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USA > Roosevelt's New Deal > Flashcards

Roosevelt's New Deal Flashcards

1
Q

What did FDR earn in 1920? What was a key contributor to this?

A

Vice Presidential candidate under Al Smith

popularity with Democratic politicians

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2
Q

Who did FDR replace as governor of New York?

A

Al Smith

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3
Q

When was FDR notably re-elected as governor of New York?

A

1930 - notable since was following the onset of Depression

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4
Q

FDR won by a landslide in 1932. How many states did he not carry?

A

6

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5
Q

How many states did FDR not carry in 1936?

A

2

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6
Q

Why was FDR lucky to get the nomination within the Democratic party?

A

many thought he was too left wing

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7
Q

What did Keynes describe FDR as?

A

an “economic illiterate”

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8
Q

When did FDR wins first election?

A

November 1932

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9
Q

When did FDR take over as President?

A

March 1933

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10
Q

What was notable about FDR’s time as mayor of New York?

A

took Progressive action
introduced extensive policy for industrial welfare
was the first comprehensive system of unemployment relief in the USA

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11
Q

What was FDR aided by in his manipulation of Congress?

A

had a democratic majority in both the Senate and House of Representatives

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12
Q

In public how was Roosevelt presented, why was this important?

A

Always grinning

Large part of New Deal involved giving people not only the means but the confidence to spend

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13
Q

An early example of how FDR had no fixed ideas for recovery

A

flexible approach to tariffs during his 1932 campaign (both pro and anti)

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14
Q

What was a criticism of Roosevelt that may be seen as an attempt by him to inspire confidence?
What was different about Truman?

A

varied message according to whom / where he was speaking

so much so that people saw Truman as “refreshingly honest”

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15
Q

FDR was not revolutionary. What was his fundamental objective?

A

Preservation of American society and capitalism

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16
Q

What do a vast number of historians suggest the New Deal Programmes were secondary to?

A

giving hope and confidence in a time of despair

At the heart of the New deal there “was not a philosophy, but a temperament”

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17
Q

What did FDR state in terms of the budget in his acceptance speech?

A
  • criticised Hoover for spending too much

- called for a balanced budget

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18
Q

What did FDR suggest the government had the responsibility for in his acceptance speech?

A

Responsibility to guarantee every man a right to make a comfortable living

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19
Q

What did FDR’s fiscal policy suggest about his economic principles?

A

that he was an economic conservative

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20
Q

What were the X3 R’s of the New Deal?

A

Relief
Recovery
Reform

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21
Q

What X4 categories can the New Deal be broken into?

A

Agriculture
Banking
Unemployment / Industry
Alphabet Industries

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22
Q

What was the role of Congress vs FDR in the New Deal?

A

FDR didn’t necessarily create the new deal, it was passed by Congress

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23
Q

What % of the vote did FDR win in 1932?

A

57%

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24
Q

What was the ‘100 Days’

A

FDR asked Congress for 100 days of total cooperation

Period of Congress breaking from obstructionism

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25
Q

When did the 100days last?

A

19th March - 16th June

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26
Q

How many significant measures passed through Congress during the 100days?

A

16

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27
Q

What was the 100days initially meant to deal with?

A

the banking / financial crisis

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28
Q

What did FDR do with the 100days

A

tackled other problems apart from banking

e.g planting season approaching - increasing farmer militancy

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29
Q

How many days was the Emergency Banking Bill constructed in?

A

5 days

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30
Q

What bill notoriously involved cooperation between Roosevelt and Hoover’s administrations?

A

Emergency Banking Bill

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31
Q

Where did FDR announce that the Emergency Banking Bill would allow banks in 12 cities to reopen?

A

In a fireside chat

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32
Q

Evidence that people had faith and increased confidence in Roosevelt’s economic policy

A

Day after FDR announces 12 cities banks to reopen bank deposits > withdrawals

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33
Q

Roosevelt’s reaction to the second round of Bonus Marchers

A

Mrs. Eleanor roosevelt greets warmly

but FDR still does not concede to providing bonus

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34
Q

FDR’s statement on what the New Deal would be;

A

“it will be a well thought out blueprint for radical change”

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35
Q

DATE : Trading with the Enemy Act

A

5th March 1933

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36
Q

Purpose : Trading with the Enemy Act

A

recovery of banking system

stop run on the banks

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37
Q

Action : Trading with the Enemy Act

A

federal gov. took on increased powers to govern banking

declaration of X4 day bank holiday to stop run on the banks

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38
Q

How many states had already shut their banks prior to the Trading with the Enemy Act?

