relief efforts public works projects Hs plan for business recovery centered on

Relief efforts public works projects hs plan for

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relief efforts/ public works projects-H’s plan for business recovery centered on restoring business confidence-Most important institutional response was Reconst. Finance Co.: designed to make gov’t credit available to ailing banks, RRs, insurance co.s--stimulating econ. activity-Key assumption: credit problem was of supply rather than demand (from consumers)-Given public’s low purchasing power, businesses not interested in obtaining loans for expansionProtest & the Election of 1932-Desperate mood of Am.s finding expression in direct, sometimes violent protests widely covered in press-Bonus Army descended on DC (bonus promised to WWI veterans in ’45); demanded immediate payment of bonus in cash-Spectacle of unarmed unemployed men driven off by bayonets/bullets: most disturbing evidence yet of Hoover admin.’s failure-Congressional elections ’30 revealed ↑ dissatisfaction w/ H’s approach—Dem.s won control of House for 1sttime since ‘16-Dem.s owed overwhelming victory to popular identification of depression w/ Hoover admin.-Overwhelming Dem. victory: Dem.s won big majorities in House & Senate → stage set for “new deal”FDR & the First New Deal-No pres. of 20thcent. had > impact on Am. life/pol. than FDR-New Deal was largely product of his astute pol. skills & sheer force of his personality-Only pres. elected 4 terms, FDR loomed as dominant personality in Am. pol. life thru depression & war-Inaugurated 40-yr long period during which Dem.s would be majority partyFDR the Man-Patience/determination in fighting illness transformed him → personally understood meaningof struggle/hardship now
-As gov. of NY: instituting unempl. insurance, strengthening child labor laws, providing tax relief for farmers, providing pensions for the old-“Brain trust” (group of key advisers) shared faith in power of experts to set econ. right & basic belief in gov’t-business coop.; structural econ. reform must accept modern reality of large co. enterprise based on mass-production + distributionRestoring Confidence-In 1stdays of admin. FDR conveyed sense of optimism/activism that helped restore badly shaken confidence of nation-“Fireside chat” radio broadcasts standard part of FDR’s pol. technique → gave courage to ordinary Am.s & communicated genuine sense of compassion from White House-Called for special Congress session to deal w/ banking crisis, unemployment aid, farm relief → Emergency Banking Act gave pres. broad discretionary powers over all banking transactions/foreign exchg; ↑ fed. authority in managing affairs of failed banks → banks began attracting new deposits from ppl who’d been holding back $The Hundred Days-During “100 days” FDR pushed thru Congress extraordinary # of acts designed to combat various aspects of depression-New Deal wasn’t unified program but improvised series of reform/relief measures-FDR responded to pressures from Congress, business, org. labor, but also used own influenceover public opinion to get his way-Program focused on reviving indus. + agric. sectors of econ. & providing emergency relief

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