October 24th, 1929, an alarming day that should’ve warned Americans about the tragic event that was about to happen, became known as Black Thursday, the foreshadowing to the Great Depression that changed Americans lives forever. This is when Franklin Delano Roosevelt made his political debut as President by creating several programs that collectively became known as the New Deal. FDR’s New Deal gave Americans a fresh start and better lives during the Great Depression. Black Thursday refers to the day in which Americans were frightened due to the stock market decreasing a little bit. It had been rising steadily and flourishing in the past ten years, which were known as the Roaring Twenties. Over twelve million shares were traded in just one
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The US citizens feared that FDR would abandon the gold standard and would actually reduce the value of the dollar. Bank runs occurred when people would stand in long lines to withdraw their money from the banks and then convert that money to gold before he could change it. Due to this 4,000 banks collapsed by March of 1933, when Roosevelt would be inaugurated. Thirty-eight states’ governors declared bank holidays to close the remaining banks before bank runs could put them out of business. By March of 1933, the whole country’s attitude was dismal; most banks were closed, and a quarter of the workers were unemployed. (Appleby, …show more content…
His second day in office, he called a National Bank Holiday and called Congress into a special session which began on March 9th. From this day to June 16, Congress passed 15 major acts, known as the New Deal. This time frame became known as the “Hundred Days.” (Appleby, 2007) These Hundred Days were supposed to give Americans better lives, and in some ways, they did because they saw a sparkle of hope in the new president.
After just thirty-eight minutes of debate, the House of Representatives passed the Emergency Banking Relief Act. The Senate approved it that evening and then Roosevelt signed it into law shortly afterward. It required federal examiners to survey the nation’s banks and issue Treasury Department licenses to the financially sound. (Appleby, 2007)
On March 12, sixty million people listened to the first “fireside chat” from Franklin. In these he told the country what he was trying to do on the radio. In the first one, he told the people to put their money back in the banks because it was safe now. The next day the deposits far outweighed the withdrawals. Next he wanted to create fair competition. (Appleby,
The US citizens feared that FDR would abandon the gold standard and would actually reduce the value of the dollar. Bank runs occurred when people would stand in long lines to withdraw their money from the banks and then convert that money to gold before he could change it. Due to this 4,000 banks collapsed by March of 1933, when Roosevelt would be inaugurated. Thirty-eight states’ governors declared bank holidays to close the remaining banks before bank runs could put them out of business. By March of 1933, the whole country’s attitude was dismal; most banks were closed, and a quarter of the workers were unemployed. (Appleby, …show more content…
His second day in office, he called a National Bank Holiday and called Congress into a special session which began on March 9th. From this day to June 16, Congress passed 15 major acts, known as the New Deal. This time frame became known as the “Hundred Days.” (Appleby, 2007) These Hundred Days were supposed to give Americans better lives, and in some ways, they did because they saw a sparkle of hope in the new president.
After just thirty-eight minutes of debate, the House of Representatives passed the Emergency Banking Relief Act. The Senate approved it that evening and then Roosevelt signed it into law shortly afterward. It required federal examiners to survey the nation’s banks and issue Treasury Department licenses to the financially sound. (Appleby, 2007)
On March 12, sixty million people listened to the first “fireside chat” from Franklin. In these he told the country what he was trying to do on the radio. In the first one, he told the people to put their money back in the banks because it was safe now. The next day the deposits far outweighed the withdrawals. Next he wanted to create fair competition. (Appleby,