A

32

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39
Q

Who first introduced the Trading with the Enemy Act?

A

Wilson

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40
Q

DATE : Emergency Banking Act

A

9th March 1933

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41
Q

Action : Emergency Banking Act

A
  • authorised government to buy bank stock and assume bank debt
  • banned export of gold
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42
Q

Purpose : Emergency Banking Act

A

ensured banks soundness to encourage greater public confidence
attempted to get people to deposit money again into banks

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43
Q

What legacy of Hoover’s administration did the Emergency Banking Act ironically deploy?

A

Reconstruction Finance Corporation

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44
Q

By 1935 what fraction of American banks did the RFC own stock in?

A

1/3

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45
Q

What did the RFC (under the Emergency Banking Act) seek to do?

A

increase banks capital

46
Q

What did Hoover do with the RFC which the RFC did not do under FDR?

A

Hoover leant money to banks (but this increased their debt)

FDR sought to increase banks capital

47
Q

What did FDR announce in his fireside chat after the Emergency Banking Act

A

“together we cannot fail”

48
Q

By the end of March 1933 what fraction of banks had reopened?

A

3/4

49
Q

By beginning of April 1933 what amount had been registered in bank deposits? What did this show?

A

$1billion

showed increase in public confidence in the banking system only a month after FDR became President

50
Q

What was the Emergency Banking Act entirely reliant on?

A

entirely reliant on public confidence and people putting deposits back into banks

51
Q

DATE : Cuts in Civil Service Salaries & Veteran Benefits

A

March 1933

52
Q

Purpose : Cuts in Civil Service Salaries & Veteran Benefits

A

show public FDR’s willingness to save money
hoped to encourage the rich to spend it

part of method of reducing federal spending (one of Democrat’s pledges)

53
Q

What did Cuts in Civil Service Salaries & Veteran Benefits show about FDR’s fiscal policy?

A

Despite deficit spending that would occur, there was never absolute abandonment of fiscal conservatism

54
Q

What was a patriotic phrase to encourage the public to be active in fighting the depression?

A

“Roosevelt has done his part: now you do something”

55
Q

DATE : Securities Act for Regulating Wall Street

A

May 1933

56
Q

Action : Securities Act for Regulating Wall Street

A
  • demanded full info to be made public whenever new securities issued
  • demanded companies make regular financial disclosures
  • directors who issue misleading prospectuses liable to prosecution as criminals
57
Q

Purpose : Securities Act for Regulating Wall Street

A

Reform Banking and Wall Street

58
Q

What publication revealed the majority of wealth was controlled by 200 corporations?

A

The Modern Corporation and Private Property by Meanes and Berle

59
Q

What did the publication of “Modern Corporation and Private Property” increase the popularity of to the public?

A

the Securities Act for Regulating Wall Street

60
Q

DATE : Securities and Exchange Commission

A

1934

61
Q

Action : Securities and Exchange Commission

A
  • oversee stock exchange + punish wrongdoers
  • prohibit buying of stock without funds to pay
  • limit speculation
62
Q

Purpose : Securities and Exchange Commission

A

aimed to increase consumer confidence via reducing manipulation, insider trading + speculation

63
Q

What was the result of the Securities and Exchange Commission?

A

created better conditions for American business

made more equitable markets for American investors

64
Q

DATE : US leaving gold standard

A

June 1933

65
Q

Purpose : US leaving gold standard

A

hoped would counter deflationary effects of Depression

66
Q

DATE : Glass-Steagall Act

A

June 1933

67
Q

Action : Glass-Steagall Act

A

prohibited commercial banks from participating in the investment banking business

decreased number of banks engaging in speculative activity

68
Q

When was the Glass-Steagall Act first proposed?

A

In 1932

Republicans too slow to pass it

69
Q

Purpose : Glass-Steagall Act

A

attempted to sever linkages between commercial and investment banking

wider hopes in restoring public confidence in US banking
wanted to stop run on the banks

70
Q

What Corporation was created under the Glass-Steagall Act?

A

Federal Deposit Insurance Corporation

71
Q

What did the Federal Deposit Insurance Corporation guarantee?

A

guaranteed bank deposits to a specified limit

72
Q

When did the Federal Deposit Insurance Corporation fund become permanent? What did it get raised to?

A

July 1934

raised to $5000

73
Q

The Federal Deposit Insurance Corporation was long term. When was the Federal Deposit Insurance Corporation repealed?

