The New Deal
In 1932, thirteen million U.S. citizens were out of work and most were living on the point of despair. There was no welfare to help people so the majority relied on food handouts from private charities. The nation’s banks were strongly affected and many had to close their doors, meaning people had lost all their savings. Without money, families were unable to buy goods and couldn’t afford a place to live. Having no customers or service needed, meant most businesses had to close as well. This is the time of the Great Depression. The following year, Franklin D. Roosevelt became President of the United States. In his acceptance speech, he addressed the problems of the depression by telling America that, “I pledge you, I pledge myself, …show more content…
The WPA took in unemployed Americans and put them to work in return for temporary financial assistance. This administration alone was able to provide jobs for 3 million men in the Unites States. WPA workers worked to build highways, school, hospitals, airports, and even playgrounds. “They restored theaters–such as the Dock Street Theater in Charleston, S.C.–and built the ski lodge at Oregon’s Mt. Hood” (2). The WPA also offered federally funded plays, art projects, and literary publications to actors, artist, and writers for work opportunities. In the short term, the WPA helped out Americans and employed over eight million people in its eight years. Long term, according to Nick Taylor in his article The WPA: Antidote to the Great Depression, he states, “It brought America’s infrastructure into the twentieth century, adding 650,000 miles of roads and 78,000 bridges to the country’s transportation network” (3). This administration showed to have a big impact on America, by advancing and improving airports, doing amazing work with military bases, and having long lasting effects of improvement in families, schools, and even artist’s …show more content…
Because of all the financial problems developed by the stock market crash of 1929, more than nine thousand banks had failed by 1933. President Roosevelt knew something needed to be done to correct this so he spoke to congress about it. In the article The History of the FDIC, Robert Stammers provided what Roosevelt declared. He expresses, “On March 3, banking operations in the United States ceased. To review at this time the causes of this failure of our banking system is unnecessary. Suffice it to say that the government has been compelled to step in for the protection of depositors and the business of the nation” (4). In result the government took action to protect bank depositors and created the Banking Act of 1933. This act also created the FDIC; its purpose was to provide stability to the economy, to insure bank deposits in eligible banks against loss in case of a bank failure, and to regulate certain banking practices. So the role of the FDIC shows to be huge and creates structure for America. Through the years it has had its up and downs with numbers of FDIC-insured banks failing, but it has continued to slowly
In 1932, thirteen million U.S. citizens were out of work and most were living on the point of despair. There was no welfare to help people so the majority relied on food handouts from private charities. The nation’s banks were strongly affected and many had to close their doors, meaning people had lost all their savings. Without money, families were unable to buy goods and couldn’t afford a place to live. Having no customers or service needed, meant most businesses had to close as well. This is the time of the Great Depression. The following year, Franklin D. Roosevelt became President of the United States. In his acceptance speech, he addressed the problems of the depression by telling America that, “I pledge you, I pledge myself, …show more content…
The WPA took in unemployed Americans and put them to work in return for temporary financial assistance. This administration alone was able to provide jobs for 3 million men in the Unites States. WPA workers worked to build highways, school, hospitals, airports, and even playgrounds. “They restored theaters–such as the Dock Street Theater in Charleston, S.C.–and built the ski lodge at Oregon’s Mt. Hood” (2). The WPA also offered federally funded plays, art projects, and literary publications to actors, artist, and writers for work opportunities. In the short term, the WPA helped out Americans and employed over eight million people in its eight years. Long term, according to Nick Taylor in his article The WPA: Antidote to the Great Depression, he states, “It brought America’s infrastructure into the twentieth century, adding 650,000 miles of roads and 78,000 bridges to the country’s transportation network” (3). This administration showed to have a big impact on America, by advancing and improving airports, doing amazing work with military bases, and having long lasting effects of improvement in families, schools, and even artist’s …show more content…
Because of all the financial problems developed by the stock market crash of 1929, more than nine thousand banks had failed by 1933. President Roosevelt knew something needed to be done to correct this so he spoke to congress about it. In the article The History of the FDIC, Robert Stammers provided what Roosevelt declared. He expresses, “On March 3, banking operations in the United States ceased. To review at this time the causes of this failure of our banking system is unnecessary. Suffice it to say that the government has been compelled to step in for the protection of depositors and the business of the nation” (4). In result the government took action to protect bank depositors and created the Banking Act of 1933. This act also created the FDIC; its purpose was to provide stability to the economy, to insure bank deposits in eligible banks against loss in case of a bank failure, and to regulate certain banking practices. So the role of the FDIC shows to be huge and creates structure for America. Through the years it has had its up and downs with numbers of FDIC-insured banks failing, but it has continued to slowly