Today, in class, we got on the computer and some peoples did their powerpoints.
Agricultural Adjustment Act. Established in 1933. Restricted production during the New Deal by paying farmers to reduce the amount of crops planted. Its purpose was to reduce crop surplus so prices would go up as well. The farmers were paid by the federal government for leaving some of their land untilled (sentence confused me). The Act created a new agency, the AAA to carry out law.
The AAA oversaw a large-scale destruction of existing crops and livestock in an attempt to reduce surpluses. People saw that the AAA was cruel during the Great Depression. While people were starving, farmers were forced to make less food. DIdn't last too long, as it was declared unconstitutional by the Supreme Court in 1936. The second AAA was passed in 1938, which was funded from general taxation and therefore acceptable to the Supreme Court.
The Home Owner's Loan Corporation. HOLC. The typical home loan in 1930 required a 50% down payment and had to be paid of within 5-7 years. Buyers paid the entire interest charge at the end of the payback period in a single balloon payment. THe HOLC was established in 1933 to refinance homes, and it extended loans from shorter, expensive payments to long, lower payments for a 30 year period.
Charles Coughlin was a critic of the New Deal. He used his radio show to broadcast his religious and political opinions, and had a strong following. He had an average audience of 30 million. He publically supported the New Deal and FDR at the start. Coughlin helped FDR get into office, but Coughlin thought that he favored the bankers too much. He tried to get FDR to do more to fight bankers and big business, and thought that his opinion would matter more to FDR. When Roosevelt let him know that he was in charge
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