The Great Depression and The New Deal

Background

Stock Market Crash: October 1929, during Herbert Hoover's presidency.
Herbert Hoover's Response: Favored rugged individualism; minimal federal government intervention initially.
Reconstruction Finance Corporation: Supported by Hoover for economic recovery via trickle-down theory.

Candidates: Herbert Hoover (Republican) vs. Franklin D. Roosevelt (Democrat).
Outcome: Roosevelt wins due to high unemployment (25%) and dissatisfaction with Hoover's handling of the Depression.

Background: Wealthy family, distant cousin of Theodore Roosevelt, former Governor of New York.
Personal Struggles: Paralyzed by polio, relied on braces and crutches.
Eleanor Roosevelt: Redefined the role of First Lady, advocated for underserved groups.

Philosophy: Experimental policies to address the Great Depression.
The Three Rs:
- Relief: Immediate help for the struggling population.
- Recovery: Boost economic activity.
- Reform: Prevent future economic crises.
Fireside Chats: Roosevelt communicated directly to the public via radio.

Legislative Activity: Congress passed numerous laws, more than any other session.
Banking and Finance Reform:
- Bank Holiday: Closure of banks to restore confidence.
- Emergency Banking Relief Act: Only stable banks allowed to reopen.
- Glass-Steagall Act: Regulated banks, prevented risky investments, and established FDIC.
- Securities and Exchange Commission: Regulated the stock market.
Employment Programs:
- Federal Emergency Relief Act: Funds to states for relief services.
- Civilian Conservation Corps (CCC): Jobs in conservation for young men.
- Public Works Administration (PWA): Funded large-scale infrastructure.
Industrial and Agricultural Recovery:
- National Recovery Act (NRA): Set codes for industries, supported workers' rights.
- Agricultural Adjustment Act (AAA): Paid farmers to reduce production.
Tennessee Valley Authority (TVA): Developed Tennessee Valley with infrastructure projects.

Works Progress Administration (WPA): Employed millions in public works and artistic projects.
Resettlement Administration: Assisted non-land owning farmers with loans.
Social Security Act:
- Established federal responsibility for welfare.
- Provided pensions, unemployment insurance, and aid for dependent children.
National Labor Relations Act (Wagner Act):
- Protected workers' rights to unionize.
- Established the National Labor Relations Board.

Conservative Opposition: Concerns over increased government size and deficit spending.
Liberal Criticism: Calls for more support for minorities and the poor.
Notable Critics: Francis Townsend and Huey Long advocated for more radical reforms.

Supreme Court Challenges: NRA and AAA declared unconstitutional.
Roosevelt's Proposal: Add more justices for each over 70 years old to support New Deal.
Outcome: Widespread opposition; seen as a threat to checks and balances.

Note: Remember the historical context and ongoing debates about government intervention and social welfare initiated during this period.