II. Election of 1932
    A. Roosevelt -- Democratic candidate (chosen over Al Smith)
        1. "I pledge you, I pledge myself to a new deal for the American people."
        2. Somewhat vague and contradictory during campaign
            a. Promised balanced budget & 25% cuts in gov’t spending
                -- Criticized present deficits.
            b. Promised gov’t aid for the unemployed
            c. Advocated repeal of Prohibition
    B. Hoover -- Republican candidate
        1. Platform: Higher tariffs and maintenance of the gold standard.
            -- Predicted repeal of Hawley-Smoot tariff would be economically devastating.
        2. Reaffirmed faith in American free enterprise and individual initiative
        3. Defensive in tone contrasted with Roosevelt's optimism.
    C. Roosevelt defeats Hoover
        1. 472 to 59 in the electoral count; Hoover carried only 6 states.
        2. 22,809,638 to 15,758,901 in popular vote
        3. Blacks, traditionally loyal to Republican party of Lincoln, shifted to Democrats
            -- Became vital element in the Democratic party.
    D. "Lame duck" period
        1. Hoover tried unsuccessfully to bind Roosevelt to an anti-inflationary policy that would
            have jeopardized future New Deal programs.
        2. Hoover managed to arrange two meetings with FDR but Roosevelt refused to
            carry out Hoover's plans or suggestions.
        3. Meanwhile, the American economy came to a virtual halt.
        4. Twenty-first Amendment passed by Congress in February, 1933
            a. Repeal of prohibition
            b. March -- new Congress legalized light beer
            c. Amendment ratified by the states and took effect in December, 1933
    E. Twentieth Amendment (adopted in 1933)
        1. Presidential, vice presidential, and congressional terms begin in January
        2. FDR first president to begin new presidential term on January 20th, 1936
            -- Congress assumed its offices on January 3rd.

III. Effects of the Great Depression by 1932
    A. 25%-33% unemployment
    B. About 25% of banks failed
    C. 25% of farmers lost their farms
    D. Large numbers of businesses failed
    E. Loss of self-worth among millions of Americans

IV. The New Deal
"Let me assert my firm belief that the only thing we have to fear is fear itself." -- Inaugural address
    A. FDR’s administration
        1. "Brain Trust": FDR selected experts for his "inner circle" rather than the typical
            politicians or businessmen.
        2. Notable cabinet members and members of Roosevelt’s "inncer circle"
            a. Cordell Hull -- Secretary of State
            b. Frances Perkins became the first woman cabinet member; sec. of labor
            c. Harold L. Ickes -- sec. of interior; headed PWA
            d. Harry Hopkins -- head of FERA and later, WPA
            e. Eleanor Roosevelt
    B. First "Hundred Days" (March 9-June16, 1933)
        1. FDR did not have a developed plan when he took office.
            a. Intended to experiment and find out what worked.
            b. As a result, many programs overlapped or contradicted others.
            c. Sought practical solutions to practical problems.
            d. Used the fireside chats as a means to communicate with the American
                people.
        2. Plan: Relief, Recovery, and Reform
            a. Short-range goals were relief and immediate recovery, esp. within 1st 2 years
            b. Long-range goals were permanent recovery and reform of current abuses,
                espeically those that had produced the Great Depression
            c. Embraced such progressive ideas as unemployment insurance, old-age insurance,
                minimum-wage regulations, conservation and development of natural resources,
                and restrictions on child labor.
            d. Designed to deal with immediate emergencies, some measures of which were
                derived from progressive ideas.
        3. Unprecedented passage of legislation in U.S. history
            a. Congress eager to cooperate with FDR due to his strong mandate
            b. Gave the president extraordinary blank-check powers
            c. Some legislation delegated legislative authority to the chief executive.
            d. 1st 100 Days legislation has left a lasting mark on the nation
        4. 1933-1935 programs now called First New Deal
            a. EBRA, Glass-Steagall Act, Truth-in-Securities Act, SEC, HOLC, FHA, FERA, CCC,
                PWA, AAA, NIRA (NRA), TVA
            b. 1935-1938 programs referred to as Second New Deal (see below)
    C. The Banking Crisis
        1. Crisis
            a. 5,190 banks failed in 1933 bringing total number to 10,951
            b. Banks in 38 states were closed by state governments.
            c. Remainder open for limited operations only.
