chapter 10 new deal program

chapter 10 new deal program

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  • Failing Banks
  • Unsafe stock market
  • Farmers struggle to get by
  • Reconstruction finance corporation. Hoover bailed out big business (really just banks). By Congress on January 22, 1932, to provide financial aid to railroads, and business corporations. Ordered to finance the construction and operation of war plans and to make loans to foreign governments. the RFC revealed widespread corruption.
  • Problems in industry and labor
  • In a sign of disapproval towards this act, other countries retaliated and also increased their tariffs. As a result, banks in foreign countries began to fail and international trade declined drastically, resulting in a world trade decline of 66% between 1929 and 1934
  • Unemployment
  • The Act was introduced as a measure to stop the downward twisting of crop prices. The Act sought to help farmers in buying, selling, and storing agricultural surpluses. Farm organizations were generously provided with financial assistance. The Act introduced several federal programs to provide financial guarantees to farmers.
  • Securing the American dream
  • Over production; During WWII the farmers increased production to feed the soldiers. Farmers took out loans, bought more land and bigger equipment to keep up. After the war, America then had too much grain, prices dropped and the farmers lost money. Banks wanted their money but farmers couldn't pay them back. Farmers had to auction equipment and land in order to afford to live.
  • Hoover wanted the unemployed people to depend on the red cross and other volunteer places rather than government pay for unemployment. He felt that people would lose their self esteem if they had to depend on government payments. Hoover did not realize how many people were unemployed. Unemployment rate was 4.4% when he became president and 23.6% when he left office.
  • Securing the American Dream; Hoover disagreed with the current rule that said government should let failing businesses figure it out and it was just a part of natural causes. He said difficulties should be cushion by the government. So he started bailing out banks which was later found that some of these banks were shady. The public got mad at this.
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