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| *October 29, 1929. *The bottom of the stock market seemed to fall out. *16 million shares were traded as panic selling took hold. |
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| *Allowed investors to purchase stocks by making a small down payment(as low as 10%), borrowing the rest from a broker, and using the shares as collateral, or security, on the loan. |
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| *Many industries were overproducing. *Farm sector didn't regain prosperity of WWI. |
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| *Declining prices, drop in exports and farmers had large debts incurred by wartime expansion. |
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| *Massive, 1930=9%, 1931=double, 1933=25% or 12.6 million. *Men felt shame, guilt, inadequacy, uselessness, and despair. *Easier for women to have a job. |
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| *1932. *Authorized RFC to lend $300 million to states that had exhaused their own relief funds. *Only less than $30 million actually given out by end of 1933. |
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| Reconstruction Finance Corporation |
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| *Hoover's most important response. *Established in early 1932 and based on the War Finance Corporation of WWI. *Make government credit available to ailing banks, railroads, insurance companies, and other businesses, thereby stimulating economic activity. *Saved numerous banks and other businesses, but did not hasten recovery. |
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| President's Organization for Unemployment Relief |
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| *1931 and Hoover. *Did little more thanencourage local groups to raise money to help the unemployed. *Chairman Walter S. Gifford said local could handle it. |
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| *Spring 1932. *WWI Veterans marched on Washington D.C. demanding immediate payment of $1000 bonus promised. *20,000 lobbyed for bill, but rejected and most went home. *2,000 forcibly evicted from their encampment by MacArthur. |
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| *Not a unified program to end the depression but rather an improvised series of reform and relief measures, some seemed to contradict each other. *Focused on reviving bothe the industrial and agricultural sectorys of economy and providing emergency relif for umemployed. |
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| *Executive order. *Closed banks for four days to shore up the country's ailing financial system. *Banks han stock manipulation, illegal loans to bank officials, and tax evasion which lost public's trust. |
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| *Roosevelt's radio broadcasts were a successful political tecnique than gave courage to ordinary Americans and communicated a genuine sense of compassion from the White House. |
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| *Congress passed. *Gave the President broad discretionary powers over all banking transactions and foreign excange. *Authorized reopen healthy manks and federal managing affairs of failed banks. |
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| *Civilan Conservation Corps. *Unemployment relief effort that provided work for jobless young men in protecting and conserving the nation's natural resources: road construction, reforestation, flood control, national park improvements. *Workers received room/board and $30 per month, but $25 usually went home. |
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| *Federal Emergency Relief Administration. *Congress gave $500 million. *Half went as direct relief to states and rest was distributed on the basis of a dollar of federal aid for every three dollars of state and local funds spent for relief. *Federal grants. |
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| *Agricultural Adjustment Administration. *Federal farm aid based on parity pricing and subsidy. *Parity pricing=set price on farm commodities. *Subsidy=gave paymenets for reducing acreage or cutting production where surpluses existed. *Most money went to Landlords and harmed tenant and sharecroppers. *Raised income and prices of wheat, cotton, and corn. |
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| *Tennessee Valley Authority. *Independent public corporation that built dams and power plants, produced cheap fertilizer for farmers, and brought cheap electricity for first time to thousands of people in six southern states. |
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| *National Recovery Administration. *Self-regulatinindustrial codes to revive economic activity. |
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| *Public Works Administration. *Federal public works projects to increase employment and consumer spending. |
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| *A group of conservative businessmen organized in 1934 that denounce Roosevelt and his advisers. *Held administrationresponsible for what they considered and attack on property rights, welfare state, and decline of personal liberty. |
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| *Louisiana. *Posed greatest threat to Roosevelt's leadership but was assassinated. *Advocated Share Our Wealth Society. |
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| Social Security Act of 1935 |
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| *Federal old-age pensions and unemployment insurance. *Originally didn't cover domestics and farm workers(many Latinos and African Americans), and pensions were small. |
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| *AKA National Labor Relations Act. *1935. *Federal guarantee of right to organize trade unions and collective bargaining. |
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| *1935. *Relocation of poor rural families. *Reforestation and soil erosion projects. *Loans for purchasing land and equipment. *Lack of funds and poor administration, only about 1% of projected 500,000 families were actually moved. |
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| *Committee for Industrial Organization became Congress of Industrial Organizations. *Goal was to organize mass-production workers by industry rather than by craft, accept all workers regardless of skill level, and include black and women. |
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| *Overproduction of wheat exhausted the soil and droughts dried out the soil. *Winds blew away tens of milllions of acres rich top soil causing thousands to move. *Kansas, Colorado, Oklahoma, Texas, New Mexico. *Difficulty breath and destroy crops and trees. |
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| *Oringinally Boulder Dam. *Begun during Hoover's administration. *Harness Colorado River for cheap electricity, flood prevention, irrigation of Imperial Valley, and supply of domestic water for southern Cali. *$114 million. *Crated Lake Mead. |
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| *Flint, Michigan General Motors. *Peaceful and effective. |
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| *Roughly 300,000 peopel who migrated to California in the 1930's. *Included victims of the Dust Bowl, and blue-collar worders and small businessmen looking to improve their lot. *Competition for Mexican farm laborers. *Faced discrimination. |
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