Continuing with presentations
no assigned blog for this week
Kelsey: FDR background and indian reorganization act
- married his 3rd cousin elenor roosevelt
- was in office from March 4th 1933 - April 12 1945
- was handicapt
-IRA allowed indians to use there culture and traditions
- replaced the dawes act
- established in 1934
-the leader was John Collier
-it was doing more harm than good to the natives
FERA
- was the main function was to create FERA
- distributed more than 20 million dollars in direct aid to the unemployed
- it would help the unemployed find new jobs
- was the start of the wealfare system
Marea: PWA - Public works administration
gave more jobs
- 7billion was spent on construction
- maintaining putchasing powers
- Improving public welfare
- helped construct more than 34,000 projects
CWA - civil works administration
- created millions of manual labor jobs for the unemployed
- built 12 million feet of sewer pipes
- built or made things better
- paid a lot of money
- was successful but cost a lot of money
Julie: Emergency Banking Relief Act
- banks reopen when financially ready
- gave insurance to money people had in banks
- first problem FDR faced
- one of roosevelts first steps in the act
- in 3 days 5,000 banks reopened
- not around today
FSA: Federal Securities Act
- passed may 27th 1933
- made people feel safer about putting their money into stock market
- regulations of security governed by state laws
- the 2 goals was to insure more transparency in financial statements so investors can make innformed decisions about investments
- was succsessful because it prevented people from selling bad stocks and saying they were good
- stopped inflation of stock prices
- still around today and changed to no false advertising
Conner: Federal Deposit Insurance Corporation
- from 1886 to 1933
- adopted in 1933
- chairman of the house committee was a big part in getting it started
- the banks that failed right before 1933 were supposed to strengthen the banking system
- is an independent agency that insures most of your money that is in a FDIC insured bank
- if a bank failed the corporation would pay all the people that had no money in that bank upl to a certain amount
- people were more confident putting their money in banks
- first deposit insurance corporation to work out of around 150 since 1866
-is still around and has made many changes since 1933 to make it better and easier to trust
- now if a bank fails you can get up to 250,000 dollars back from the FDIC
- the FDIC still has the same goal, to give people the confidence to keep their money in a bank
NRA/NIRA - National Industrial Recovery Act
- was established in 1933 by Roosevelt
- enforced in 1933
- was made to eliminate competition that would put businesses out of business
- helped workers by setting minimum wages and maximum hours
- NIRA was made to get industries to make a code of fair competition
- purpose was to regulate industry and the monopolies and caartels
-gave 3.3 billion to public works projects
- said to be unconstitutional
- ended in 1935 because the government shouldnt do the states job
Gabriel: Securities and Exchange Commission (SEC)
-a government commission created in 1934 by congress to regulate the securities markets and protect investors
- is composed of 5 commissioners appointed by the US president and approved by the Senate
- includes the power to register, regulate, and oversee brokerage firms, transfer agents, and clearing agencies
- "protected" the New York Stock Exchange and american stock exchange
- identifies and prohibits certain types of conduct in the markets and provides the commission with disciplinary powers over regulated entities and persons associated with them
- companies with more thatn 10 million in assets whose securities are held by more than 500 owners must file annual and other periodic reports
- the securitites laws broadly prohibit fraudulent activities of any kind in connection with the offer purchase or sale of securities
- the securities and exchange commission today charged Daniel Ruettiget and 12 other participants in a scheme to deceive investors into buying stock in his sports drink company
Banking Act of 1935
-created in August 23rd in 1935
- reorganized the federal reserve board and empowered it to control the reserve requirements, discount operations, interest rates, and open market operations
- federal reserve was a bankers bank
- strengthened the powers of the federal reserve board of governors, tightened existing restrictions on banks engaging in certain activities, and enlarged the supervisory powers of the FDIC
- in 1933 the federal Deposid Insurance Corporation was initially established by the banking act of in response to the depression era closure of banks
- further provided that the stock of the FDIC was to be purchased by the Secretary of the Treasury on behalf of the US
- made the FDIC a permanent agency
Brayden: FDC (Food, Drug, and cosmetic Act) and Agricultural Adjustment Act (AAA)
- passed in 1938
- gave the athority to overlook the production of food, drugs and cosmetics
- outlined a suggested lax enforcement
- in recent years it has been tossed aside
- there was a terrible mistake in 1937 that killed 100 patients
AAA
- the first one was passed in 1933
- enacted in 1938
- created to lower crop surplus and the calue of crops to rise
- government payed a sum of money to not plant part of their farm land
Nate : Soil conservation and domestic allotment act
- made it so farmers are forced to recomment the repercussions of using their land withough care
