h151 response 4

h151 response 4 - Michael Joyce 10/4/07 History 151...

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Michael Joyce 10/4/07 History 151 Response Paper #4: FDR’s New Deal During the 1930’s, America fell into its worst depression that it has ever seen due to the stock market crash on October 29 th , 1929. With the U.S. government taking heat for not doing anything about the damage that the Great Depression was leaving, the president Franklin Delano Roosevelt felt like he had to do something to rectify the devastation of the economy. Many of these acts were used to help the U.S. recover from its state of economic depression. One major problem with the American economy was the banking system. Over forty percent of the banks in the United States failed, which meant that whoever saved money in these banks were out of luck. Their money was gone, and never to be returned. Because of this, FDR created the FDIC, a federal insurance for personal bank accounts to insure that money deposited up to $5,000 would be guaranteed to the owner even if the bank went out of business. This was key in returning confidence to the banking system,
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This note was uploaded on 03/31/2008 for the course HIST 151 taught by Professor Mcfarland during the Spring '08 term at UMass (Amherst).

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h151 response 4 - Michael Joyce 10/4/07 History 151...

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