Tuesday, January 28th

[1Sam]

Zach continued his presentation on homeowners artists and musicians.

1. Homeowners
   1. Problem
      1.                                           i.    Money was disappearing and they couldn’t pay for their homes.
      2.                                         ii.    Families had to live on the streets.
      3.                                        iii.    Hoover thought he was helping with all of the plans he had but he just made it worse.
   2. Helping
      1.                                           i.    Home Owners Loan Corporation Act- helped the banks refinance so the homeowners could pay off their homes
      2.                                         ii.    Gave each homeowner a 15 year guarantee of loans
         1. Federal Housing Administration- helped people get loans and set up housing standards
2. Musicians
   1. Problem
      1.                                           i.    Weren’t earning enough money.
      2.                                         ii.    Music was falling apart.
      3.                                        iii.    Nobody wanted the music.

 

 

1. Helping
   1.                                           i.    Federal Music Project
      1. Helped musicians become employed and earn money
      2. Music started coming back and musicians were earning more money
2. Artists
   1. Problem
      1.                                           i.    Paintings weren’t selling
      2.                                         ii.    Would paint with another person, sell the painting, split the money
   2. Helping
      1.                                           i.    Federal Art Project
         1. Helped artists make art
         2. People helped make and sell over 200,000 products
         3. Posters, paintings, and signs
         4. Were about the New Deal and the Great Depression

Then Maggie presented on banks and the stock market

1. Banks
   1. Problem
      1.                                           i.    Bank runs- people taking all of their money out
      2.                                         ii.    No faith in banks
      3.                                        iii.    1929- 29,568 bank runs
      4.                                        iv.    1933- 14,771 bank runs
      5.                                          v.    650 bank failures in 1929
      6.                                        vi.    1,300 in 1930
      7.                                       vii.    Investing money in the stock market
   2. First New Deal
      1.                                           i.    Bank holiday
      2.                                         ii.    Emergency Banking Act- only Federal Reserve backed banks could operate in the U.S.
      3.                                        iii.    Federal Deposit Insurance Corporation (FDIC)- deposit insurance
      4.                                        iv.    Ended the use of the Gold Standard
2. Stock Market
   1. Problem
      1.                                           i.    No buying all selling
      2.                                         ii.    Priced plummeted
      3.                                        iii.    12.9 million on Black Thursday
      4.                                        iv.    16.4 million on Black Tuesday
      5.                                          v.    Stock prices down by 20%
   2. New Deal
      1.                                           i.    Securities Act of 1933- companies register stock sales, regular financial disclosures
      2.                                         ii.    Securities Exchange Act of 1934- Created S.E.C
      3.                                        iii.    1935 Public Utility Holding Company Act- limits the activity of utility companies
      4.                                        iv.    U.S. Securities and Exchange Commission 1934- stock prices match with companies actual value

Savannah then presented on factory workers

1. Factory Workers
   1. Problem
      1.                                           i.    Dirty, crowded, and dangerous
      2.                                         ii.    Jobs were low paying and unethical
      3.                                        iii.    Children were working long days in dangerous places
   2. Wagner Act
      1.                                           i.    Gave people the right to engage in collective bargaining
      2.                                         ii.    Rights to organize into trade unions
      3.                                        iii.    Gave people the right to strike
   3. Fair Labor Standards Act
      1.                                           i.    Introduced maximum 44-hour seven-day work week
      2.                                         ii.    Established a national minimum hourly wage at 35 cents
      3.                                        iii.    Banned child labor