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FDR's three-pronged strategy
Banking crisis – anti-trust laws or not, massive expansion of welfare, +gov spending to revive econ.
Industrial recovery – + fed spending and org labor management.
Raise commodity prices – paying farmers to reduce the size of their crops and herds.
Emergency Banking Relief Act
allowed sound banks to reopen and provided managers for the remaining ones.
exec branch the power to cut gov workers’ wages, reduce payments to mil vets.
The end of Prohibition
Major proposals of 1933
Farm Credit Administration – recognized fed ag subsidies.
Emergency Farm Mortgage Act and Farm Credit Act – congress authorized the extensive refinancing of farm mortgages at lower interest rates to stem the tide of foreclosures.
Home Owners' Loan Corporation – refinanced mortgage loans at lower monthly payments for strapped homeowners, again helping to slow the rate of foreclosures.
Federal Deposit Insurance Corporation – guaranteed personal bank deposits up to 5k.
Federal Securities Act – create to regulate the chaotic stock and bond markets.
Civilian Conservation Corps – to provide jobs to unemployed and unmarried ages 18-25.
Federal Emergency Relief Administration – fed $ went to states as grants rather than loans.
Civil Works Administration – provided fed jobs and wages to the unemployed in the winter.
Works Progress Administration – construction jobs, artists and writers, National Youth Administration.
The Agricultural Adjustment Act
created the ag adjustment admin to raise herd and crop prices by paying farmers to reduce production.
Supreme Court, in United States v. Butler
ended AAA and declared its tax on food prices unconstitutional.
Soil Conservation and Domestic Allotment Act
Second Agricultural Adjustment Act
Soil Conservation and Domestic Allotment Act – omitted processing taxes and acreage quotas. Result: crop reduction.
Second Agricultural Adjustment Act – reestablished earlier programs, but left out processing taxes.
Public Works Administration
National Recovery Administration
Public Works Administration –gave the gov 3.3 billion for buildings, highways, flood control, ect.
National Recovery Administration – stabilize businesses, reduce competition, providing jobs, +consumer standards.
Codes of fair practice
Criticism of the NRA
NRA struck down by Supreme Court
Legacy of the NRA
Codes of fair practice – 40hr workweek, min wages $13/week.
Criticism of the NRA – allowing manus to limit production, had discouraged capital investment.
NRA struck down by Supreme Court – in may 1935.
Legacy of the NRA – Set new standards, spurred growth of unions, Advanced trend of stabilization
The Tennessee Valley Authority
New objectives – overall regional planning
Inexpensive electricity – awaken private utilities to mass consumer markets.
Grovey v. Townsend
upheld the Texas white dem’s white only primary.
Powell v. Alabama
ruled that if the above failed, it was bc the judge didn’t ensure that the accused were provided a delegate defense attorney.
Norris v. Alabama
court ruled that the exclusion of af ams from AL juries had denied the defendants = protection of the law.
the grapes of wrath, captured the depression, treats workers as people.
native son (1940), af am, in ghetto, forces beyond his control.
- critisized the 2nd new deal
- suspitious of big businesses. Share the wealth program.
- critisized the 2nd new deal
- Townsend recovery plan to give petitions to the elderly.
- critisized the 2nd new deal.
- promoted coinage of more silver to increase $. Drew support form lower middle class ams.
The Supreme Court and the New Deal
Struck down NIRA (Schechter Poultry Corporation v. United States). Entire New Deal seemed in danger
National Labor Relations Act / Wagner Act
gave workers right to bargain, created a nat’l labor relations board which could investigate actions of employees.
Social Security Act of 1935
Revenue Act of 1935 (Wealth Tax Act)
Social Security Act of 1935 - the cornerstone of the new deal.
Revenue Act of 1935 (Wealth Tax Act) – "Soaking" the rich makes FDR "traitor to his class". Raised income taxes.
The CIO (Committee for Industrial Organization)
Success in automobile industry – sit down strikes.
- Success in steel industry – u.s. steel gave up to Steel workers org committee, and granted the union and members 10% wage raise and 40hr week.
- CIO had soon unionized much of industrial America – made a difference in lives of workers and in the pol scene. Wages rose, working conditions improved.
theories on the econ slump of 1937
- Harry Hopkins and Harold Ickes – Renewed spending.
- They said the recession coincided w/ cutbacks in fed spending.
- Influenced by Keynes’s gen theory of employment, interest, and money.
Wagner-Steagall Housing Act
Wagner-Steagall Housing Act – set up the US housing authority. Extended long term loans to local agencies. Subsidized rents for poor people.
Bankhead-Jones Farm Tenant Act
- addressed the epidemic of rural poverty.
- Provided rehabilitation loans to shore u p sm farmers and prevent them from sinking into tenancy.
- Made loans to tenants.
Agricultural Adjustment Act
- addressed problems created by the renewed crop surpluses and price declines of the recession.
- Reenacted basic devices of earlier AAA.
Fair Labor Standards act
applied only to enterprises engaged in interstate commerce. Set min wage to $.40/hr ad max 40hr week. Prohibited child labor under 16.
The Half Way Revolution
Through the 1930s – the power of the national government was vastly enlarged, and FDR had taken the road between the extremes of laissez-faire and socialism