Great Depression And New Deal

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Great Depression

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was a severe worldwide economic depression in the decade preceding World War II. The timing of the Great Depression varied across nations, but in most countries it started in about 1929 and lasted until the late 1930s or early 1940s. It was the longest, most widespread, and deepest depression of the 20th century. In the 21st century, the Great Depression is commonly used as an example of how far the world's economy can decline. The depression originated in the U.S., starting with the fall in stock prices that began around September 4, 1929 and became worldwide news with the stock market crash of October 29, 1929 (known as Black Tuesday). From there, it quickly spread to almost every country in the world

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Black Tuesday

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Black Tuesday refers to October 29, 1929, when panicked sellers traded nearly 16 million shares on the New York Stock Exchange (four times the normal volume at the time), and the Dow Jones Industrial Average fell -12%. Black Tuesday is often cited as the beginning of the Great Depression.

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Dust Bowl

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The Dust Bowl, or the Dirty Thirties, was a period of severe dust storms causing major ecological and agricultural damage to American and Canadian prairie lands from 1930 to 1936 (in some areas until 1940). The phenomenon was caused by severe drought coupled with decades of extensive farming without crop rotation, fallow fields, cover crops or other techniques to prevent erosion. Deep plowing of the virgin topsoil of the Great Plains had displaced the natural deep-rooted grasses that normally kept the soil in place and trapped moisture even during periods of drought and high winds.

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Gross National Product

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is the market value of all products and services produced in one year by labor and property supplied by the residents of a country. Unlike Gross Domestic Product (GDP), which defines production based on the geographical location of production, GNP allocates production based on ownership.

GNP does not distinguish between qualitative improvements in the state of the technical arts (e.g., increasing computer processing speeds), and quantitative increases in goods (e.g., number of computers produced), and considers both to be forms of "economic growth"

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Herbert Hoover

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was the 31st President of the United States (1929–1933). Hoover was a professional mining engineer and author. As the United States Secretary of Commerce in the 1920s under Presidents Warren G. Harding and Calvin Coolidge, he promoted partnerships between government and business under the rubric "economic modernization". In the presidential election of 1928, Hoover easily won the Republican nomination, despite having no previous elected office experience. To date, Hoover is the last cabinet secretary to be directly elected President of the United States, as well as one of only two Presidents (along with William Howard Taft) to have been elected President without electoral experience or high military rank. America was prosperous and optimistic at the time, leading to a landslide victory for Hoover over Democrat Al Smith

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Franklin D Roosevelt

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also known by his initials, FDR, was the 32nd President of the United States (1933-1945) and a central figure in world events during the mid-20th century, leading the United States during a time of worldwide economic crisis and world war. The only American president elected to more than two terms, he forged a durable coalition that realigned American politics for decades. FDR defeated incumbent Republican Herbert Hoover in November 1932, at the depths of the Great Depression. FDR's combination of optimism and activism contributed to reviving the national spirit. Working closely with Winston Churchill and Joseph Stalin in leading the Allies against Germany and Japan in World War II, he died just as victory was in sight

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2oth Amendment

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Section 1

The terms of the President and Vice President shall end at noon on the 20th day of January, and the terms of Senators and Representatives at noon on the 3d day of January, of the years in which such terms would have ended if this article had not been ratified; and the terms of their successors shall then begin.
Section 2

The Congress shall assemble at least once in every year, and such meeting shall begin at noon on the 3d day of January, unless they shall by law appoint a different day.
Section 3

If, at the time fixed for the beginning of the term of the President, the President elect shall have died, the Vice President elect shall become President. If a President shall not have been chosen before the time fixed for the beginning of his term, or if the President elect shall have failed to qualify, then the Vice President elect shall act as President until a President shall have qualified; and the Congress may by law provide for the case wherein neither a President elect nor a Vice President elect shall have qualified, declaring who shall then act as President, or the manner in which one who is to act shall be selected, and such person shall act accordingly until a President or Vice President shall have qualified.
Section 4

The Congress may by law provide for the case of the death of any of the persons from whom the House of Representatives may choose a President whenever the right of choice shall have devolveddef upon them, and for the case of the death of any of the persons from whom the Senate may choose a Vice President whenever the right of choice shall have devolved upon them.
Section 5

Sections 1 and 2 shall take effect on the 15th day of October following the ratification of this article.
Section 6

This article shall be inoperative unless it shall have been ratified as an amendment to the Constitution by the legislatures of three-fourths of the several States within seven years from the date of its submission.

