US History Ch 23
(on) Margin
an investor could make a small cash down payment (the "__________-") on shares of stock and borrow the rest from a stockbroker, who held the stock certificates as security in case the price plummeted. In stock prices rose, as they did in 1927, 1928, and most of 1929, the investor made enough profits to pay for the "_______________ loan" and reinvest the rest.
Unemployed Citizen's League
in 1931, socialists recruited 45000 people to join _______________________________ in Seattle, Washington, which helped people avoid eviction and bankruptcy; found them part-time jobs, and lobbied for more govt assistance.
Father Charles Coughlin
A third outspoken critic of FDR was _________________-, the Roman Catholic "radio priest" in Detroit who founded the National Union for Social Justice in 1935. In fiery weekly broadcasts over the CBS radio network attracted as many as 40 million listeners _____________ assailed FDR as "anti-God" and claimed the New Deal was a communist conspiracy. __________ will eventually have his radio broadcasts ended by the Roman Catholic Church that did not condone his blatant anti-Semitism EX of his beliefs: ___________ praised Hitler for the Holocaust
Civil Works Administration (CWA)
After the state-sponsored programs funded FERA proved inadequate, Congress created the ____________________________________ in Nov 1933. The ________ was the first large-scale federal experiment with work relief, hiring people directly in the government payroll at competitive wages. The __________ provide 4 million jobs in the first year doing such things as 500,000 miles of roads, laying sewer lines, construction or improving more than a thousand airports, and 40,000 public schools, and providing 50,000 teaching jobs that helped keep small rural public schools open. When the programs cost skyrocketed to over $1 million, FDR dissolved the program in 1934.
Franklin Delano Roosevelt
Also meeting in Chicago a weeks later, New York Governor Franklin Delano Roosevelt won the Democratic nomination on the 4th ballot. Citing that the Republicans had failed to address the terrible economic disaster, Roosevelt promised the american people a "New Deal.". Roosevelt attacked throughout the campaign keeping the almost lifeless Hoover on the defensive. Within hours of being inaugurated, he and his aides set about changing the role of government in American life.
Wealth Tax Act
Another major bill making up the second phase of the New Deal was the Revenue Act of 1935 (___________________), but popularly known as the soak-the-rich tax which raised tax rates on annual income greater than $50,000, in part because of stories that many wealthy Americans were not paying taxes. JP Morgan and other business leaders fumed over FDR's tax and spending policies which the viewed as socialism.
Wagner Act 1935
Another major element of the Second New Deal was the National Labor Relations Act, often called the _______________ in honor of the New York Senator, Robert ___________, who drafted it and convinced FDR to support it. The ____________ guaranteed workers the right to organize unions and bargain directly with management about wages and other issues; it also prohibited employers from interfering with the union activities. The ________ created a National Labor Relations Board to oversee union activities across the nation.
Francis Townsend
Another popular critic of FDR was a retired California Lawyer, ______________________. ______________- promoted the "______________ Recovery Plan" in 1934 that called for the federal government to pay $200 a month to every American over 60 who agreed to quit working in turn, the recipients had to spend the all the money each month. None of the money given to the citizens could be saved. Although the math clearly did not add up in the plan, thousands of "_____________ Clubs" sprang up across the nation to mobilize support for the scheme, and advocated flooded the White House with letters from FDR to enact it.
Minorities and The Great Depression
As always those hardest hit were the most disadvantaged groups—immigrants, women, farmers, the urban unemployed, Native Americans, and African Americans. The job market for African American women was even more restricted, with most black women working only as maids, cooks, or laundresses The majority of African Americans still lived in the South where they made a living farming and where farming was already depressed. "Last hired, first fired" mindsets by factory owners worked against blacks who moved North for factory jobs during the Great Migration Impoverished whites found themselves competing with Hispanics and Asians for seasonal farm work in the cotton fields and orchards of large corporate farms As economic conditions worsened, government officials called for the deportation of Mexican-born Americans in order to avoid the cost of providing them with public services. By 1935, over 500,000 Mexican Americans and their American-born children were deported to Mexico
Court-Packing Plan 1937
At the time of FDR's reelection, suits challenging the constitutionality of Social Security and Wagner Acts were pending in font of conservative court that had thwarted FDR in the past. For that reason, FDR hatched a plan to change the Court's conservative stance by increasing it members from 9-15. The clumsy _____________________, as opponents labeled the president's scheme, backfired. FDR's plan aroused fears even among Democrats that FDR was seeking dangerous new powers. Surprisingly, while thus plan was being hatched, the Supreme Court ruled in favor of FDR on Social Security and the Wagner Act, blunting the need for ________________. Despite criticism from both parties, FDR insisted on forcing his ____________ bill through Congress. The US Senate overwhelmingly voted it to be down. Worse overreach of FDR's presidency
Public Works Administration (PWA) 1933
Created by the NRA, a massive public works construction projects funded by the federal government through the ___________________________,which granted $3.3 million for the construction of govt buildings, highways, bridges, dams, port facilities, and sewage plants.
