Monday- No school due to snow
Tuesday- FDR's background - born into a wealthy family- married his 5th cousin, Eleanor Roosevelt. He got polio in 1920 and everyone thought his career was over. Ran for VP in 1920 up against James Cox. Lost the election. In 1928 he won governor of New York and then became president for 12 years.
- Emergency Banking Relief Act- passed five days after taking office- March,1933- banks closed for four days and reopened so people could put their money back in. - As time went on, a lot of people were starting to put their faith back in the banks
Wednesday- Federal Deposit Insurance Corporation- created by the Glass - Steagall Act in 1933- It was meant to help people put their trust back in the banks. Insures money in savings and checking accounts, money market accounts and CD's.
- Banking Act of 1935- Fixed and made the federal reserve stronger- Controls the amount of money circulation.
- Federal Securities Act- passed in 1933. - Made the stock market a safer place for people to invest their money
Two goals-1.) people be honest about their profits
2.) prohibited things like stock pooling
Securities and Exchange Commission (SEC)- Regulates the stock market therefore making the market more secure and safer for peoples money (established in 1934 and still around today)
- Opponents- Some say FDR went too far. Spent too much money.
- Others say he didn't do enough. He needed to do more
A. What were some of the reasons the New Deal was challenged?- Created a very powerful president that led congress, this was a violation of checks and balances.- It was a radical departure from Laissez-Faire ideals. Created "Big government"
- Some acts appeared interfering and unconstitutional
- Heavy debt burden- the US was engaged in deficit spending and this was unhealthy for the economy in the long run
- Father Charles Coughlin- Called for a guaranteed income- wanted government to take over the banks- blamed the jews for the worldwide depression
- Francis Townsend- Argued FDR wasn't doing enough to help the elderly- His ideas eventually led to social security
- Senator Huey Long- senator from Louisiana- Share out wealth- "Every man a king "- very radical- Radio Address-- shot and killed by Carl Weiss in 1935
- By 1933 there was about 10% of the country electrified thanks to the RAA
- many farmers did not have electricity during this time
Thursday- Review for test
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