Brother, Can you Spare a Dime? Bing Crosby, 1932

Transcription

1 Brother, Can you Spare a Dime? Bing Crosby, 1932 They used to tell me I was building a dream And so I followed the mob. When there was earth to plow or guns to bear, I was always there, right on the job They used to tell me I was building a dream, With peace and glory ahead. Why should I be standing in line? Just waiting for bread? Once I built a railroad. I made it run, Made it race against time. Once I built a railroad. Now it s done Brother, can you spare a dime? Once I built a tower up to the sun, Brick and rivet and lime. Once I built a tower. Now it s done. Brother can you spare a dime? Once in khaki suits, Gee, we looked swell, Full of that Yankee doodley-dum. Half a million boots went slogging through hell, And I was the kid with the drum! Say don t you remember? They called me Al. It was Al all the time. Why don t you remember? I m your pal. Say, buddy, can you spare a dime?

2 Wednesday, March 14 th Essay #2 due at the START of labs on March 15th or 16th Remember to submit paper via blackboards Turn-It-In function before labs and hard copy at the start of labs. Failure to do both will result in a late penalty or not accepted at all. Don t forget to come into the American Heritage Review Room (173 A SWKT) for help on papers and concepts Open Lab Review on Saturday, March 17th from 10:00 am to 2:00 pm in 173A, 337, and 350 SWKT Midterm #2: March 20th 23rd Tuesday, March 20th, Wednesday, March 21st (NO FEE) Thursday, March 22nd -- $5 late fee Friday, March 23rd -- $7 late fee must have the test in hand by 11:00 am

3 Fighting the Machine Part II

4 The Great Depression

5 The Great Depression Possible causes of recession: Shocks to the Market System Overspending Drought Wealth gap Burst of stock bubble Runs on banks > bank failures

6 Consequences of the Great Depression Severe Economic Hardship

7 Economic Impact of the Great Depression 5000 bank failures 25% Unemployment (50% for African Americans: Last hired, first fired ) Stocks lost 75% of their value Over 1 million people lost their homes

8 Comparing Post-WWII Recessions

9 Comparing Post-WWII Recessions

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12 Dorothea Lange photographs of the Great Depression

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17 Drought and Dust Storms 75% of country impacted by drought by states severely affected Dust storms widespread > Dust bowl Black Blizzard of April, 1935

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19 Consequences of the Great Depression Political Upheaval

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21 The Election of 1932: Roosevelt defeats Hoover

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23 Political Impact of the Great Depression 1928 Democrat Republican Popular Vote 15 million 21 million Electoral Vote Senate House Democrat Republican Popular Vote 23 million 16 million Electoral Vote Senate House

24 FDR s New Deal Tools: Leadership: Roosevelt as father figure Experts: the Brain Trust Bold experimentation: Willingness to try anything

25 New Deal Approaches The Visible Hand: Cartels National Recovery Act (NRA) Agricultural Adjustment Administration (AAA) Keynesian Economics

26 Keynesian Economics Priming the Pump Deficit spending during crisis Building up budget surplus during times of economic growth

27 New Deal Work Programs Civilian Conservation Corps (CCC) Federal Emergency Relief Administration (FERA) Public Works Administration (PWA) Works Progress Administration (WPA)

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31 New Deal Economic Regulations Securities Exchange Commission (SEC) Regulate stock market National Labor Relations Board (NLRB) Mediate between workers and business Federal Deposit Insurance Corporation (FDIC) Guarantee bank deposits Fair Labor Standards Act Set minimum wage Social Security Unemployment, disability, retirement insurance

32 The Success of the New Deal Short-term relief (especially after start of WWII) Long-term protections/programs Social Security SEC (Securities and Exchange Commission) 9/11: SEC shut down stock market for a week

33 The Long-term Impact of the New Deal Increase in government regulation Reliance on deficit spending Growth of dependency, sense of entitlement, rights talk

34 Federal Budget as a Percentage of Gross Domestic Product (GDP) Progressive Era % % New Deal % % Civil Rights Era to Present % % %

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36 iclicker quiz: Should the government have intervened in our current financial crisis, the Great Recession? A) Yes B) No