Economy Act 1933
FDR also convinced Congress to pass the _________________________, allowing him to cut government workers' salaries, reduce the payments to military for non-service-connected disabilities, and reorganize federal agencies, all in order to reduce government expenses
First Hundred Days
From March 9 to June 16 of 1933, the so-called "_________________", a cooperative Congress approved 15 major pieces of legislation proposed by FDR Several of these programs composed what came to be called the First New Deal (1933-1935).
Reconstruction Finance Corporation (RFC)
In 1932, the new congress set up the _____________________ to make emergency loans to struggling banks, life-insurance companies, and railroads. Hoover refused to support any further legislation that would provide direct relief to the American people and would only sign the Emergency Relief Act (1932), which authorized the _______ to make loans to the states for construction projects.
Committee for Industrial Organization (CIO)
In 1935, with the passage of the Wagner Act, industrial unionists formed a _________________, and draft unionists began to fear submergence by the mass unions made up mainly of unskilled workers. _________________ was separated from AFL. The _______________'s major organizing drives in the automobile and steel industries began in 1936, but until the Supreme Court upheld the Wagner Act in 1937, companies failed to cooperate with its pro-union provisions.
Powell v. Alabama 1932
In ___________________, the US Supreme Court overturned the original convictions in the case because the judge had bit ensured that the accused were provided adequate defense attorney
Norris v. Alabama 1935
In ____________________ the Supreme Court ruled that the systematic exclusion
Glass-Steagall Act
In addition to ensuring safety accounts, the ____________________, also part of the Banking Act of 1933, called for the separation of commercial banking from investment banking in order to prevent banks from investing the savings of depositors in the risky stock market, only banks that specialize in investment could trade in the stock market after 1933. At the end of the 1990s, ____________________________ was cast aside
Agricultural Adjustment Act (AAA) 1933
In addition, FDR pushed through the __________________ which created a fed agency, the agricultural adjustment administration, which sought to raise prices of crops and herds by paying farmers to cut back production. Crops were destroyed and animals were killed. By the end of 1934, the __________ efforts had worked: wheat, cotton, and corn production had declined and prices for those commodities had risen. Farm income increased by 58% between '32 and '35. The Supreme Court declared the ______________ unconstitutional in 1936, and Congress passed new agricultural legislation two years later based on the soil conservation concept.
African Americans and the New Deal
In terms of African Americans and the New Deal, FDR failed to address long-standing patterns of racism and segregation in the South for fear of angering conservative southern Democrats in Congress. For example, payments from the AAA to farm owners to take land out of production in an effort to raise the prices for farm products forced hundreds of thousands of tenant farmers and sharecroppers both blacks and whites, off the land. The FHA refused to guarantee mortgages on houses purchased by blacks in white neighborhoods. Both the CCC and the TVA practiced racial segregation. The NAACP waged an energetic legal campaign against racial prejudice throughout the 1930s as did Eleanor Roosevelt.
Election of 1936
In the _______________, Roosevelt's most powerful opposition came from industrial and business leaders and the ultra-wealthy. Instead of choosing a hard-line anti-Roosevelt candidate, the Republican Party chose Alfred Landon as their candidate. In the _____________, FDR carried every state except Maine and Vermont, with a popular vote of 27.7 million to Landon's 16.7 million, the largest margin of victory up to that point. Democrats would also dominate Republicans in the New Congress, 77-19 in the Senate and 328-107 in the House. In winning another landslide victory, FDR forged in ____ a new electoral coalition that would affect national politics for years to come. FDR's landslide victory emboldened him to make even more radical efforts to end the Great Depression.