        2. FDR declared national "banking holiday" between March 6-10
            a. Only banks who were solvent could reopen (the majority did)
            b. Aimed to restore faith in the nation's banking industry
            c. Government endorsement of banks would encourage people's trust
        3. Took nation off the gold standard (March 6, 1933)
            a. Ordered all private holdings of gold to be surrendered to the Treasury in
                exchange of paper currency.
            b. Congress responded by canceling the gold-payment clause in all contracts
                and authorizing repayment in paper money -- "managed currency"
            c. In 1934, reduced value of the gold content of the dollar to 50.06 cents
                i. Value of dollar set at $35 per ounce of gold, 59% of its former value.
                ii. FDR wanted to stimulate business through controlled inflation
                iii. New purchasing power not significantly changed except with
                    the unfavorable purchase of foreign goods.
            d. Forbade the export of gold or redemption of currency in gold
        4. Emergency Banking Relief Act of 1933 (March 9, 1933)
            a. Gave president (Treasury) power to open sound banks after ten days and to merge
              or liquidate unsound ones.
            b. Provided additional funds for banks from the RFC and the Federal Reserve
            c. Forbade the hoarding of gold.
        5. March 12, first of his 30 "Fireside Chats", listened to by 35 million Americans, gave
            assurances that it was now safer to keep money in the reopened banks than
            "under the mattress."
            -- Confidence in the nation's banking was restored as deposits outpaced withdrawals.
        6. Home Owner's Loan Corporation (HOLC) -- June 13, 1933
            a. Designed to refinance mortgages on about 1 million nonfarm homes.
            b. Banks were bailed out as a result as many foreclosures were prevented.
            c. Eventually lent over 3 billion dollars to over one million home owners.
            d. Middle-class loyalties shifted to the Democratic party.
        7. Glass-Steagall Banking Reform Act (Banking Act of 1933) -- June 16, 1933
            a. Provided for the Federal Deposit Insurance Corporation (FDIC)
                -- Individual deposits of up to $5,000 were federally insured
            b. Separated commercial banking from the more speculative activity of
                investment banking.
    D. Regulation of Banks and Big Business
        1. "Truth in Securities Act" (Federal Securities Act) -- May, 1933
             -- Required promoters to transmit to the investor sworn information regarding
                the soundness of their stocks and bonds.
        2. Securities and Exchange Commission (SEC) -- June 6, 1934
            -- Designed to protect the public against fraud, deception, and inside
                manipulation. The stock market would operate more efficiently.
        3. Public Utility Holding Company Act of 1935 (August 26) -- 2nd New Deal
            a. Reduced the possibilities of a business buying up other businesses
                with a minimum amount of capital.
            b. Empowered Securities and Exchange Commission to restrict public holding
                companies to one natural region and to eliminate duplicate holding companies.
        4. Banking Act of 1935 created a strong central Board of Governors of the Federal
            Reserve System with broad powers over the operations of the regional banks.
    E. Relief and Unemployment programs of the Hundred Days
        1. Civilian Conservation Corps (CCC) -- March 31, 1933
            a. Most popular of New Deal programs
            b. Provided for the employment of 2.75 million young men (18-24) in fresh-air
                government camps to keep them out of trouble during the 1930s..
                i. Reforestation, firefighting, flood control, swamp drainage, and
                    further developing national parks.
                ii. Under direction of the War Department
            c. Workers ate together in mess halls, lived in barracks, and followed a
                strict schedule
                -- Some immigrants fearful that their sons being trained for the army.
            d. Mot of monthly payment made to the family of each member..
            e. Some criticized it as being too militaristic in nature
        2. Federal Emergency Relief Administration (FERA)
            a. Created by Federal Emergency Relief Act (May 12, 1933)
            b. Headed by Harry Hopkins
            c. Ultimately granted $3 billion to states for direct dole payments or preferably
                for wages on work projects.
            d. Later, Hopkins felt that giving people $ broke down their self-respect and
                and will to work; sought relief programs to put people back to work.
            e. Civil Works Administration (CWA) (branch of the FERA) -- Nov. 1933
                i. 4 million unemployed received jobs in mostly make-work tasks --
                    "boon-doggling" -- such as raking leaves, sweeping streets and digging ditches.
                ii. Widely criticized and terminated in April 1934.
        3. Public Works Administration (PWA) -- Created by NIRA in 1933
            a. Headed by Harold L. Ickes
            b. Allocated over $4 billion to state and local governments to provide jobs on 34,000
                public projects such as building schools and dams, refurbishing gov't buildings, planning
                sewage systems, improving highways, and generally modernizing the nation.
            c. Problem: Ickes did not spend the money quickly enough; millions remained out of work.
