History notes 3.6.2008

History notes 3.6.2008 - The New Deal(continued I...

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The New Deal (continued) I. Development of New Deal a. “First New Deal” (1933) i. Restoring faith in financial institutions 1. “Bank Holiday” 2. SEC FDCI ii. Attempts to end economic downtown 1. NRA 2. AAA 3. TVA iii. Direct relief to individuals 1. Federal Grant 2. CCC 3. FHA b. Growing opposition 1. From Supreme Court 2. From the Right a. Charles Coughlin 3. From the Left a. Huey Long c. “Second New Deal” (1935) i. REA ii. WPA iii. Social Security iv. NLRB
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Notes FRD accepts the fact that the Depression was American made Tried to be the front runner in solving the problems o Made him very popular – elected 4 times o One of the best presidents FDR called everything he did as part of the new deal o Only a few that make a real difference o Two New Deals First New Deal is laid out in the first few days Second is response to criticism First New Deal o Couldn’t help right away after being elected Elected in November but takes over in March – Constitution o Hoover does nothing from November till March – Doesn’t want to help Roosevelt o By the time Roosevelt takes office many Americans fear that there will be a revolution or the government will collapse Roosevelt immediately starts his fireside chats o Roosevelt brings in several experts to help him out o First Step – Restore Americans confidence in the banking system First Day after he takes office – declares a “Bank Holiday” – 4 days Federal inspectors fan out to expect books of every bank Only those who pass can reopen Goes to congress and creates two new agencies (SEC and FDIC) Security and Exchange Commission – regulates the stock market
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o Designed to prevent stocks from being over valued o Companies that sell stocks must open up there books so consumers can check them out Federal Deposit Insurance Company
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