Dust Bowl 1930
In the southern great plains, a terrible drought during the 1930s created a catastrophe known as the _______________. Oklahoma, Texas, Kansas, New Mexico, and Colorado were the hardest hit. Crops withered and income plummeted. Strong winds swept across the treeless plains, scooping up millions of tons of parched topsoil into a billowing dark cloud that floated east across entire states, engulfing farms and towns in what was called black blizzards. 1938, over 25 million acres of prairie land had lost their topsoil.
Bureau of Indian Affairs (BIA) (created in 1824, but important in 1933)
John Collier, head of the ________________, constructed the "Indian New Deal" to reinvigorate Native American economic, educational, and cultural traditions. Congress greatly diluted Collier's original proposal and the Indian New Deal brought only limited improvement to the lives of Native Americans. For all their criticisms of the inadequacy of the New Deal programs, Native Americans and African Americans still voted in large majorities for FDR.
Grapes of Wrath 1939
John Steinbeck's best-selling novel about the Great Depression, a poor but proud woman is disgraced by accepting 'charity' from the Salvation Army because the process stropped them of their dignity. Steinbeck's book powerfully described the 800,000 or so people, mostly white, that left Oklahoma but also Arkansas, Texas, and Missouri and migrated to the Far West in an effort to escape the Dust Bowl and looking for farm work or a better way of life.
Walter Reuther
Led by the fiery young organizer ____________________, thousands of employees at the General Motors assembly plants in Flint, Michigan, staged a sit-down strike—workers occupied the factories and stopped production. The standoff lasted over a month, and after FDR refused to intervene on management's behalf, the company relented and signed a contract recognizing the fledgling United Automobile Workers (UAW) as a legitimate union.
"Okies"
Millions of people abandoned their farms, heading to the far west, california in particular, were jobs were said to plentiful. Most people, referred to as _________, uprooted by the dust bowl went to California's urban area—LA, San Diego, or San Francisco; others moved into the San Joaquin Valley, the agricultural heartland of California. Only a few of the dust bowl migrants could afford to buy land, while most lived in tents or crude cabins and were frequently on the move, they suffered from exposure to the elements of poor sanitation, and social abuse.
Black Tuesday 1929
October 29-the worst day in the stock market's history to that point—widespread panic set in; stock prices went into a free fall by the end of the month, stocks on the NY Stock Exchange had dropped an average of 37%.
United States v. Butler
On January 6, 1936, in _____________________, the Supreme Court declared the AAA's tax on the companies that processed food crops and commodities like cotton unconstitutional, killing the AAA of 1933.
Federal Deposit Insurance Corporation (FDIC)
On June 16, 1933, FDR signed the Banking Act of 1933, part of which created the __________________________ which guaranteed customer savings account up to $2500 ($25000 currently), thus reducing the likelihood of future panics.
Election of 1932
On the heels of the terrible optics of how the government handled the Bonus Army, in June of 1932, glum Republicans gathered in Chicago to nominate Hoover for a 2nd presidential term in the Election of 1932. Hoover would be beat out by Franklin D. Roosevelt, a Democrat.
Tennessee Valley Authority (TVA) 1933
One of the most innovative programs of the First New Deal created the Tennessee Valley Authority (TVA), an ambitious venture designed to bring electrical power, flood control efforts, and jobs to Appalachia and Upper South. By 1940, the TVA, a multipurpose public corporation, had constructed 21 electricity-generated dams, which created the "Great Lakes of the South.". During FDR's first year in office, his flurry of new programs and his personal charm generated widespread support.
Eleanor Roosevelt
One of the reasons for FDR's popularity was his energetic wife ____________ who had become an enormous political asset and would prove to be one of the most influential leaders of the time. Starting in the 1920's, ____________________ began a lifelong crusade on behalf of women, blacks, and youth. Her tireless compassion resulted in part from the loneliness she had experienced growing up and in part from the sense of betrayal she felt upon learning in 1918 that FDR had fallen in love with Lucy Mercer, her personal secretary.. _________ and Franklin decided to maintain their marriage, but their son James said, it became an 'armed truce.'. _____________ redefined the role of the First Lady as she became an outspoken activist: 1.) she was the first woman to address a national political convention 2.) she was the first woman to write a nationally-syndicated newspaper column 3.) she was the first woman to hold regular press conferences The tireless _________ crisscrossed the nation, speaking in support of the New Deal, meeting with African American leaders, supporting women's causes and organized labor and urging Americans to live up to their humanitarian needs. FDR was deeply dependent upon his industrious wife because he was the agitator dedicated to what should be done; FDR was the practical politician concerned with what could be done.
