New Deal & The Great Depression (Online Discussion)

A basic truth

is that when he told the people a new deal, Roosevelt was a man of his word, they moved straight forward to begin its execution. History books document the fact that they began to create the cornerstone of the new order through bravery and integrity within an hour of its inauguration (Cole 800). The federal government went ahead and took responsibility for economic planning and social welfare to restore stability. All these efforts were aimed at the common man who had been ignored for some time now, he thought. These moves were all about the fact that, with all the right networks, he was raised in a very rich household.

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He faced four significant challenges in his first one hundred days: rescuing citizens from human misery, bringing back the modern economy edge, saving the farm sector and addressed the major issues in the capitalist system resulting in depression (Cole 805).

Banking Regulation

It is in this reign that banks went for a four-day holiday that was meant to ensure people restored their faith in the banks (Cole 815). It is recorded that Capitalism was saved in eight days after the Emergency Banking Relief Act was passed and implemented to the point that citizens started banking again. The Federal Deposit Insurance Corporation was later created after the signing of the Glass-Steagall Banking Act in the year nineteen thirty-three to prevent such future panics.

Jobs Created

This was the first move made by the president to address unemployment. Federal Relief Administration sent grants to help the homeless and the unemployed in the different states (Cole 789). The civil works administration was created by Congress in November the year nineteen thirty-three which was a large-scale work relief for many of the unemployed. The Civilian Conservation Corps was one other successful program that helps tackle the unemployment and homelessness issues.

The Industrial Sector Revived

The National Industrial Recovery Act of the year nineteen thirty-three played a significant role in reviving the industry sector. Many government-funded public works projects were done in a bid to create jobs and build the industry (Cole 809). The Tennessee Valley Authority was one other successful project that brought jobs, electricity and flood control to the different parts of the impoverished mountainous region.

Work Cited

Cole, Harold L., and Lee E. Ohanian. "New Deal policies and the persistence of the Great Depression: A General equilibrium analysis." Journal of Political Economy 112.4 (2004): 779-816.

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