Ch24USH - Chapter 24 The New Deal Introduction The Great...

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Chapter 24The New DealIntroductionThe Great Depression offered Roosevelt and the Democratic party an opportunity toregain controlRoosevelt cultivated a partnership between the two wings of the divided Democraticparty - the traditionalists from the South and West, and the new urban Democrats in theNorthAfter 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 itThe measure allowed the government to supervise and aid the banksStrong banks were reopened with federal supportFDR used fireside chats to inform the public of the move. He assured the people that theycould safely put their money into the reopened banksInstead of nationalizing the banks, FDR put government resources behind them andpreserved private ownershipFDR also pushed for the Tennessee Valley Authority (TVA)Resulted in building a series of dams in seven states to control floods, ease navigationand produce electricityThe nation continued in the depression for six years, but hope was in sight.RecoveryNational Recovery Administration: an attempt to achieve economic advance throughplanning and cooperation between government, business, and laborBusiness owners focused on stabilizing production and raising prices for goodsLabor leaders focused on maximizing hours and stabilizing minimum wagesThe NRA quickly enrolled the country’s major companies to ensure fair competition andrealistic limits on production

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