7 - the new deal

7 - the new deal - The New Deal I Franklin Delano Roosevelt...

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The New Deal I. Franklin Delano Roosevelt a. Personality i. Came from a wealthy family ii. Married Eleanor Roosevelt 1. Teddy Roosevelt’s Niece 2. FDR’s political partner iii. Went to Harvard iv. Had 6 children v. Got Polio and so he couldn’t stand on his own 1. Public wasn’t aware of his disability 2. Media was very understanding vi. Very quickly mastered art of the radio 1. Talked to American public, series of talks called “Fireside Chats” 2. Convinces Americans that there is someone in the White House who cares about them vii. Was a lot of people who also disliked him [wealthy] believed that he was a traitor b/c of his legislation 1. Putting the US in the path of socialism viii.Many Southerns were against Eleanor Roosevelt b. Philosophy behind New Deal Term for FDR’s legislation package to end the depression and provide aid Help Americans in need i. Interpretations 1. Not really radical [most popular] a. Constitution of liberal reform 2. Conservative
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a. Sees new deal as a radical departure from the past b. Dangerous expansion of federal government c. Oversight/ interference gone mad 3. Liberal a. Way to conservative b. Change system just enough to allow capitalism to survive c. FDR should’ve gone further ii. Roosevelt 1. Would have said he didn’t have a plan 2. He was making it up as he went along 3. Willing to try anything that he thinks might work 4. Wants an activist government 5. Was in office for 4 terms a. The first and Last to do this 6. Happens in the first 100 days of his presidency 7. During the time when FDR was elected and when he took office [November till March] Hoover did nothing, and is said to be the worst period of the depression 8. The day after his integration he goes to work II. Development of New Deal a. “First New Deal” (1933) i. Called everything he did while he was in office part of the new deal 1. Thousands of pieces of Legislation passed ii. Restoring Faith in financial institutions 1. “Bank Holiday” a. Does this the day after his integration b. Banks are closed for 4 days
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c. They were still there but during this time they were inspected to make sure they were financially sound d. Only the banks that passed approval were allowed to reopen e. Others had to stay closed till they got everything in order 2. SEC 3. FDIC a. Federal Deposit Insurance Company b. If the banks failed then the money was guaranteed up to $2,500. Today that is $100,000 4. All moves are extremely conservative iii. Attempts to end economic downturn 1. NRA a. National Recovery Administration b. Designed to stop the economic decline c. Voluntary agencies – government staffs agency, business and labor have reps d. Teamed up and figure min. wages for workers in each industry e. Puts a cap on production – so they don’t over produce f.
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