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New Deal

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is a series of economic programs implemented in the United States between 1933 and 1936. They were passed by the U.S. Congress during the first term of Franklin Delano Roosevelt as President of the United States, which lasted from 1933 to 1937. The programs were responses to the Great Depression, and focused on what historians call the "3 Rs": relief, recovery, and reform. That is, relief for the unemployed and poor; recovery of the economy to normal levels; and reform of the financial system to prevent a repeat depression. The New Deal produced a political realignment, making the Democratic Party the majority (as well as the party which held the White House for seven out of nine Presidential terms from 1933 to 1969), with its base in liberal ideas, big city machines, and newly empowered labor unions, ethnic minorities, and the white South. The Republicans were split, either opposing the entire New Deal as an enemy of business and growth, or accepting some of it and promising to make it more efficient. The realignment crystallized into the New Deal Coalition that dominated most American elections into the 1960s, while the opposition Conservative Coalition largely controlled Congress from 1938 to 1964.

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Frances Perkins

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born Fannie Coralie Perkins, was the U.S. Secretary of Labor from 1933 to 1945, and the first woman appointed to the U.S. Cabinet. As a loyal supporter of her friend, Franklin D. Roosevelt, she helped pull the labor movement into the New Deal coalition. She and Interior Secretary Harold Ickes were the only original members of the Roosevelt cabinet who remained in offices for his entire presidency.

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Fireside Chats

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were a series of thirty evening radio speeches given by United States President Franklin D. Roosevelt between 1933 and 1944.

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FDIC

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is a United States government corporation created by the Glass–Steagall Act of 1933. It provides deposit insurance, which guarantees the safety of deposits in member banks, currently up to $250,000 per depositor per bank. As of November 18, 2010 (2010 -11-18)[update], the FDIC insures deposits at 7,723 institutions.[2] The FDIC also examines and supervises certain financial institutions for safety and soundness, performs certain consumer-protection functions, and manages banks in receiverships (failed banks).

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Public Works Administration

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(PWA) was part of the New Deal, or 100 hundred days plan agency in the United States headed by Secretary of the Interior Harold L. Ickes during President Roosevelt's time in office. It was created by the National Industrial Recovery Act in June 1933 in response to the Great Depression. It concentrated on the construction of large-scale public works such as dams and bridges, with the goal of providing employment, stabilizing purchasing power, and contributing to a revival of American industry. It was planned to help fix the Great Depression. This Administration was focused on saving natural resources. The dams that were built from the funding of this were created to save money and that created cheaper electricity for those who needed it (unemployed). Most of the spending came in two waves in 1933-35, and again in 1938. Originally called the Federal Emergency Administration of Public Works, it was renamed the Public Works Administration in 1939 and shut down in 1943.

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Civilian Conservation Corps

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was a public work relief program in the United States for unemployed, unmarried men, ages 17–25, between 1933-42. A part of the New Deal of President Franklin D. Roosevelt, it provided unskilled manual labor jobs related to the conservation and development of natural resources in rural lands owned by federal, state and local governments. The CCC was designed to provide employment for young men in relief families who had difficulty finding jobs during the Great Depression while at the same time implementing a general natural resource conservation program in every state and territory. Maximum enrollment reached 300,000 and in nine years 2.5 million young men participated. The U.S. Army was in charge of the operation, but there was no military training or uniforms.

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Schechter v. U.S

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295 U.S. 495 (1935), was a decision by the Supreme Court of the United States that invalidated regulations of the poultry industry according to the nondelegation doctrine and as an invalid use of Congress' power under the commerce clause. Notably, this was a unanimous decision that declared unconstitutional the National Industrial Recovery Act, a main component of President Roosevelt's New Deal.

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Securities Exchange Commission

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is a federal agency which holds primary responsibility for enforcing the federal securities laws and regulating the securities industry, the nation's stock and options exchanges, and other electronic securities markets in the United States. In addition to the 1934 Act that created it, the SEC enforces the Securities Act of 1933, the Trust Indenture Act of 1939, the Investment Company Act of 1940, the Investment Advisers Act of 1940, the Sarbanes-Oxley Act of 2002 and other statutes. The SEC was created by section 4 of the Securities Exchange Act of 1934 (now codified as 15 U.S.C. § 78d and commonly referred to as the 1934 Act).