        4. Works Progress Administration (WPA) -- May, 1935 (2nd New Deal)
            a. Created on the heels of unrest and criticism from such figures as
                Father Charles Coughlin, Huey Long, and Dr. Francis Townsend.
            b. Employed nearly 9 million people on public projects such as buildings,
              bridges, and hard-surfaced roads, airports, schools, hospitals.
            c. Total cost: $11.4 BILLION; eventually employed 40% of nation’s workers.
            d. Workers employed for 3-hours per week at pay double the relief payment but
                less than private employment.
            e. Federal Arts Project -- Agencies of the WPA also found part-time occupations
              for high-school and college students and for actors, musicians, and writers.
        5. National Youth Administration (NYA) -- June, 1935
            a. Created as part of the WPA
            b. Provided part-time jobs for high school and college students to enable them
                to stay in school, and to help young adults not in school to find jobs.
    F. Agricultural Programs of the Hundred Days
        1. Agricultural Adjustment Administration (AAA) -- May 12, 1933
            a. Headed by George Peek
            b. Attempted to eliminate price-depressing surpluses by paying growers to
              reduce their crop acreage -- subsidies.
                i. Goal: Prices equal to those of 1909-1914 period.
                ii. Subsidy money came from a tax on the processing of the commodities.
                    -- Processing tax later ruled unconstitutional.
            c. Much of the cotton crop for 1933 was plowed under.
            d. Several million pigs were purchased and slaughtered. Much meat was either
                distributed to people on relief or used for fertilizer.
            e. Criticized for destruction of food at a time when thousands were hungry.
                -- Much of criticism unwarranted
            f. Farm income was increased but tenants and sharecroppers were hurt when owners
                took land out of cultivation, thus removing the tenants but retaining the subsidies.
            g. Eventually killed in the Supreme Court case Butler vs. U.S.
                -- FDR resolved to continue program by creating 50 small AAAs in states.
            h. Commodity Credit Corporation est. in Oct. 1933 to make loans to corn and
                cotton farmers against their crops so that they could hold onto them for
                higher prices (similar to Populist idea of a subtreasury plan)
        2. Federal Farm Loan Act
            a. Allocated millions of dollars to help farmers meet their mortgages.
            b. Consolidated all farm credit programs into the Farm Credit Admin.
        3. Addressing the Dust Bowl refugees
            a. Late 1933, drought struck states in the trans-Mississippi Great Plains
                -- Millions of tons of powdery top soil were blown as far as Boston
            b. In five years, 350,000 Oklahomans and Arkansans -- "Okies" and
                "Arkies" migrated to southern California.
            c. Frasier-Lemke Farm Bankruptcy Act of 1934
                i. Allowed farmers to defer foreclosure on their land while they obtained new financing.
                ii. Helped them to recover property already lost through easy financing.
           d. Resettlement Administration (RA) May 1935
                i. Relocated destitute families to new rural homestead communities or suburban towns.
                ii. Set up by FDR to move devastated farmers to better land
            e. CCC employed many who planted more than 200 million new trees
            f. Grapes of Wrath by John Steinbeck educated many on the crisis.
        4. Rural Electrification Administration (REA) -- May 1935
            -- Provided loans and WPA labor to electric cooperatives to build lines into rural
                areas not served by private companies.
    G. Industry and Labor
        1. National Industrial Recovery Administration (NIRA) -- June 16, 1933)
            a. Most complex and far reaching of New Deal programs was designed to
                prevent extreme competition, labor-management disputes, & over- production
                -- FDR and advisors believed nation’s economy had reached its growth limit
                    and that laissez faire was damaging to the mature American economy.
                    (This would prove incorrect as the US economy burgeoned in later decades.)
            b. Board composed of labor leaders and industrial leaders in over two hundred
                individual industries were to work out codes of "fair competition".
                i. Maximum work hours: spread employment out among more people.
                ii. Minimum wages were established.
                iii. Minimum prices set (to avoid cutthroat competition)
                iv. Production limits and quotas instituted (to keep prices higher)
            c. Antitrust laws temporarily suspended for two years.
                -- Some leftist critics believe that FDR sought to merely preserve the
                    capitalist system where the real winners were the industrialists.
            d. Section 7a
                i. Workers formally guaranteed the right to organize and bargain collectively
                    through representatives of their own choosing.
                ii. "yellow dog", or antiunion contract was forbidden.
            e. Certain safeguarding restrictions were placed on the use of child labor.
