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Franklin D. Roosevelt: The New Deal

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During 1920s, the banks got involved in stock market by lending money to the investors and did not think about the consequences just because it was the most popular commodity in the market place. In October 1929, the stock market crashed so the investors could not pay back there loans to the bank. Therefore, from 1929 to 1933, many local banks went bankrupt and lost a lot of people’s money. Due to that fact, the United States economy collapsed. As a result, many people went bankrupt, got lay off from their jobs and consumption went down. At that time, Herbert Hoover was the president and his plan was to follow a policy called “laissez-faire” meaning that there should not be any government interference in the market because it correct itself. Anyhow, his plan did not work and therefore he easily lost the presidential election of 1932 against the democratic candidate, Franklin Delano Roosevelt. Franklin D. Roosevelt took totally opposite approach of Herbert Hoover. He took some advice from Keynesian theory of economics that meant more government intervention since the economy was depressed. Therefore, he had a great plan as a response against Depression called the “New Deal”. The “first” New deal (1933-1935) plan was to create several programs to aid farmers, homeowners and reform …show more content…

Roosevelt came up with the “second” New Deal to end the great depression. The “second” New Deals goal was create security and sustainability for the Americans in the workforce. Therefore, this Deal introduced new programs such as Works Progress Administration (WPA), Wagner Act, Social Security Act, and so on. The WPA agency mainly helped create many jobs for the unemployed people, the Wagner Act was one most significant program for the workers because it gave them right to organize unions and protect unions from employers’ intervention, and the Social Security Act was a pension fund program made for the retired old aged, people with disability and

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Of the programs he created, the ones that helped Americans was the decrease in taxes on imported goods, increase taxes on business, having a public works project, and convincing local governments to create jobs. This way it made the depression ease in the eyes of Americans. Because of the poor money handling and the effort to get the economy back up again, President Hoover lost in the re-election against President Franklin Roosevelt. Roosevelt promised Americans a “New Deal” when he took office, and during his first “Hundred Days” as president, he signed a number of groundbreaking new laws (Gilder Lehrman). He signed numerous laws that would support the Americans by utilizing their money carefully and effectively, in oppose to President Hoover, who failed to do so.

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In 1929, the Nation and around the world was in chaos. The stock market collapse and the economy in the United States was rapidly dropping out of control. Bank began to close due to the fact that the Banks invested money into stocks and at the same American investors were struggling to save what little money they had left. The American people were frantically trying to retrieve their money out to the banks wondering if the banks stole their money. Many American people lost their job and homes.

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