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Second New Deal

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is the term used by commentators at the time and historians ever since to characterize the second stage of the New Deal programs of President Franklin D. Roosevelt. In his address to Congress in January 1935, Roosevelt called for three major goals: improved use of national resources, security against old age, unemployment and illness, and slum clearance, as well as a national welfare program (the WPA) to replace state relief efforts. It is usually dated 1935-36, and includes programs to redistribute wealth, income and power in favor of the poor, the old, farmers and labor unions. The most important programs included Social Security, the National Labor Relations Act ("Wagner Act"), the Banking Act, rural electrification, and breaking up utility holding companies. Programs that were later ended by the Supreme Court or the Conservative Coalition included WPA, NYA, the Resettlement Administration, and programs for retail price control, farm rescues, coal stabilization, and taxes on the rich and the Undistributed profits tax. Liberals in Congress passed the Bonus Bill of $1.5 billion to 3 million World War veterans over FDR's veto. Liberals strongly supported the new direction, and formed the New Deal Coalition of union members, big city machines, the white South, and ethnic minorities to support it; and conservatives—typified by the American Liberty League were strongly oppose

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Works Progress Administration

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(renamed during 1939 as the Work Projects Administration; WPA) was the largest and most ambitious New Deal agency, employing millions to carry out public works projects, including the construction of public buildings and roads, and operated large arts, drama, media, and literacy projects. It fed children and redistributed food, clothing, and housing. Almost every community in the United States had a park, bridge or school constructed by the agency, which especially benefited rural and Western populations. Expenditures from 1936 to 1939 totaled nearly $7 billion. The budget at the outset of the WPA in 1935 was 1.4 billion dollars. It provided work for three million "employables" at this time, however there were an estimated 10 million unemployed persons at this time. By 1943, the total amount spent was over $11 billion.

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Wagner Act 1935

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is a 1935 United States federal law that limits the means with which employers may react to workers in the private sector who create labor unions, engage in collective bargaining, and take part in strikes and other forms of concerted activity in support of their demands. The Act does not apply to workers who are covered by the Railway Labor Act, agricultural employees, domestic employees, supervisors, federal, state or local government workers, independent contractors and some close relatives of individual employers.

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Social Security Act 1935

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The original Social Security Act[2] (1935) and the current version of the Act, as amended[3] encompass several social welfare and social insurance programs. The larger and better known programs are:

* Federal Old-Age (Retirement), Survivors, and Disability Insurance
* Unemployment benefits
* Temporary Assistance for Needy Families
* Health Insurance for Aged and Disabled (Medicare)
* Grants to States for Medical Assistance Programs (Medicaid)
* State Children's Health Insurance Program (SCHIP)
* Supplemental Security Income (SSI)

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Huey Long

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nicknamed The Kingfish, served as the 40th Governor of Louisiana from 1928–1932 and as a U.S. Senator from 1932 to 1935. A Democrat, he was noted for his radical populist policies. Though a backer of Franklin D. Roosevelt in the 1932 presidential election, Long split with Roosevelt in June 1933 and allegedly planned to mount his own presidential bid for 1936.

Long created the Share Our Wealth program in 1934 with the motto "Every Man a King", proposing new wealth redistribution measures in the form of a net asset tax on corporations and individuals to curb the poverty and hopelessness endemic nationwide during the Great Depression. To stimulate the economy, Long advocated federal spending on public works, schools and colleges, and old age pensions. He was an ardent critic of the Federal Reserve System's policies. Charismatic and immensely popular for his programs and willingness to take forceful action, Long was accused by his opponents of dictatorial tendencies for his near-total control of the state government.

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John L. Lewis

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was an American leader of organized labor who served as president of the United Mine Workers of America (UMW) from 1920 to 1960. A major player in the history of coal mining, he was the driving force behind the founding of the Congress of Industrial Organizations (CIO), which established the United Steel Workers of America and helped organize millions of other industrial workers in the 1930s. After resigning as head of the CIO in 1941, he took the Mine Workers out of the CIO in 1942 and in 1944 took the union into the American Federation of Labor (AFL).