Monday 2nd - **Snow Day**
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Tuesday 3rd - Watched some videos
Notes:
Married 5th cousin - Eleanor
Born into rich family
Polio in 1920
Went to Harvard
1910 elected to NY state Senate
Assistant secretary of the Navy
Ran for vice president in 1920 for democrat
James Cox
1928 - governor of NY state
Served just over 12 years
Really good president - elected many times
Popularity went down during 30's
Led us through the Great Depression
Died of a stroke - cerebral hemorrhage
32 election - ran on platform - new deal
Economy Jump Start
People were tired of Hoover not doing much
Didn't get 60% of vote
--Emergency Banking Relief Act (EBRA)--
Passed 5 days after taking office - March 1933
Passed in response to the thousands of banks that closed down
Passed 4 days after FDR announced the Band Holiday which closed banks down temporarily
The EBRA would close down the bank, reorganize it, ad then reopen the bank when it was stable
"The only thing you have to fear is fear itself" - FDR
Provided insurance to people's money in the banks
When the banks reopened on March 13, 1933, many people put their money back into banks
Within a couple of weeks, more than half of the money that people withdrew from banks was put bank into banks
Generally ended the bank runs that was commonplace from 1929 - 1933
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Wednesday 4th - Took more notes and watched a video on Energy
--Federal Deposit Insurance Corporation (FDIC)--
Created by the Glass-Steagall Act in 1933
Insured people's money in banks up to $1,000 (Today up to $100,000)
Passed in response to the bank failures after the stock market crash
Insures money in savings and checking accounts, money market accounts and CD's
Does not insure stocks, bonds, mutual funds, items in safety deposit boxes, loss due to theft or fraud and insurance accounts
--Banking Act of 1935--
Made the FDIC a permanent agency within the US government
Strengthened the power of the Federal Reserve making banking safer overall
--Federal Securities Act--
Passed in 1933
Made the stock market a safer place for people to invest their money
Two goals:
1. "required that investors receive significant information regarding securities being offered for public sale"
2. "prohibited deceit, misrepresentations, and other fraud in the sale of securities to the public"
--Securities and Exchange Commission (SEC)--
Established in 1934 and still around today
This organization regulates the stock market more secure and safer for people's money
--Opponents--
Some say FDR went too far. Spent too much money
Others say he didn't do enough. He needed to do more.
What were some of the reasons the New Deal was challenged?
1. Created a very powerful president that led Congress, this was a violation of checks and balances
2. It was a radical departure from Laissez Faire ideals. Created "big government"
3. Some acts appeared interfering and unconstitutional
4. Heavy debt burden - the United States was engages in deficit spending and this was unhealthy for the economy in the long run
Father Charles Coughlin - Called for a guaranteed income($200 a month), wanted government to take over the banks
Francis Townsend - Argued that FDR wasn't doing enough to help the elderly, his ideas eventually led to Social Security
Senator Huey Long - "Every man a king", he was shot and killed by Carl Weiss in 1935
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Thursday 5th - Review day for test tomorrow!!!
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Friday 6th - Quiz day
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