February 20th-
Hoover Moratorium- one year halt on German war payments to France, one year halt on war payments from Great Britain and France to the US. Finland was the only country to pay US back. Mexican Repatriation- Mexican immigrants were encouraged/forced to go back to mexico. Revenue Act of 1932- increased taxes so US gov. had money. Hawley-Smoot tariff- raised tariffs to record levels- other countries raised tariffs so no one could sell over seas or sell to the US and unemployment rate went up a lot. RFC (reconstruction finance corporation)- trickle down economics in action, RFC would give loans to banks and they were supposed to create construction projects to be able to give people jobs. gave loans to banks, state, and local gov. and business to create projects/jobs for people. Gave states loans for emergency relief needs. It started under Hoover and FDR continued and it ended up not being successful as Hoover had hoped, it dissolved in 1946 after WWII. How is the RFC a good example of trickle down economics? Why would construction projects be common during this time (1930)? Boulder Hoover Dam- Hoover dam is located near las vegas, the project including the dam, the all-american canal, the town of boulder city, highways, railroads, and various other works, cost $165 million to build. Why do you think there were a lot of dam projects in 1930's? because it gave jobs and also made electricity to sell (self-liquidating project). Bonus expeditionary Force- promised money and wouldn't get the money until later. 1920's was find until great depression and they all protested to get their money early. MacArthur, Eisenhower, and Patton. The 3 R's. What were the 3 goals of the new deal (3 r's)? FDR's Brain Trust- he wanted to surround himself by the smartest people. Fireside chats- radio chats and he sat by a fire. Deficit spending and priming the pump- Roosevelt tries different strategies to help. Court packing Bill- 9 guys who were older than 70 were the supreme court decided and turn downed most of FDR's ideas. FDR tried to pass rule were every justice over 70 that we would get a new justice added. Opponents- some say FDR went too far and spent too much money, others say he didn't do enough and he needed to do more. What were some of the reasons the new deal was challenged? president was getting too powerful and interfering with the checks and balance system, gov. is getting way to big, getting put into massive debt, tried to pass laws that were unconstitutional. Father Charles Caughlin- catholic priest that had a radio system and he lost support because he was a antiseminisum. Francis Townshend- didn't think FDR did enough for elderly. Huey Long- robin hood, every man a king, he wanted to take from rich and give to poor, but he was shot and killed by Carl Weiss in 1935. new deal vs. 2nd new deal: food for families and jobs vs. long term effects. eleanor roosevelt- FDR eyes and ears, very active first lady, big on kids and women's rights. Didn't really help African Americans.
How did new deal help- unemployed people, young people, banks, stock markets, factory workers, farmers, homeowners, elderly, consumers, native americans. the new deal helped Americans get out of the great depression. how did the new deal help specific groups of people during the great depression?
February 21st- reconstruction finance corporation: gave loans to banks, state, and local gov. to create projects and jobs for people, gave states loans for emergency relief, started under hoover. Most of these programs dissolved after the WW's. Civilian conservation corps: passed in 1933 during the one hundred days, The CCC was limited to young men only that were age 18-25 whose fathers were on relief. CCC members worked 40 hours a week and were paid $30 a month, with the requirement that $25 of that be sent home to family. Ran by the U.S. army and they lived in camps, wore uniforms, and lived under military discipline (under young people). The people who worked for this planted trees, fought forest fires, stopped soil erosion, helped construct military bases during WWII, helped build small construction problems, funding stopped in 1942. Benefited young people was the national youth administration: established in 1935 and was part of the WPA, pushed heavy by Eleanor Roosevelt, served 327,000 high school and college youth who were paid $6-$40 a month for "work study" projects at their schools. it allowed thousands of young people to stay in school. another 155,000 boys and girls from relief families were paid $10-$25 a month for part-time work that included job training. This program included young women unlike the CCC, the youth normally lived at home, and worked on construction or repair jobs. goes to unemployed people- federal emergency relief act (FERA): enacted in 1933, distributed more than 20 million dollars in direct aid to the unemployed, this in turn would help the unemployed to find new jobs, FERA had three primary objects: 1. direct relief measures, 2. provide work for employable people, 3. provide many different types of relief programs. Construction jobs: PWA public works administration was established in 1933, created as many jobs as possible in many different varieties, great example of FDR's priming the pump, between 1933 and 1939, the PWA funded the construction of more than 34,000 projects including airports, dams, aircraft carriers, ect. also was responsible for 70% of the new schools and 33% of the hospitals built between 1933-1939. Civil works administration- established in 1933 to create jobs for millions of the unemployed, CWA created construction jobs building brides, schools, playgrounds, laid sewer pipes, in just one year the CWA cost the gov. over 800 million and was cancelled. Largest new deal program- WPA works progress administration established in 1935, largest and most comprehensive new deal agency, the WPA was a "make work" program that provided jobs and income to the unemployed during the great depression, WPA projects primarily employed unskilled workers in construction projects across the nation. The WPA built 650,000 miles of roads, 78,000 bridges, 125,000 buildings, and 7000 miles of airport runways, it presented 225,000 concerts and produced almost 475,000 works of art, federal project # 1 of the WPA was developed to give artistic and professional work to the unemployed who qualified. It consisted of FMP, FAP, FTP, FWP, and HRS. Emergency banking relief act (EBRA) passed five days after taking office-March 1933, passed in response to the thousands of banks that closed down, Passed four days after FDR announced the Bank Holiday in his fireside chat, which closed banks down temporarily, the EBRA would close down the bank, reorganize it and then reopen the bank when it was stable. When banks reopened on March 13, 1933 many people put their money back into the banks, within a couple of weeks, more than half of the money that people withdrew from banks was put back into banks, generally ended the bank runs that was commonplace from 1929-1933.
