Essay about Main Features of The New Deal - 4123 Words

Main Features of The New Deal In 1929, the stock market collapsed causing a worldwide economic depression, destroying America’s economy with many people losing their life savings therefore thrusting them into unemployment and poverty. Unemployment reached highs of over 13 million whilst the GNP for the country reached as low as $58 billion, compared to the $100 billion+ pre depression figures, because demand and production fell so dramatically. People were forced out of their homes and moved to shantytowns known as ‘Hoovervilles’. The president in power at the time, J. Edgar Hoover, refused to use the government funds in order to help the American people. He believed that America was a land of†¦show more content†¦The main features of the New Deal were what are known as the alphabet agencies as they all their names were reduced to acronyms, which were government, funded and employed many people. Each agency had specific responsibilities to help get America back on track. The initial a gencies were: Federal Emergency Relief Administration, Civilian Conservation Corps, Public Works Administration (which later became the Works Progress Administration), Agricultural Adjustment Administration and the Tennessee Valley Authority. Another feature of the New Deal was the various acts passed, which were: The Emergency Banking Act, Securities Exchange Act and the National Industrial Recovery Act. The first thing Roosevelt did as part of his New Deal was to pass the aforementioned Emergency Banking Act which declared a bank holiday and closed all banks for at least 8 days. During those 8 days, government workers investigated the banks reopening only those that were deemed reliable, sound and safe. Soon they officially opened 5000 banks reassuring Americans that their money was indeed safe. This helped solve the depression partly as it helped return some confidence to the Americans, which meant that more people would spend or invest money. This was a huge success because as soon as the banks had re-opened, over $1 billion was deposited back into them. While this was taking place, RooseveltShow MoreRelatedMain Features of the New Deal Essay1683 Words   |  7 PagesMain Features of the New Deal In 1932 Roosevelt came to power. He aimed to invest government money in making America prosperous again after the depression years of Hoover. Roosevelts main aims were to reduce unemployment and get Americans earning money again, to protect peoples savings, homes and livelihoods, to provide relief for the ill, the elderly and the unemployed and to get American industry and agriculture running once again. In his first hundred daysRead MoreThe Main Features of The New Deal Essay848 Words   |  4 PagesThe Main Features of The New Deal When Roosevelt came to power in 1933 he immediately set about stopping the depression and to bring economic recovery. He done this by a bill called The New Deal, the main aim of this was to provide relief for victims of the depression. Because of Roosevelt was so successful with his plan and term of presidency he was elected for another three more times until 1948. The main important time during his presidency and The New Deal wasRead MoreThe Main Features of the New Deal Essay1742 Words   |  7 PagesThe Main Features of the New Deal The New Deals were a series of Acts and schemes which Roosevelt hoped would pull America out of the depression. Roosevelt decided to tackle the economic problems before he did anything else because he knew that a strong and reliable money system would build up confidence in the Americans, which would act as a foundation for the American economy. In 1933 Roosevelt proved to the Americans that the promises he made before he was presidentRead MoreWhat Is A Steady Approach To Introducing A Minimum Viable Product736 Words   |  3 Pagesworks. 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