President Roosevelt New Deal Era Free Essay

Tags: stock market banking industry great depression inaugural address fdr banking economy american history new deal

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FDR’s Approach

President Roosevelt took a proactive approach to the Great Depression, immediately proposing the New Deal programs as practical steps towards rebuilding the nation’s economy. When he was elected, Roosevelt also demonstrated understanding of the need for emotional messages to help the American people remain calm and confident. For example, one of FDR’s most famous quotes was delivered in his inaugural address: “the only thing we have to fear is fear itself.” Roosevelt capitalized on the power of the radio to deliver his message of hope and inspiration to the American public. Starting in 1933, Roosevelt delivered the “Fireside Chats,” which informed the public but also provided the psychological solace that so many needed.

Who Benefitted from the New Deal

Ultimately all Americans benefitted from the New Deal, which comprised a number of different but related programs designed to stimulate the economy and mitigate harm. The New Deal programs entailed the creation of federally funded social programs, welfare initiatives that were primarily aimed at the poorest and most downtrodden of Americans. Many of the labor-oriented stimulus packages, like the Works Progress Administration (WPA), in fact had a tremendous impact on underserved members of society including people of color and women who were entering the workforce.

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The Second New Deal

The First New Deal focused more on the basics, such as the establishment of the Securities and Exchange Commission (SEC), which is still in existence and proved essential for regulating the banking industry and the stock market. However, the First New Deal did not address unemployment. The Second New Deal did, and led to the WPA and the Social Security Act, which provided not just jobs but also long-term financial security for Americans.

New Deal vs. Progressive Legislation

The New Deal echoed some of the Progressive sentiments, particularly in that both reflected the needs of the common person, and also in that both aimed to reduce corruption in the banking and corporate sectors. For example, the Sherman Antitrust Act of 1890 was a forebear to Roosevelt’s 1934 Securities and Exchange Commission (SEC)......

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