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Roosevelt from 1933 to 1939 of relief, recovery, and reform. ...
Submitted by mazz23 on June 13, 2006
Category: History Other
Words: 1674 | Pages: 7
Views: 155
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The New Deal
During the 1930's, America witnessed a breakdown of the Democratic and free enterprise system as the United States fell into the worst depression in history. The economic depression that beset the United States and other countries was unique in its severity and its consequences. At the depth of the depression, in 1933, one American worker in every four was out of a job. The great industrial slump continued throughout the 1930's, shaking the foundations of Western capitalism. The Great Depression forced Americans to come together and find someone to help them climb out. On March 4, 1933 Franklin Roosevelt wondered if it were possible to “do anything to save America now.” With millions of people tightening their belts, Roosevelt decided to gather a group of lawyers and university professors called the “brains trust” to advise him on economic policy. From this Roosevelt started what he called the “New Deal” which had three aims: relief, recovery, and reform. The New Deal had influences not only during Roosevelt’s presidency but also the others who followed.
The early New Deal unfolded in the spring of 1933 with a chaotic three month burst of legislation known as “the hundred days.” This plan had three parts to it, recovery through planning and cooperation with business, furnishing relief for the unemployed, and to begin a reform of the economic system. To start Roosevelt said that banks come first. Without sound credit structure, there could be no borrowing, without borrowing there could be no investment, and without investment, no recovery. Roosevelt meant to save capitalism by regulating and reforming it. The day after FDR’s inauguration he ordered every bank in the country closed for what he called a “bank holiday.” From this FDR introduced the Emergency Banking Act (EBA) extending federal assistance to banks, which helped banks keep their customers. Also, to guard against future stock crashes, financial reforms gave...
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