The New Deal

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  • You're hired!
  • Here's the money.
  • Yes... I suppose.
  • During the Great Depression, President Hoover increased the funding for public works, or government financed building projects. It created jobs for a small fraction of the millions of unemployed people.
  • We're Closed
  • The Reconstruction Finance Corporation was requested by Hoover to be set up in 1932 to be able to make loans to businesses. The RFC failed to increase the lending to meet peoples needs and the economy continued to decline.
  • YES!
  • Although Hoover was against the federal government giving out relief- money given directly to impoverished families, he eventually signed a bill for it. Giving out relief wasn't enough to reverse the accelerating collapse of the economy.
  • We're Open!
  • More than 4,000 banks had collapsed by March 1933 so, governors declared bank holidays- closing the remaining banks before bank runs could put them out of business. Most of the nation's banks were closed by the day of President Roosevelt's inauguration.
  • President Roosevelt began to send bill after bill to congress which soon became known as the Hundred Days. 15 major acts were passed to help the economic crisis. These programs put together made up the First New Deal.
  • The banking crisis was soon over when Roosevelt began "fireside chats", direct talks in which Roosevelt let the American people know what he was trying to accomplish. He told them their money would be safer and more secure if they put it back into the banks and they did.
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