The First New Deal Flashcards
Where was Roosevelt educated?
Harvard and then at Columbia Law School.
In 1910, why did Roosevelt start his political career?
He was elected to the New York Senate.
Who caught polio in 1921?
FDR
How was FDR active in politics?
Governor of New York.
What is the gold standard?
one ounce of gold equaled a set number of dollars.
What is a bank holiday?
an act of closing the remaining before bank runs because it could close them down.
When is considered the “100 days” ?
March 9- June 16, 1933. **In this time Congress passed 15 major acts to resolve the economic crisis.
What did Roosevelt address the nation by radio as?
“fireside chats”
required companies that sold stocks and bonds to provide complete and truthful information to investors
The Securities Act
was created to regulate the stock market and stop fraud.
The Securities and Exchange commission.
The Glass-Steagall Act
separated commercial banking from investment banking.
What does the FDIC do?
provides government insurance for bank deposits
CCC
offered unemployed young men 18-25 years old the the opportunity to work under the direction of the forestry service planting trees, fighting forest fires, and building reservoirs
The young men lived in camps near their work areas and earned $30 a month, $25 of which was sent directly to their families . The average CCC worker returned home after six to twelve months. The CCC also taught more than 40K of their recruits to read and write. In 1933 FDR added 250000 veterans to the CCC as well
Who ran FERA?
Hopkins
a governmental practice of spending borrowed money rather than raising taxes, usually in an attempt to boost the economy
deficit spending
Who established the Share Our Wealth program?
Huey Long
What did Francis Townsend propose?
The federal govt pay citizens over age 60 a pension of $200 a month.
was the largest public works program of the Great Depression
(WPA) Works Progress Administration
Wagner Act
guaranteed workers the right to unionize and bargain collectively.
Social Security Act
Provided some financial security for older Americans, unemployed workers and others.
binding arbitration
was a process in which a neutral party hears arguments from two opposing sides and makes a decision that both must accept.
sit-down strikes
a method of boycotting work by sitting down at work and refusing to leave the establishment
Recession of 1937/// What two programs did FDR order have their funds cut significantly?
WPA and PWA
Keynesianism economics
held the government should spend heavily in a recession to jump start the economy
Nation Housing Act
This organization received $500 million to subsidize loans to builders willing to construct low- cost housing
Farm Security Act
to give loans to tenants so they could purchase farms
Fair Labor Standards Act
abolished child labor, limited the workweek to 44 hours for most workers, and set the first minimum-wage at 25 cent an hour
Emergency Banking Relief Act
The new law required federal examiners to survey the nation’s banks issue Treasury Department licenses to those that were financially sound
Home Owner’s Loan Corporation
bought the mortgages of homeowners who were behind in their payments. It then restructured the loans with longer repayment terms and lower interest rates
AAA
would pay farmers not to rise certain livestock, grow certain crops, and produce dairy products
Tennessee Valley Authority (TVA)
built dams to control floods, conserve forest lands, and bring electricity to rural areas
FERA
gave money to the state and local agencies to fund their reliefs projects.
1/3 of the nation’s unemployed were in what industry?
construction
Civil Works Administration HOPKINS
Hiring workers directly, the CWA employed 4 million people, including 300000 women
The agency built or improved 1000 airports, 500000 miles of roads, 40000 school buildings, and 3500 playgrounds and parks
The program spent $1 billion in just five months
right wing / left wing views
had long believed that the new deal regulated business too tightly/ however the left believed the new deal had not gone far enough.
When did one receive social security?
The care of social security was the monthly retirement benefit, which people collected when they stopped working at age 65
CIO changed their name to what?
Congress of Industrial Organizations