        2. National Recovery Administration (NRA)
            a. Created under leadership of Hugh Johnson to enforce the law and
                generate public enthusiasm for the NIRA.
            b. The "blue eagle" was displayed by merchants adhering to NRA codes with
              the slogan "we do our part."
            c. Results:
                i. In the short run, business did improve
                    -- Yet, unsuccessful in stabilizing small businesses
                ii. NRA eventually shot down by the Supreme Court in Schechter "sick chicken"
                    decision.
                    -- Congress had delegated legislative authority to the code-makers.
                iii. Criticized by some as favoring large firms as they were the ones
                    making the codes.
        3. Wagner Act (National Labor Relations Act of 1935) -- 2nd New Deal
            a. A major milestone in the American labor movement
            b. Reasserted the right of labor to engage in self-organization and to bargain
                collectively through representatives of its own choice
            c. Encouraged the creation of the CIO (Congress of Industrial
              Organizations) started by John L. Lewis for unskilled labor.
                i. In 1936, CIO organized a sit-down strike in a GM factory in Flint, Michigan.
                   It became recognized as the sole negotiator for its workers.
                ii. Became independent of the AFL in 1938
                    -- Skilled-craft AFL refused upstart unions affiliated with CIO.
        4. Fair Labor Standards Act (Wages and Hours Bill) -- 1938 (2nd New Deal)
            a. Last of the New Deal legislation
            b. Established minimum-wage and a 40-hour week for industries involved
                in interstate commerce.
            c. Labor for children under 16 forbidden; dangerous labor forbidden under
                the age of 18.
        5. Labor became a staunch ally of Roosevelt and the Democratic party.
    H. Tennessee Valley Authority (TVA) -- May, 1933
        1. TVA was a public corporation under a 3-member board.
            -- Proposed by FDR as the first major experiment in regional public planning.
        2. Intended to reform the power monopoly of utility companies by building
            hydroelectric power plants in the Tennessee valley while employing thousands.
            a. 20 dams build in an area of 40,000 sq. miles to stop flooding and soil
                erosion, improve navigation, and generate hydroelectric power.
            b. Govt’s Muscle Shoals property on the Tennessee River the nucleus of
                the project.
        3. Sought to establish fair rates by discovering how much the production and
            distribution of electricity cost.
        4. Huge success: provided full employment in the region, cheap electric power,
            low-cost housing, abundant cheap nitrates, restoration of eroded soil, reforestation,
            improved navigation, and flood control.
        5. Criticized by many as socialistic due to government control of public utilities and
            a planned regional economy.
            a. Fought unsuccessfully in the courts by private power companies.
            b. Congress refused other similar projects.
    I. Housing Reform
        1. Federal Housing Administration (FHA) -- 1934
            a. Stimulated the building industry by supplying small loans to householders
                for improving their dwellings or completing new ones.
            b. One of the few "alphabetical agencies" to outlast the age of Roosevelt
        2. United States Housing Authority (USHA) -- 1937
            a. Lent money to states or communities for low-cost construction
            b. For first time in a century, slum areas in US stopped growing; even shrank.
            c. Criticized by real estate promoters, builders, and landlords ("slumlords")
                as well as anti-New Dealers who considered it a waste of money.
            d. The project fell far short of its ambitious goal of 650,000 units.
    J. Social Security Act of 1935 (August, 1935) -- 2nd New Deal
        1. One of the most complicated and far-reaching laws ever to pass Congress.
            a. Inspired by examples of highly industrialized European nations and
                pressure from the left (Coughlin, Townshend and Long).
            b. By 1939, over 45 million Americans were eligible
            c. First benefits, ranging from $10 to $85 per month, were paid in 1942.
        2. Provided for federal-state unemployment insurance
        3. Provided for old-age pensions for retired workers
        4. Financed by a payroll tax on both employers and employees
        5. Funded assistance for dependent mothers with children.
        6. Provision also made for the blind, physically handicapped, delinquent
            children, and other dependents.
        7. Criticized by conservatives being built on a cult of leisure rather than work.
    K. Revenue Act of 1935
        1. Raised income taxes on higher incomes, and also inheritance, large gift, and
            capital gains taxes.
