The act also included other federalstate welfare

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Unformatted text preview: p the Federal Deposit Insurance Corporation (FDIC) to insure bank deposits. The US was also taken off the gold standard, so the Federal Reserve Board could expand the currency in circulation. - Believe it or not, all those bills were passed in the Hundred Days, and they saved the nation from hysteria and panic. Other bills passed after in FDR’s first term include: the Commodity Credit Corporation (lent farmers money for keeping underpriced crops off the market), the Securities and Exchange Commission and the Taylor Act (established federal supervision of public lands). *Opposition to the New Deal* - Although the Democrats won big time in the Congressional elections in 1934 and the New Deal had made major progress, the problem was far from solved, and once there was partial recovery, people started whining about FDR’s policies. - Many conservatives, for instance, said there was too much regulation, taxation, and government spending. The American Liberty League (conservative Democrats 205 and corporation leaders) led this with calls that the New Deal was destroying the American individualistic tradition. - On the flip side, some farmers/laborers and such felt the NRA set prices too high (favored big business) and that the AAA was no good b/c it led to waste when people were starving and didn’t encourage landlords to keep their tenant farmers, as was hoped. - Then there were a series of demagogic attacks – i.e. people who went around conveniently blaming everything on some big power elites. Examples of these people include: Father Charles Coughlin: A Roman Catholic priest who specialized in anti-communism, anticapitalism, and anti-Semitism – “conspiracy of Jewish bankers.” Francis Townsend: Old Age Revolving Pensions Plan, where the gov’t would give old people $ on the condition they spend it fast (to pump $ into the economy). Huey Long: “Every Man a King, but No One Wears a Crown.” At first a ND supporter, Long switched to the idea of the Share Our Wealth Society in 1934, which was basically a 100% tax rate on incomes over a million. Long was on the way up politically, but was assassinated. - Of c...
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This note was uploaded on 04/02/2014 for the course APUSH AP United taught by Professor Orban during the Fall '10 term at Harrison High School, Harrison.

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