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
- 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.
- Fall '10