        2. Reversed many of Andrew Mellon’s tax cuts in the 1920s.
    L. Indian Reorganization Act of 1934
        1. Bureau of Indian Affairs commissioner, John Collier, persuaded Congress to repeal
            the Dawes Severalty Act of 1887.
        2. New law restored tribal ownership of lands, recognized tribal constitutions and
            government, and provided loans to tribes for economic development.
            -- Ended laws forbidding use of Indian ceremonies, dress, and languages.
        3. Collier also secured creation of Indian Emergency Conservation Program, an
            Indian CCC for projects on the reservations.
            -- Helped Indians secure entry into WPA, NYA, and other programs.
    M. Effects of the First New Deal
        -- Economy improved bud did not get well between 1933 and 1935
        a. GNP rose from $74.2 billion to $91.4 billion.
        b. Manufacturing salaries and wages increased about 50% with average weekly earnings
            going from $16.73 to $20.13.
        c. Farm income more than doubled.
        d. Money supply, as currency and demand deposits grew nearly 15%.
        e. Unemployment dropped from about 25% of nonfarm workers to about
           20.1% (10.6 million).
            -- Still far short of 3.2% pre-depression 1929 unemployment rate.

V. Critics of the New Deal
    A. The American Liberty League
        1. Group of wealthy Republicans and conservative Democrats (e.g. Al Smith and
            John W. Davis) formed in 1934 to fight "socialistic" New Deal schemes.
        2. Sought to defend business interests and promote the open shop.
        3. Unsuccessful in overthrowing FDR in 1936 elections.
    B. Father Charles Coughlin
        1. Initially a New Deal supporter who eventually bitterly criticized it.
            -- Believed the NIRA and AAA benefited only industry and well-off farmers.
        2. Had largest radio audience in U.S. history -- 40 million listeners
        3. Called Roosevelt a liar for not nationalizing the nation's banks
        4. Eventually resorted to anti-Semitism, strong fascist rhetoric, and demagoguery that
            caused his show to be canceled.
    C. Senator Huey P. ("Kingfish") Long
        1. "Share Our Wealth" program promised to make "Every Man a King" by supplying
            each family with $5,000 at the expense of the prosperous.
            -- High inheritance taxes on large estates would be levied against the wealthy.
        2. Popular Governor in Louisiana due to his raising taxes to gain funds for schools and
            hospitals to serve the poor; roads were improved & bridges built in neglected areas.
        3. Controlled Louisiana politics from his senate seat by abolishing local Louisiana
            governments and putting himself in control of all appointments to gov't offices.
        4. Assassinated in 1935; may have posed a challenge to Roosevelt in 1936
        5. Reverend Gerald L. K. Smith appointed himself Long’s successor as head of the
            Share Our Wealth Society, but he lacked Long’s ability.
    D. Dr. Francis Townsend
        1. Organized over 5 million supporters for his Old Age Revolving Pension Plan.
        2. Advocated giving each senior citizen $200 per month (about 2X the average
            worker’s salary) provided that the money be spent within a month.
        3. Scheme would be funded by a national gross sales tax.
        4. Some estimates had the scheme costing about 1/2 the national income.

VI. Second New Deal
    A. Roosevelt responded to Democratic voters apparently under the spell of Townsend, Long
        and Coughlin; the imminent destruction of the NRA, and the approaching election of 1936.
    B. Roosevelt pushed a series of new programs in the spring of 1935 and much of it was
        passed during summer (sometimes called the "Second Hundred Days.")
    C. Programs included: WPA, NYA, REA, Wagner Act (NLRB), Social Security Act,
        Banking Act of 1935, Public Utility Holding Company, Revenue Act

VII. 1936 elections
    A. New coalition in Democratic party: blacks, unions, intellectuals, big city machines, South.
        -- Platform: expanded farm program, labor legislation, more rural electrification and
            public housing, and enforcement of antitrust laws.
    B. Republicans could offer no viable alternatives
        1. Alfred Landon of Kansas, a former progressive supporter of TR, nominated.
        2. Criticized New Deal for operating under unconstitutional laws and called for
            balanced budget, higher tariffs, and lower corporate taxes.
        3. Did not call for repeal of all New Deal legislation but promised better and less
            expensive relief, farm and labor programs.
    C. Union Party
        1. Organized by Townsend, Coughlin, and Gerald L.K. Smith.
        2. Vicious attacks by Smith and Coughlin on FDR brought a backlash against them
            while American Catholic leaders denounced Coughlin.
