FDR and the New Deal. “The only thing we have to fear is fear itself” March 1933.
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Transcript of FDR and the New Deal. “The only thing we have to fear is fear itself” March 1933.
FDR and the New Deal
“The only thing we have to fear is fear itself”
March 1933
1933 America
• High unemployment
• Bank failures
• poverty
• Hunger in shantytowns
• “Dustbowl”
FDR“New Deal”
http://www.youtube.com/v/amNpxQANk0M
“The only thing we have to fear is fear itself”
FDR’s first “100 Days”
1. Closed the banks for 4 days – “Emergency Banking Act”
3. Slash government spending – “The Economy Act”
4. Amendment 21 – repeal Prohibition!
2. “Fireside Chats”
http://www.youtube.com/v/yhB7UaMn0IY&feature=related
The New Deal• The creation of “Alphabet Agencies”
Agricultural Adjustment Act
Civilian Conservation Corps
Tennessee Valley Authority
Public Works Administration
John Maynard Keynes
• if the amount of money being saved exceeds the amount being invested – which can happen if interest rates are too high – then unemployment will rise
Keynesian Economics
• Government intervention in the economy
Results?• Unemployment remained high, but
decreased greatly through his term
• restored hope and self-respect to tens of millions of desperate people
• built labor unions
• upgraded the national infrastructure
• Saved capitalism instead of nationalizing banks and railroads
FDR’s popular appeal
• All letters and phone calls to the White House were answered
• Fireside Chats brought the President into the American family’s home
• Through most of his 1st term, Americans were unaware of his disability
The negative side…
The Agricultural Adjustment Act
Farmers paid subsidies NOT to plant part of their land AND to kill excess livestock = raised value of goods
Tenant farmers and sharecroppers were hit the hardest
The drought of 1933 - 1935
New Deal Opponents
Huey “Kingfish” Long
“Share Our Wealth”
Against big banking
Put a cap on personal fortunes
Guaranteed minimum income per family
New Deal Opponents
Charles Coughlin
Attacked communism and socialism
Early supporter of FDR
Sympathetic to Hitler and antisemitism
New Deal Opponents
Dr. Francis Townsend
Called for greater social security reforms that FDR would offer
New Deal Opponents
Supreme Court
Struck down the NRA
Threatened other programs as “unconstitutional”
New Deal Opponents
Employers, Banks, Republicans
Relief is a waste of
taxes
Communist form of
Government!
http://www.youtube.com/v/qqt7b9veFo8&feature=related