Notes from Wednesday, Feb. 25
The Great Depression (continued from Tuesday)
President Hoover set up the Reconstruction Finance Corporation
- in order to make loans available to ailing banks and corporations willing to build houses,
bridges, and other improvement programs
Hoover was uncomfortable with the governments responsibility to restore the economy
- reluctant to relieve the homeless and the unemployed
- however assists banks and business
- refused to feed farmers when at the same time supported increased food for livestock
The Bonus Army
World War One veterans were to receive $1,000 bonus through certificates that would mature in 1945
- due to the depression they demanded their pay immediately
- the veterans went to Washington D.C. and camped in the Anacostia Flatts
The House of Representatives agrees to the early payment plan but the Senate refuses and President Hoover refuses to meet with them to discuss the matter
- instead he sent an army under General McArthur and George Patton in order to get the
veterans to leave their post
- few injured or killed
- many Americans were unhappy that the government was attacking its own war veterans
In the election year of 1932 Hoover and the Republicans were voted out of office
Roosevelt's 1st New Deal
The United States economy is in shambles
In his first 100 days in office he passes 15 major pieces of legislation
- helps bankers, farmers, industrialists, workers, homeowners, and the unemployed
He also repeals the 18th amendment which implemented prohibition
First he decided to save the banks
- all banks ordered to close for a "bank holiday"
- emergency banking act: created to give federal loans to private banks
- economy act: balances the US's budget
2nd Glass-Stengal Act: separates commercial and investment banking
- federal deposit insurance cooperation or FDIC is formed: protects $5,000 of a persons total
amount of money in a savings account
Securities Act/Securities Exchange Act
- establishes the securities and exchange commission which regulates trade
Federal Emergency Relief formed in order to aid the poor
Civil Conservation Corps
- young men put into work clothes, allowed them to stay in barracks, and provides them with
national improvement jobs
Homeowners Loan Act: establishes the Homeowners Loan Cooperation
- refinances mortgages
Roosevelt's programs are often referred to as the "three r's"
- relief, recovery, and reform
- all of the above have been included in the relief portion
Agricultural Adjustment Act and National Industrial Recovery Act
- known as the heart of the recovery programs
- went on the idea that reduced production levels would lead to economical recovery
- Agricultural Adjustment Act: paid farmers to stop growing crops and reduce herd sizes
~ However there were no provisions for tenant farmers or farm workers that would loose
their jobs due to the act, or share croppers
~ It also did not help those involved in the dust bowl
- National Industrial Recovery Act: creates the National Recovery Administration or NIRA
~ Persuades businessmen to raise wages to a minimum of 30-40 cents and limits weekly
hours to 30-40 as well
~ Blue eagle logo is created for the NRA and is sent to participating locations
~ Leading manufacturers were brought into conferences to work out codes for fair
competition, but proved unsuccessful
- Public Works Administration sponsored public improvements
~ Created 3 major dams in the West: The Grand Coolidge, Boulder, and Bonneville dams
~ Also created the Key West Causeway
Tennessee Valley Authority had the government itself not private corporations in mind (involved in electrifying the Tennessee river valley)
- Dams and power plants are built
- Come across as a major producer of electricity
- Reduces rates
President Hoover set up the Reconstruction Finance Corporation
- in order to make loans available to ailing banks and corporations willing to build houses,
bridges, and other improvement programs
Hoover was uncomfortable with the governments responsibility to restore the economy
- reluctant to relieve the homeless and the unemployed
- however assists banks and business
- refused to feed farmers when at the same time supported increased food for livestock
The Bonus Army
World War One veterans were to receive $1,000 bonus through certificates that would mature in 1945
- due to the depression they demanded their pay immediately
- the veterans went to Washington D.C. and camped in the Anacostia Flatts
The House of Representatives agrees to the early payment plan but the Senate refuses and President Hoover refuses to meet with them to discuss the matter
- instead he sent an army under General McArthur and George Patton in order to get the
veterans to leave their post
- few injured or killed
- many Americans were unhappy that the government was attacking its own war veterans
In the election year of 1932 Hoover and the Republicans were voted out of office
Roosevelt's 1st New Deal
The United States economy is in shambles
In his first 100 days in office he passes 15 major pieces of legislation
- helps bankers, farmers, industrialists, workers, homeowners, and the unemployed
He also repeals the 18th amendment which implemented prohibition
First he decided to save the banks
- all banks ordered to close for a "bank holiday"
- emergency banking act: created to give federal loans to private banks
- economy act: balances the US's budget
2nd Glass-Stengal Act: separates commercial and investment banking
- federal deposit insurance cooperation or FDIC is formed: protects $5,000 of a persons total
amount of money in a savings account
Securities Act/Securities Exchange Act
- establishes the securities and exchange commission which regulates trade
Federal Emergency Relief formed in order to aid the poor
Civil Conservation Corps
- young men put into work clothes, allowed them to stay in barracks, and provides them with
national improvement jobs
Homeowners Loan Act: establishes the Homeowners Loan Cooperation
- refinances mortgages
Roosevelt's programs are often referred to as the "three r's"
- relief, recovery, and reform
- all of the above have been included in the relief portion
Agricultural Adjustment Act and National Industrial Recovery Act
- known as the heart of the recovery programs
- went on the idea that reduced production levels would lead to economical recovery
- Agricultural Adjustment Act: paid farmers to stop growing crops and reduce herd sizes
~ However there were no provisions for tenant farmers or farm workers that would loose
their jobs due to the act, or share croppers
~ It also did not help those involved in the dust bowl
- National Industrial Recovery Act: creates the National Recovery Administration or NIRA
~ Persuades businessmen to raise wages to a minimum of 30-40 cents and limits weekly
hours to 30-40 as well
~ Blue eagle logo is created for the NRA and is sent to participating locations
~ Leading manufacturers were brought into conferences to work out codes for fair
competition, but proved unsuccessful
- Public Works Administration sponsored public improvements
~ Created 3 major dams in the West: The Grand Coolidge, Boulder, and Bonneville dams
~ Also created the Key West Causeway
Tennessee Valley Authority had the government itself not private corporations in mind (involved in electrifying the Tennessee river valley)
- Dams and power plants are built
- Come across as a major producer of electricity
- Reduces rates
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