Lecture Outline-The Great Depression and the New Deal, 1929-1939

Lecture Outline-The Great Depression and the New Deal, 1929-1939

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1The Great Depression and the New Deal, 1929-1939 1. Introduction: a. Great Depression, October 29, 1929 b. Depression Created two crises: i. Economic: (1) Stocks plummeted by $14 billion (2) 1932: (a) Worst year of depression (b) stocks fell another 30% (c) Unemployment = 25% ii. Cultural: (1) Business defined 1920s (2) American values = economic growth, free enterprise, acquisitiveness c. 1933 = Turning Point i. FDR elected president ii. Expanded scale and cope of government iii. Government was used to ... (1) regulate economic (2) provide social welfare iv. Progressive reform had become mainstream 2. Causes of the Great Depression a. Stock Market Speculation 3. Hoover's Program a. Drew upon “associational” principles b. Reconstruction Finance Corporation i. Loaned 2 billion dollars to banks and companies c. Reluctant to spend tax dollars on unemployed or homeless 4. The Bonus Army 5. The Democratic Roosevelt a. Voters punished Hoover, elected Roosevelt 6. The First New Deal, 1933-1935 a. Fireside chats i. “The only thing we have to fear is fear itself” b. The First 100 Days i. 15 major pieces of legislation, aimed at ... (1) farmers (2) industrialists (3) bankers (4) workers (5) homeowners (6) unemployed (7) hungry people c. Saving the Banks i. Emergency Banking Act: gave federal loans to private bankers ii. Economy Act: committed fed. gov’t. to balancing budget
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