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

“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?
Wednesday, March
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Essay #2 due at the START of labs on March 15th or 16th
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th
14
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
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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
Fighting the Machine
Part II
The Great Depression
The Great Depression
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Possible causes of recession: Shocks to
the Market System
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Overspending
Drought
Wealth gap
Burst of stock bubble
Runs on banks > bank failures
Consequences of the Great
Depression
Severe Economic Hardship
Economic Impact of the Great
Depression
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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
Comparing Post-WWII Recessions
Comparing Post-WWII Recessions
Dorothea Lange photographs of
the Great Depression
Drought and Dust Storms
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75% of country impacted by drought by
1934
27 states severely affected
Dust storms widespread > “Dust bowl”
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“Black Blizzard” of April, 1935
Consequences of the Great
Depression
Political Upheaval
The Election of 1932: Roosevelt defeats Hoover
Political Impact of the Great
Depression
1928
Popular Vote
Electoral Vote
Senate
House
Democrat
15 million
87
39
167
1937
Popular Vote
Electoral Vote
Senate
House
Democrat
23 million
472
60
310
Republican
21 million
444
56
267
Republican
16 million
59
35
117
FDR’s “New Deal”
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Tools:
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Leadership: Roosevelt as father figure
Experts: the “Brain Trust”
Bold experimentation: Willingness to try
anything
New Deal Approaches
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The Visible Hand: Cartels
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National Recovery Act (NRA)
Agricultural Adjustment Administration
(AAA)
Keynesian Economics
Keynesian Economics
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“Priming the Pump”
Deficit spending during crisis
Building up budget surplus during times
of economic growth
New Deal Work Programs
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Civilian Conservation Corps (CCC)
Federal Emergency Relief
Administration (FERA)
Public Works Administration (PWA)
Works Progress Administration (WPA)
New Deal Economic
Regulations
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Securities Exchange Commission (SEC)
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National Labor Relations Board (NLRB)
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Guarantee bank deposits
Fair Labor Standards Act
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Mediate between workers and business
Federal Deposit Insurance Corporation
(FDIC)
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Regulate stock market
Set minimum wage
Social Security
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Unemployment, disability, retirement insurance
The Success of the New Deal
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Short-term relief (especially after start of
WWII)
Long-term protections/programs
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Social Security
SEC (Securities and Exchange
Commission)
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9/11: SEC shut down stock market for a week
The Long-term Impact of the
New Deal
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Increase in government regulation
Reliance on deficit spending
Growth of dependency, sense of
entitlement, “rights talk”
Federal Budget as a Percentage of Gross
Domestic Product (GDP)
Progressive Era
1880
3%
1910
6%
New Deal
1929
1939
11%
22%
Civil Rights Era to Present
1960
28%
1980
37%
2009
45%
iClicker quiz: Should the government have
intervened in our current financial crisis,
the “Great Recession”?
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A) Yes
B) No