Emergency Banking Relief Act 1933
Soon after taking office, FDR called Congress into emergency session to pass the _________________ which declared a week long bank holiday to allow financial panic to subside. On March 12, in the first of his "fireside chats" to the American people, FDR assured the 60 million listeners that it was safer to "keep your money in a reopened (newly government inspected) bank than under the mattress".
New Deal
Started in 1933, a promise from FDR to the American people. It responded to needs for relief, reform, and recovery from the Great Depression. The results included reform of Wall Street; relief for farmers and unemployed; Social Security; political power shifts to Democratic New Deal Coalition.
Frances Perkins
The Social Security Act, designed by Secretary of Labor __________________, the first woman cabinet member in history, was considered the most important achievement of New Deal according to FDR.
Hunger
The Great Depression left hard-pressed families without fruit and most vegetables, eating mostly beans and soup. Surveys showed that ¼ of all school children suffered from malnutrition who attended public schools in 1932. Hungry people by the millions lined up at soup kitchens where minimal amounts of food and water were distributed. Some rummage through trash cans behind restaurants.
Alfred Landon
The Republicans chose governor _________, of Kansas, a progress Republican who had endorsed many New Deal programs in the election of 1936. He was beaten by FDR in a landslide.
Bonus Expeditionary Force (Bonus Army)
The ____________ made up of veterans of the American expeditionary force that fought in Europe in WWI marched on Washington and pressed Congress to pay the cash bonus owed nearly 4 million veterans. Most veterans went home when the bill failed, but the rest along with their families, having no place to go, camped in vacant fed buildings and in a shantytown at Anacostia Flats, within sight of the nation's Capitol building. Eager to remove the homeless vets, Hoover persuaded congress to pay for their train tickets home. Some took up the offer and some did not. Hoovers ordered fed buildings cleared of the Bonus Army, and, in the process, policemen panicked and killed two veterans.
National Youth Administration (NYA) 1935
The _______________________, also under the WPA, provided part-time employment to students and aided jobless youths. Future Presidents Lyndon Johnson directed a ____________ program in Texas, and Richard Nixon found work through the NYA at 35 cents an hour
Securities and Exchange Commission (SEC) 1933 and 1934
The ________________________ that was the first major federal legislation to regulate the sale of stocks and bonds. It required corporations that issued stock for public sale to 'disclose' all relevant information about the operations and management of the company so that investors could know what they were buying. The ______________________, established the securities and Exchange Commission, a federal agency to enforce the new laws and regulations governing the issuance and trading of stocks and bonds. The act also required that all stockbrokers be licensed/
Federal Emergency Relief Administration (FERA) 1933
The __________________________ headed by Harry Hopkins, was FDR's first effort to deal with massive unemployed. _________ sent money to the states to spend on the unemployed and the homeless.
Schechter Poultry Corporation v. United States 1935
The biggest threat to the New Deal will come from the US Supreme Court. In _____________, the justices, in a unanimous vote, ruled that Congress had given too much authority to FDR when the NIRA gave the NRA the power to bring business and labor leaders together to create "codes of fair competition" for their industries, thus killing the NIRA.
National Recovery Administration (NRA)
The centerpiece of the new deals' efforts to revive the industrial economy was the National Industrial Recovery Act (NIRA) of 1933. The act had two sections that did the following: created the PWA and NRA.
Homelessness
The contraction of the economy squeezed debtors, who had monthly mortgages or installment debts to pay, forcing them into homelessness in many cases. At one point, a thousand Americans per day lost their homes to foreclosure. Millions of homeless people, mostly men, simply took to living in the road or on the rails. 200,000 were living in empty boxcars belonging to the Missouri Pacific in 1931, and 683,457 people were evicted from the freight trains of the Southern Pacific in 1932.
Great Depression 1929-1933
The economy began to fall into a recession before the stock market crash as too many business owners during the 20s had taken large profits providing minimum wage increases to employees causing a growing imbalance as companies were producing far more good than consumers could afford due to stagnant wages.
Hoover and The Great Depression
The initial response to government officials to the Great Depression was denial: there was no crisis, they insisted All that was needed, according to President Hoover and his Secretary of Treasury Mellon, was to let the sick economy cure itself (laissez-faire) (didn't work). As results did not improve, Hoover became less willing than Mellon to sit by and let events take their place Hoover invited business, labor, government, and agricultural leaders to a series of White House conferences in which the President urged companies to maintain employment and wage levels, asked union leaders to end strikes, and pleaded with states to follow through on planned construction projects. Efforts did not work as unemployment continued to rise and wages continued to fall.