A

1999

74
Q

Criticism of the Federal Deposit Insurance Corporation

A

arguably kept operation many smaller unit banks which should have been nationalised

these small banks were part of the fundamental economic problem

75
Q

DATE : London Economic Conference

A

July 1933

76
Q

What did FDR reject at the London Economic Conference?

A

attempts by emissaries to achieve stabilisation of world currencies

77
Q

DATE : Trade Agreements Act

A

1934

78
Q

Action : Trade Agreements Act

A

allowed Roosevelt to revise tariffs by up to 50%

79
Q

What was the passing of the Trade Agreements Act FDR acknowledging?

A

FDR had gone too far in rejecting international cooperation

80
Q

What did the Trade Agreements Act show about the New Deal?

A

New Deal never developed coherent trade policy

= one of chief causes of Depression virtually untouched

81
Q

Between when was the Gold Buying Act in place?

A

October to December 1933

82
Q

Whose tactic was gold buying?

A

Warren-Pearson

83
Q

What was the Gold Buying Act a method of doing?

A

Devaluing the dollar

84
Q

What happened between November-December 1933 due to the Gold Buying Act?

A

Commodity prices actually decreased
Farm prices fell
(although not dramatically damaging)

85
Q

What was the real damage of the Gold Buying Act?

A

FDR put valuable, critical time into a panacea economists warned him would not work

86
Q

What did FDR’s administration do in terms of protectionism?

A

saw no reason to modify high tariff barriers

allowing cheap foreign goods onto American markets would destroy any hope of raising prices through controlling production

87
Q

What was federal spending in 1931

A

$3.6billion

88
Q

What was federal spending in 1936

A

$8.4billion

89
Q

What was the budget deficit in 1936

A

$4.4billion

90
Q

After when did Roosevelt begin to cut expenditure?

A

1936

91
Q

What was federal spending in 1937?

A

$7.7billion

92
Q

What was federal spending in 1937 compared to 1936?

A

$0.7billion less

93
Q

What was the colloquial name for taxes put on tobacco and liquor?

A

“sin taxes”

94
Q

In 1935 what was the colloquial name for the higher income tax on the rich?

A

“Soak the rich”

95
Q

When was the Wealth Tax Act introduced?

A

1935

96
Q

In what act was a tax on corporation profits not distributed to shareholders introduced?

A

Wealth Tax Act 1935

97
Q

When was a tax on corporation profits not distributed to shareholders voted out?

A

1938

98
Q

What % of federal expenditure was paid for using taxes in 1938?

A

82%

99
Q

In what year was 82% of federal expenditure paid for using taxes?

A

1938

100
Q

In the budget following 1938 what type of fiscal policy did FDR accept? What did he abandon?

A

accepted deficit financing

abandoned progressive taxation

101
Q

Inflationists wanted what to occur in terms of currency

A

pleased when Roosevelt brought USA off gold standard
wants increase in silver in circulation + reduction of gold

hoped would allow value of money to fall + prices rise

102
Q

What did Progressives hoped would occur under the New Deal?

A

break up of corporations

103
Q

Who on the Supreme Court was a notorious progressive

A

Brandeis

104
Q

Example of advisor who sought government to take control over economic planning from corporations

A

Berle

105
Q

What did economic planners e.g Berle oppose in terms of the budget?

A

idea of balanced budget

budget deficit to finance recovery e.g via public works

106
Q

Money and Marcus described FDR as

A

“improvising all the time..very hit and miss”

107
Q

Evidence that FDR was able to differentiate between ‘emergency’ and ‘normal’ government business

A
  • spent government funds on ‘emergency’ measures e.g public works / RFC
  • reduced government expenditure on normal measures
    e. g cutting federal salaries
108
Q

Insiders in government spoke of what? suggesting a new era of government had begun

A

‘air of expectancy’

109
Q

Why could Roosevelt not implement radical change (X4)

A
  • structures / personnel not in place
  • needed farmer / business / bank cooperation
  • element of voluntarism needed in many (e.g NRA codes)
  • too radical = subject to supreme court (AAA / NRA)
110
Q

What can the first New Deal be regarded as in conclusion?

A

a response to crises and an alleviation of suffering, rather than a solution to the Depression

111
Q

By the end of 1932 how many self-help organisations were present? How many members?

A

330

300,000 members

112
Q

FDR quote which shows there was no great plan behind the New Deal

A

stated he would promulgate

“bold persistent experimentation”

USA (33 decks)

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