1. Step 1: Banking Holiday
1.1. banks shut down and subject to gov. inspection
1.2. ppls confidence returned and redeposited allowing banks to invest in the economy
2. used to fight the Depression
3. Revolution
3.1. changed the way gov. functions
4. 1st phase
4.1. dealt w/ exclusively economy reform
4.2. FDR believed gov. was crucial to stimulate economy
5. Step 2: Security Exchange Commission
5.1. Stock Market Reform
5.2. practice of buying on margin was regulated
6. Step 3: put more $$ in circulation
6.1. Gold Standard
6.1.1. Could print more $ than Fort Knox gold reserves would allow
6.1.2. w/ more circulation, wages and prices increased
6.2. Keynesian economics
6.2.1. Inflation, causing dollar value to lower- gave gov. spending power.
7. National Industrial recovery Act (NIRA) and National Recovery Admin (NRA)
7.1. established to end animosity but not labor and business
7.2. all was redirected to industrial growth
7.2.1. fair labor codes established
7.2.1.1. wages, no child labor, shortened work hours
7.3. Business people challenged the NRA, claiming it was communist
7.3.1. Liberty League
7.3.1.1. The Supreme Ct. overturned the NIRA & NRA- claimed fed. gov. was exceeding its authority (thru interfering in state jurisdiction)
8. Tennessee Valley Authority (TVA)
8.1. used to promote hydroelectric power, control flooding- lower rates
8.1.1. private industry, manufacturing fertilizer
8.1.2. Fed. gov. took ownership
9. Pictures
9.1. Annual Move
9.1.1. Otis Dozier, 1936
9.2. Kansas City from Politics, Farming, and the Law
9.2.1. Thomas Hart Benton, 1936
9.3. Construction of the Dam
9.3.1. William Gropper
10. Agricultural Adjustment Act
10.1. passed in 1933 to aid formers
10.2. objective was to restore farmers' purchasing power; the family farm
10.2.1. had farmers cut back on crop production by paying them equivalent SUBSIDIES (paid not to produce)
10.3. Bad side
10.3.1. food production down when millions were starving
10.3.2. Black sharecroppers were hurt: white landowners paid not to farm so they got rid of Black tenant formers
10.4. 1935
10.4.1. AAA declared unconstitutional by courts so it was revised and introduced as new legislation (too much control over individual states)
10.4.1.1. Food Stamp Act of 1939
10.4.1.1.1. gave away surplus food to poor, also guaranteed (small) farmers market
11. Civilian Conservation Corps
11.1. set to establish work for young men in areas of reforestation, soil conservation, flood control, road conservation
11.2. took them out of urban labor markets but Blacks permitted to enroll
11.3. National Youth Admin. (NYA)
11.3.1. created jobs for young in urban areas
11.4. Fed. Emergency Relief Act. (FERA)
11.4.1. aimed at older workers
11.5. worked well but was still at 6 million
12. Social Reform Aspect
12.1. National Labor Relations Act
12.1.1. legitimized unions and labor tactics such as collective bargaining & collective action
12.1.2. outlawed Blacklists and other anti-union practices
12.2. Social Security Act
12.2.1. "creeping socialism". typifies the Welfare State: unemployment insurance, old age pensions
12.2.2. Problem: it took some $$ out of circulation at a time when purchasing power was already low & only covered the unemployed= "Soak the Rich" tax