February 22- Federal deposit insurance corporation (FDIC)- created by the glass-Steagall act in 1933, insured people's money in banks up to 1000 (today 250,000), passed in response to the bank failures after the stock market crash, insures money in savings and checking accounts, money markets accounts and CD's. federal securities act- passed in 1933, made the stock market a sager place for people to invest their money, two goals: 1. required that investors receive significant information regarding securities being offered for public sales 2. prohibited deceit, misrepresentations, and other fraud in the sale of securities to the public. Securities and exchange commission (sec) established in 1934 and is still around today, this organization regulates the stock market- made the market more secure and safer for people's money. national industrial recovery act (NIRA) established "codes of fair competition" aimed at supporting prices and wages and stimulating economic recovery from the great depression, the law created a national recovery administration (NRA) to enforce codes, The NRA tried to make voluntary agreements with business' dealing with hours of work, rates of pay, and the fixing of prices, businesses which voluntarily complied could display the Blue eagle, the NIRA which also helped create jobs for unemployed workers (building schools), section 7A guaranteed workers the right to unionize, and was claimed unconstitutional in 1935. National labor relations Act/Board- established in 1935, conducts elections for unions, stresses collective bargaining, investigates and fixes unfair labor practices, governed by a five-person board whose members are appointed by the president. Fair labor standards Ac- established a national minimum wage 40 cents per hour (today is 7.25 per hour), established the 40 hour work week, guaranteed time and a half for overtime in certain jobs, prohibited most child labor, and still exists today. AAA agricultural adjustment act- established in 1933, restricted production by paying farmers to reduce the amount of crops planted, its purpose was to reduce crop surplus so prices would go up, the farmers were paid by the federal gov. for leaving some of their land untilled, The AAA oversaw a large-scale destruction of existing crops and livestock in an attempt to reduce surpluses, for example six millions pigs and 220,000 sows were slaughtered in the AAA's effort to raise prices, cotton farmers plowed under a quarter of their crop, due to the nature of the great depression
February 23-REA (rural electrification administration)- the rea was created (1935) the rea provided farms with inexpensive electric lighting and power and eventually telophon services, this brought all the electrical appliances that the cities had since 1920, the rea made long-term loans to state and local gov. to farmer's cooperatives, and to nonprofit organizations to do work, by 1939 rural households with electricity had risen to 25% (up from 7-10%), the administration was abolished in 1994 and its functions assumed by the rural utilities service. Farm security administration (FSA)- established in 1935, granted small farmers and tenant farmers money to purchase farms, the FSA also documented the struggles farmers had by taking photos of their conditions. The FSA also set up cooperative farmsteads- took people from the city and set them up in cooperative, subsistence farming communities.
Home owners loan corporation- the typical home loan in 1930 required 50% down payment and had to be paid off between 5-7 years at an interest rate of 6 to 8%. buyers paid the entire interest charge at the end of the payback period in one large payment. the HOLC established in 1933 to refinance homes to prevent foreclosure. FHA (federal house administration)- the federal housing administration was created in 1934, the goals of this organization was to improve housing standards and conditions and to provide an adequate home financing system. in 1965, the FHA became part of the department of housing and urban development and is still around today. The united states housing authority (USHA)- created in 1937, it was designed to lend money to the states or communities for low-cost home construction, homes were designed for low income and homeless people, the USHA was absorbed by the national housing agency in 1942. This made it easier for people to afford homes that are good quality and it gave a lot of people jobs. Social security administration- established in 1935, provides retirement, disability, and survivors benefits, to qualify for these benefits most american workers pay social security taxes on their earnings, future benefits are based on employees contributions, and each person is given social security number. Food, drug, and cosmetic act (FFDCA) passed in 1938, gave the food and drug administration power to regulate these industries, mandated a review of the safety of all new drugs before going to market, banned false therapeutic claims in drug labeling, authorized factory inspections and expanded enforcement powers by the FDA, set new regulatory standards for foods and cosmetics. Indian reorganization act (IRA)- passed in 1934, abolished the Dawes act and allowed native american to govern themselves on a tribal basis, allowed native Americans to manage and keep their own land, included provisions to help create job opportunities on Indian reservations. this has led to many casinos on Indian reservations, the act is still around today.
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