    D. Result: Roosevelt d. Republican candidate Alfred M. Landon 523 to 2 (VT and ME)

VIII. Roosevelt and the Supreme Court
    A. Court Challenges to the New Deal
        1. Schechter vs. US (1935) ("sick chicken" case)
            a. Court ruled the NRA as unconstitutional
            b. Congress could not "delegate legislative authority" to the executive branch or to
                code-makers in industry.
            c. Congressional control of interstate commerce could not apply to local
                Brooklyn fowl business of the Schechter brothers.
            d. Decision may have helped Roosevelt since NRA was already floundering
                and FDR could blame the Supreme Court’s "horse & buggy" decisions.
        2. Butler vs. US (1935)
            a. Court ruled regulatory taxation provisions of the AAA as unconstitutional
            b. Federal gov't could not tax businesses that bought agricultural products for the benefit
                of the farmers who received federal subsidies.
       3. As a result of both cases, Roosevelt in 1935 revamped his recovery and reform
            measures to launch the Second New Deal.
            -- FDR's New Deal was defeated in seven of nine supreme court decisions.
    B. Judiciary Reorganization Bill -- 1937
        1. Attempt by FDR to remove old conservative justices by imposing a retirement
           requirement for justices 70 years or older; six over 70 at the time.
            -- If justice refused to step down, president. could appoint an additional justice.
        2. Critics accused FDR of being a "dictator" and trying to pack the court --
           "court packing"
            -- FDR condemned for tampering with delicate checks and balances
        3. Bill was not passed
        4. Interestingly, the court began siding with FDR on later court decisions.
            a. Minimum wages for women, Wagner Act, Social Security Act.
            b. Chief Justice Charles Evans Hughes and Justice Owen Roberts began
                to vote with more liberal members of the Court.
        5. Ironically, FDR made 9 appointments to the Court due to resignations or deaths.

IX. The End of the New Deal
    A. Recession of 1937-38
        1. FDR authorized reduction in the "pump priming" practices in early 1937
            -- He had always had a goal to balance the federal budget and get away from
                deficit spending.
        2. By 1938, the country had slipped into a deep recession, wiping out most of the
            gains since 1933.
        3. Programs --such as the WPA -- giving direct aid through work programs were once
            again resumed and the economy began to improve in 1938.
        4. FDR employed economic theory of John Maynard Keynes
            a. Government should spend money from deficit spending in order to
                "prime the pump" of the economy.
            b. Government would make up the money when the economy improved
                through increased tax revenue.
            c. These programs intended to provide temporary relief for people in need, and to
                be disbanded when the economy improved.
    B. Congressional elections in 1938 cut heavily into the Democratic control. 80 seats lost.
        -- "Conservative coalition" in Congress could now successfully block FDR’s legislation.
    C. Clouds of war diverted public attention away from the domestic economy

X. Criticisms of the New Deal
    A. The New Deal failed to cure the Great Depression
    B. Bureaucracy mushroomed: with hundreds of thousands of employees, it became the largest
        business in the country.
    C. States faded further into the background; more central control from the federal government
    D. The national debt doubled from 1932 to 1939 (19.5 billion to 40.4 billion)
    E. America was becoming a "handout" state, undermining old virtues of thrift and initiative.
    F. Business accused the New Deal of fomenting class strife while laborers and farmers
        were pampered
    G. Critics claimed that the New Deal was a "planned economy" and "creeping socialism" that
        was far too interventionist in the private sector.
    H. FDR criticized for attempting to change the Supreme Court
    I. Criticism for FDR trying to "purge" members of Congress in 1938 elections and create
        a "dummy Congress."
    J. More farm surpluses under Roosevelt than under Hoover.
    K. Millions still unemployed
    L. The New Deal didn't cure the depression, the Second World War did.

XI. Support of the New Deal
    A. The New Deal relieved the worst of the crisis in 1933
        -- Relief had been the primary objective
    B. Promoted the principle that the federal government was morally bound to prevent mass
        hunger and starvation by "managing" the economy
    C. America's economic system was kept from collapse
    D. A fairer distribution of national income was achieved
    E. Citizens were enabled to retain their self-respect.
    F. FDR deflected popular resentments against business and may have saved the American
        system of free enterprise.
    G. Roosevelt purged capitalism of some of its worst abuses
    H. FDR provided reform without a bloody revolution, as was the case in Europe.
    I. Middle-of-the-road approach -- not radical left wing or conservative right wing -- made him
       the greatest American conservative since Hamilton.

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