- before this act the farmers would allow their soil to be vulnerable to wind causing "black storms"
- Tennessee Valey authority is a federally owned corp. in the US created by congressional charter in May 1933 to provide navigation, flood control, electricity generation, fertilizer manufacturing, and economic development in the tennessee valley
- tennessee valley is a region particularly affected by the great depression
- TVA is the largest public power company providing electric power to over nine million customers in the Tennessee Valley
Allan : Rural Electrification Administration (REA)
FSA
- gave loans to farmers who could not get them anywhere else
- it provided a healthcare plan for those who participated with them
- tehy also promoted educational courses
- took pictures of poor farmers
- provided educational information
- started in 1935 part of the new deal
- ended in 1944
- gave farmers loans to help their farms
- the average loan amount was 5,000 dollars
- 473 million dollars in loans were given out nationwide in 1937 to mid 1941 and 122,375, 000 dollars in grant were given out
- gave educational aid to 455,000 farm families
- tried to decrease production to raise price of crops and goods
- helped poor farmers buy land
Hannah: National Youth Association (NYA)
- started in 1935 by aubree williams
- was very successful and is still around today with some changes
- they would do some construction
- some was as simple as teaching classes
- payed young people to stay in college
- 3.4 million people had jobs because of the WPA
- 2 million people got jobs every year for 8 years
- the men thought it was unfair that the women got jobs
- acheived 3 goals
- bridges and buildings were built that were still used today
Ross: Home owners loan corp.
- was to refinance homes to prevent foreclosure
- refinanced peoples mortagages to long term and fully amortized loans
- typical length of the new loans were between 20 - 25 yrs
- helped over 1million people keep their homes and not have to foreclose
- this agency was successful
- helped people not to forclose their homes
- sold its last assets in 1952
- not around today because they wernt turning a profit
Angel: USHA and NLRB
- created in 1937 to give money to the states and to give less fortunate the opportunity to be able to buy or tent a house or apartment
- had one successful project so they belived they could do it once again
- the NLRB is a federal corporation that was designed to conduct elections for labor union representation and aslo finding an answer to the unfair labor practices
- has only a 5 person board
- also governed by a general council
- there are only 5 becasue it limits any type of scandals and allows the finger to be pointed at someone
Ch. 15 Test Topics
Describe the cycle of the Great Depression?
What was the New Deal(1st and 2nd) and it's goals(3 R's)?
-1st new deal based off the trickle down theory
-helped from banks to farms and many more in between
-2nd new deal focused on restoring our economy from bottom to top
-they tried to turn non-consumers to consumers again in order to help the businesses
-1st new deal top to bottom 2nd bottom to top
3R's
- relief was the first step and we were trying to relieve the enemployed, poor, homeless, and all vulnerable people
- recovery was the second step and we were attempting to recover our economy in order to get it back to normal
- reform was the third step and we were trying to reform the financial system in order to prevent any oncoming depressions
Why did people criticize the New Deal?
Why was FDR upset with the US Supreme Court and what did he do to try to solve this issue?
-he tried to expand the size because he felt the "old guys" felt his laws were unconstitutional
- Coughlin supported the new deal and soon turned against FDR
- Townsend believed FDR was not doing enough to help the poor and elderly so he made a plan to benefit the elderly
- Long was a supporter of the new deal and he also turned against FDR and eager to win president himself
How did the New Deal help:
unemployed - look up to FERA
farmers -
factory workers/labor - NRA/NIRA, USHA, NLRB
young people - look up to NYA
banks/business - look up to EBRA, FSA, FDIC, SEC
home owners -
elderly -
Native Americans -
Describe the culture of the 1930's.
- the two major music heros were woody guthrie and Huddie Ledbetter
- there were a lot of musicals to give people something fun to do
- a lot of pop singers and dancers
- big bands consisted of 15 to 20 people
- popular dances were the jitterbug and swing dancing more for the younger people to listen to
- country music was called hillbilly music
- because of the great depression people couldt afford to buy clothes so the stores went out of business
- fashion icon of the 1930s was coco chanel, she loved cotton because it was cheap and durable
- wore hats for day and evening
- dresses were often cut on the bias
- long halter top dresses
- men wore hats for day and night, wore suits that made them look like a large shoulders, shoulderpads, matching top hats, overcoats
- had a lot of sports like some we have today
- about 3 million cars were sold
- durring this year the star spangeled banner became our national anthom
Key terms:
Hundred Days - was the 100 days of the new deal and Roosevelts presidency
fireside chats - was roosevelt talking over the radio saying that banks would do better
priming the pump - like a pump from a well but nothing would come out
deficit spending - government spending, more than collected in taxes, would "pull them under" farther
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