Huey Long
The most potent political threat to Roosevelt came from Louisiana's Democratic Senator __________________, first as Governor of Louisiana and then as the state's most powerful US Senator, was the virtual dictator of Louisiana who used bribery, intimidation, and blackmail to get his way. Along the way, ___________- did reduce state taxes, improved roads and schools, built charity hospitals, and provided better public services. ________, initially a supporter of the New Deal, became a critic of the New Deal as he began to aspire to the White House in his own right. To launch his own presidential campaign, ____________ devised a simplistic plan for dealing with the Great Depression, which ____________ called the Share-the Wealth Society. ____________ wanted to raise taxes on the wealthiest Americans and redistribute the money raised to "the people"—giving every working family $5,000 and every wage worker and an annual income of $2,500, providing pensions to retirees, reducing working hours, paying bonuses to military veterans, and enabling every qualifying student to attend college. By early 1935, ___________ claimed to have enough support to unseat FDR. Before ___________--'s campaign could be enacted he was assassinated in Baton Rouge, Louisiana on September 8, 1935, by Dr. Carl Weiss.
Civilian Conservation Corps (CCC) 1933
The most successful of the New Deal jobs programs was the __________________, managed by the War Department. The ______________, which employed almost 3 million mostly unmarried men between the ages of 18 and 25, built roads, bridges, campgrounds, fire towers, fish hatcheries, and 800 parks; in addition, the _________ planted 3 billion trees in national forests, taught farmers how to control soil erosion, and fought fires. Over the next nine years, the 2.5 million plus ___________- enrollees, supervised by soldiers, were given shelter, clothing, and fools as well as a small wage of $30 a month. $25 of which had to be sent home to their families
Criticism of Hoover
The single most significant criticism levied against Herbert Hoover is that he did not do enough to combat the Great Depression. After the Stock Market Crash on October 29, 1929, President Hoover believed government intervention would make things worse. He believed that if banks and businesses demonstrated confidence and refused to panic, the market would naturally rebound. Hoover was greatly criticized for underestimating the severity of the Great Depression. Hoover believed it would get better, but instead, it just kept getting worse. Early on, Hoover attempted to deal with the Depression by encouraging what he called ''volunteerism.'' Volunteerism, per Hoover's definition, was basically a collaboration between private sectors and public sectors of the economy. Hoover believed Americans should basically volunteer to help one another.
Works Progress Administration (WPA) 1935
This act included an array of federal job programs managed by a new government agency, the _____________________. The ________ quickly became the nation's largest employer, hiring an average of 2 million people annually over 4 years. The _________ built LaGuardia Airport and restored the St. Louis Waterfront and also employed a large range of talented writers, artists, actors, and musicians in new cultural programs: the Federal Theatre Project, the Federal Art Project, the Federal Music Program, and the Federal Writers Project. Although the _________ took care of only 3 million of some 10 million jobless at any one time, in all it helped 9 million people weather desperate circumstances before it expired in 1943.
1933 Inaguration
This took place after FDR's defeat of Hoover, saw FDR take office as President in March 1933, and FDR assumed leadership during on of the greatest crisis in modern history. While much of Europe and other major countries of the world turned to authoritarian answers during the Great Depression. FDR did not become a dictator, but he did take extraordinary steps to address the Great Depression while assuring Americans, in his inaugural address, "that the only thing we have to fear is fear itself.". He speech was so uplifting that nearly 500,000 Americans wrote him letters in the days that followed.
Social Security Act 1935
To address the problems faced by the elderly, blind, and disabled, FDR proposed the ____________________________. The ________________, was considered the most important achievement of New Deal according to FDR. The primary purpose of the Act was to create a self-financed federal retirement fund for people over the age of 65. It was the only government-managed retirement program in the world financed by taxes of the workers. FDR regretted the limitations of the ______________, but he saw the as necessary compromises in order to gain congressional approval and to withstand court challenges.
Smoot-Hawley Tariff 1930
intended to help the sect by raising tariff barriers on farm products imported into the us, but a warm if corporate lobbyists convinced Congress to add hundreds of new imported manufactured goods to the tariff bill.