position: conservative • Primary aim: economic recovery• Philosophy: economic
nationalism and economic scarcity (i.e., raise prices by creating the illusion of scarcity)
• Objectives: higher prices for agriculture and business
• Beneficiaries: big business and agricultural business
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Second New Deal (1934-1941)
• Emphasis: reform• Political Position: liberal• Primary aim: permanent reform • Philosophy: international
economic cooperation and economic abundance
• Objectives: increased purchasing power and social security for public
• Beneficiaries: small farmers and labor
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Legacy
• New Deal did not end the Depression!• Balanced economic interests• New ROLE for Federal government• Safety net- safeguards for average Americans• Made govt too powerful