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A. Federal Deposit Insurance Group (FDIC) B. Securities and Exchange Commissions (SEC) D. A Civilian Conservation Corporation (CCC) E. Tennessee Valley Authority (TVA) F. National Industrial Recover Act (NIRA) A.
Rural Electrification Administration B. National Labor Relations Act 1935 D. Works Projects Administration Act In choosing a topic I wanted to pick something that was interesting to me, educational to the readers, and important to the development of America today. The beginning of the thirties was a time of social, economic, and political turmoil.
The policies enacted by Roosevelt's New Deal may be some of the most progressive governmental policies enacted by any president. The effects of the policies of the New Deal can still be felt today. The New Deal may not have ended the depression of the thirties but they were the foundation for many of the policies in place today that help Americans survive during tough times. The twenties had been characterized as the prosperous twenties, a time when employment trade and family income were at all time highs. America had made the transition from an agricultural state to a industrial state. Mass production and the assembly line had revolutionized production and there was plenty for all.
Big business not only boomed in America but also abroad. Government had started to play a role in peoples lives as never before. There were however problems, even though Americans prospered as never before there was still a division of wealth that government refused to deal with. It was said that one percent of the population owned over 60 percent of the countries wealth. (1) Employees wages rose slower than profits from the goods they produced, and owners continued to produce more goods ignoring this fact. Farmers who had never recovered from the war time recession continued to have little purchasing power, and their annual income continued to fall. Although factory workers income rose during the twenties unemployment continued to be high, mass production allowed employers to produce more with fewer workers.
There were no federal programs like unemployment or welfare assistance to aid unemployed workers therefor poverty rose and peoples purchasing power fell. Another problem was foreign economic lending that had taken place during W. W. I America had become the primary lender to the allies, and after the war many were unable to pay their debts especially Germany.
In order for nations in debt to profit they had to export more than they were importing, and the creditor had to import more than they were exporting, this was not the case with America. They continually had trade surpluses with their European allies. They also imposed high tariffs to protect their industry and make it impossible to have equal exchange with its allies. (2) The other thing the government did was continue to make loans, and encourage private lenders to make loans to foreign businesses so they could pay their debts, and buy American goods. This didn't make sense to me, it seemed that we would be getting paid with our own money.
As times got hard lenders refused to make loans, and demanded payment on loans they had already made. This forced many foreign companies to go into default. The purchase of American goods stopped, causing many American businesses that relied on foreign purchases to suffer. Farmers suffered the most. As things continued to decline in America and over seas it was evident that the time of prosperity was over. Economic instability had started to affect the stock market.
The market continued to ignore the failing economy. Stock prices continued to soar, and business leaders forecast a rapid recovery. On October 2, 1929 millions of shares of common stock went up for sale this made brokers nervous, the market lost over four billion that day. No one knows what sparked this mass sell of stock the economy seemed stable and there was no shortage of investment funds. The market continued to go up and down until October 24 "black Thursday" prices fell and didn't recover. This would prove fatal.
The stock market crash in October 1929 marked the beginning of The Great Depression, a difficult economic period for the United States and other countries. (3) Unemployment increased and the economic security of many people was threatened. Farmers lost their land, homeowners their homes, and workers their jobs. In the years following the stock market crash, thousands of banks closed and many Americans lost their savings. The republicans failed to recognize the causes of the depression and failed miserably trying to end the depression. Hoover had been a popular president and his candidacy had been considered successful. The depression would take its tole on him and the Republican Party, the American People would be looking for a change.
The country had fallen into deep depression, and America put its hops of recovery on one man, the 32 nd President, Franklin D Roosevelt; and his promise of a new deal. Born at Hyde Park, New York, on January 30, 1882, he was the only child of James Roosevelt and Sara Delano Roosevelt. His father, a semi-retired railway executive, was a cousin of Theodore Roosevelt, the 26 th president of the U. S.
A. A handsome youth, he was an excellent athlete, expert at boating and swimming, and he also collected stamps, birds, and ship models hobbies that he pursued all his life. His formal education began at the Groton School in Massachusetts, where the headmaster, Endicott Peabody, stressed to his affluent young students their obligation toward those who were less fortunate in society. After graduation from Harvard University in 1904, Roosevelt attended Columbia University Law School without taking a degree and was admitted to the New York State bar in 1907. (4) In 1905, he married a distant cousin, Eleanor Roosevelt, President Theodore Roosevelt gave the bride away. Franklin Roosevelt's political career began with his election to the New York State Senate as a Democrat in 1910.
He quickly gained attention as the leader of an upstate coalition that fought the influence of New York City's Democratic machine. James M. Cox of Ohio, the party's 1920 nominee for the presidency, chose Roosevelt as his running mate because of his family name, but the Cox-Roosevelt ticket proved to be no match for the Republicans under Warren G. Harding. (5) Roosevelt faced the greatest personal crisis of his life when he was stricken by polio at his Canadian summer home on Campo Bello Island, New Brunswick, in 1921.
He hid his deep physical agony with a cheerful demeanor. After coming to terms with his physical limitations Roosevelt resumed his political career. He was encouraged to run for governor of New York. During two terms as governor of New York (1929 - 1933), Roosevelt established a reputation as a reforming progressive in the Theodore Roosevelt tradition and as a champion of relief for impoverished upstate farmers. Later Roosevelt would blame the farm depression as the root cause of the great depression. With the aid of a progressive Democratic coalition in 1932, Roosevelt won the party's presidential nomination, then easily defeated Hoover in the national election.
Roosevelt campaigned on promises to bring America out of the depression that it had fell into. It was termed "The New Deal" for the American people. In his first inaugural address he declared: Congress shall fail to take these courses and in the event that the national emergency is still critical I shall not evade the clear course or duty that will then confront me. I shall ask the Congress for the one remaining instrument to meet the crisis broad executive power to wage a war against the emergency, as great as the power that would be given to me if we were in fact to be invaded by a foreign foe." (6) Almost immediately after taking office, Roosevelt called on Congress to convene and began what would be known as the Hundred Days, which lasted until June 16, 1933. (All presidents that followed Roosevelt would be judged on their first one hundred days. ) On March 6 Roosevelt called a nationwide bank holiday, and on...
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Research essay sample on Stock Market Crash Pay Their Debts
