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APUSH Chapter 33 - Chapter 33 The Great Depression and the...

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Chapter 33 The Great Depression and the New Deal I. FDR: A Politician in a Wheelchair I. In 1932, voters still had not seen any economic improvement, and they wanted a new president. II. President Herbert Hoover was nominated again without much vigor andtrue enthusiasm, and he campaigned saying that his policies preventedthe Great Depression from being worse than it was. III. The Democrats nominated Franklin Delano Roosevelt, a tall, handsomeman who was the fifth cousin of famous Theodore Roosevelt and hadfollowed in his footsteps. FDR was suave and conciliatory while TR was pugnacious and confrontational. FDR had been stricken with polio in 1921, and during this time, his wife, Eleanor, became his political partner. Franklin also lost a friend in 1932 when he and Al Smith both sought the Democratic nomination. IV. Eleanor was to become the most active First Lady ever. II. Presidential Hopefuls of 1932 I. In the campaign, Roosevelt seized the opportunity to prove that hewas not an invalid, and his campaign also featured an attack onHoover’s spending (ironically, he would spend even more duringhis term). II. The Democrats found expression in the airy tune “Happy DaysAre Here Again,” and clearly, the Democrats had the advantage inthis race. III. Hoover's Humiliation in 1932 I. Hoover had been swept into the presidential office in 1928, but in1932, he was swept out with equal force, as he was defeated 472 to 59. II. Noteworthy was the transition of the Black vote from the Republican to the Democratic Party. III. During the lame-duck period, Hoover tried to initiate some ofRoosevelt’s plans, but was met by stubbornness and resistance. IV. Hooverites would later accuse FDR of letting the depression worsen so that he could emerge as an even more shining savior. IV. FDR and the Three R’s: Relief, Recovery, and Reform I. On Inauguration Day, FDR asserted, “The only thing we have to fear is fear itself.” II. He called for a nationwide bank holiday to eliminate paranoid bank withdrawals, and then he commenced with his Three R’s. III. The Democratic-controlled Congress was willing to do as FDR said,and the first Hundred Days of FDR’s administration were filledwith more legislative activity than ever before. Many of the New Deal Reforms had been adopted by European nations a decade before. V. Roosevelt Manages the Money I. The Emergency Banking Relief Act of 1933 was passed first. FDRdeclared a one week “bank holiday” just so everyone wouldcalm down and stop running on the banks. II. Then, Roosevelt settled down for the first of his thirty famous “Fireside Chats” with America.
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III. The “Hundred Days Congress” passed the Glass-SteagallBanking Reform Act, that provided the Federal Deposit InsuranceCorporation (FDIC) which insured individual deposits up to $5000,thereby eliminating the epidemic of bank failure and restoring faith tobanks.
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