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Depression Marred by Violence
Bonus March- July 1932
- WWI vets set massive march on DC, seeking military bonus they were promised early
- July 28, 1932- Hoover orders military to expel protestors
- protestors become violent, a baby is killed
- FDR decides to take a different tactic than Hoover- Gov should find a way to help desperate citizens
- agrees w Hoover on bonus issue, but not on government stance
Election of FDR
Landslide victory in 1933
Gets rid of monopolies, says there will be stability and fair play
Creates welfare state
Basic quality of life for all Americans
Roosevelt Revolution - African Americans, women, farmers switching from Republican to Democrat @ this time to vote for him
Brain Trust develops New Deal plan
- intellectuals who were meant to "think outside the box"
- figured that the gov/ppl relationship had to change
- argument in favor of government involvement to plan & regulate economy
- New Deal = three New Deals
- "the only thing we have to fear is fear itself"
First New Deal
Characterized by immediate relief efforts and financial system reforms
Bank Holiday announced on March 6, 1933
- every bank ordered to close doors and auditors sent out to check books and see which banks immediately needed closing, ends unsure panic
- Reconstruction Finance Corporation (RFC) - guarantee that Feds would put money in remaining banks
- Federal Deposit Insurance Corporation (FDIC) - guarantee that everyone's account up to $10,000 would be repaid by gov if lost
"Alphabet Soup" refers to pile of acts
- CCC - FDR recognized it was dangerous having young men roaming streets unemployed, work camps where they are given food and board, salary goes back to their family
- PWA - government paying people to do public works
- AAA - paid farmers to not plant crops and rounded up agricultural surplus, surplus slaughtered and destroyed
- controversial, as ppl were starving
- FERA - first time ppl could collect unemployment check
- TVA - still exists, created massive gov project to provide electricity using Appalachian Mountains, hydroelectric dam
- NIRA - forces businesses and workers to agree on prices for goods in stores, set fair labor wages, businesses/unions wrk things out
- RA - rich Americans pay "fair share" in tax, any American who makes more than $5 mil salary gets 75% income tax
Didn't get any better
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