Chapter 24The New DealIntroduction●The Great Depression offered Roosevelt and the Democratic party an opportunity toregain control●Roosevelt cultivated a partnership between the two wings of the divided Democraticparty - the traditionalists from the South and West, and the new urban Democrats in theNorth●After defeating Hoover in the 1932 election Roosevelt said, “I pledge you-I pledgemyself to a new deal for the American people.”The Hundred Days●“The only thing we have to fear is fear itself”●Within a few weeks Congress drafted new banking legislation and FDR signed it●The measure allowed the government to supervise and aid the banks●Strong banks were reopened with federal support●FDR used fireside chats to inform the public of the move. He assured the people that theycould safely put their money into the reopened banks●Instead of nationalizing the banks, FDR put government resources behind them andpreserved private ownership●FDR also pushed for the Tennessee Valley Authority (TVA)●Resulted in building a series of dams in seven states to control floods, ease navigationand produce electricity●The nation continued in the depression for six years, but hope was in sight.Recovery●National Recovery Administration: an attempt to achieve economic advance throughplanning and cooperation between government, business, and labor●Business owners focused on stabilizing production and raising prices for goods●Labor leaders focused on maximizing hours and stabilizing minimum wages●The NRA quickly enrolled the country’s major companies to ensure fair competition andrealistic limits on production●
