ROOSEVELT AND THE NEW DEAL FDR beats Hoover

ROOSEVELT AND THE NEW DEAL

FDR beats Hoover in ‘ 32 • With hard times worsening, Franklin Delano Roosevelt, a relative of Theodore Roosevelt, rose as the leading Democratic candidate. • Hoover’s policies and criticisms were his undoing. • In the electoral college, Hoover received only 59 votes, while FDR received 472

The Three R’s: Relief, Recovery and Reform • Roosevelt proclaimed that the three keys to beating the depression would be relief, recovery and reform. • March 4, 1933, Roosevelt’s Inauguration Day, FDR, makes his famous statement “the only thing we have to fear is fear itself” • Roosevelt worked quickly to install his New Deal policies, and claimed to provide a noticeable improvement in his first 100 Days in office.

Addressing troubles with the banking system � Bank Holiday: On March 6 1933 Roosevelt closed every bank in the nation for a few days � Was � � � designed to stop massive withdrawals Emergency Banking Act (March 9) allowed the federal Government to examine all banks and allow those financially sound to reopen. March 12, the first of the fireside chats, Roosevelt assures people this is done to protect their money Federal Deposit Insurance Corporation (FDIC) � Insured each bank deposit up to $2, 500

Aid with loans and mortgages � � Home Owners Loan Corporation (HOLC Assisted home owners who could not meet mortgage payments by granting low interest loans with long term mortgages.

Direct Relief � Federal Emergency Relief Administration (FERA) � Headed by Harry Hopkins, a trusted advisor to FDR, FERA put $500 million in relief to state and local Agencies.

Indirect Relief Civilian Conservation Corps (CCC) Designed to aid unemployed men between ages of 18 and 25. Were sent to army camps and trained Sent to nation’s parks and forests Planted trees, cleared park trails and developed camp grounds. Earned $1/day.

Tennessee Valley Authority � � � Sought to aid an area made of seven states that had been struggling with disease, illiteracy, malnutrition, and poverty Built several new dams, producing hydroelectric power Criticisms People stated the government was abusing its power � Private utility companies feared TVA was going to cost them money � The Supreme Court refused to strike it down �

Criticisms of the New Deal � Assignment: Describe how both conservatives and liberals would criticize the New Deal. Include their arguments and each of the following: � Huey Long � Share Our Wealth Program � Court Packing � Alfred Landon