Although many of the New Deal actions were later pushed through the fireside chats for public appeal, the original intent of the broadcast was to disseminate the panic related to the closing of the banks as the unemployment skyrocketed, and the markets crashed dramatically. This was later dubbed the Emergency Banking act.

October of 1929 would see the start of the largest economic decline in American History. Once the stock market crashed, it started a series of events that would cause the accumulated wealth of most Americans to evaporate.

During his 1932 election campaign, Franklin Delano Roosevelt promised that within his first 100 days in office he would pass numerous measures through Congress that would address the economic issues brought about by the Great Depression. Most of these were immediate fixes, focused on helping people's immediate economic plight. Chief among these was a measure of insurance for money held in American banks, which protected banks and allowed them to stay open while also guaranteeing that citizens would have money available to them.

This is a relatively simple question, although it had the potential to be difficult. At any rate, the purported purpose of the AAA was to artificially raise the rates of agricultural products. Essentially, and for a variety of reasons beyond the scope of this test, the economy happened to converge in such a fashion that there was a glut of agricultural products on the market at a time when demand was lower than usual. This caused the prices of agricultural products to plunge. In an effort to combat this problem, FDR pushed the AAA through Congress. The AAA basically attempted to dry up the supply (and thus raise the prices) by paying farmers to keep crops off of the market.

The Smoot-Hawley Tariff increased agricultural and industrial tariffs to the highest level in nearly one hundred years. It was a well-intentioned bill, by all means (although the end result was catastrophic).

Remember: a tariff is a protectionist measure that artificially increases the prices of imported goods (so that they are either on equal footing or more expensive than their home-grown counterparts). The Smoot-Hawley Tariff was, in large part, an attempt to shore up a floundering American agricultural and industrial sector.

FDR was voted into office for one reason, to help the nation recover from the Depression. His plan to pull the nation out of the economic hole it was in was to create a series of direct relief programs and reforms called the New Deal.

The Taft-Hartley Act was passed to restrict the ability of American labor unions to organize for better wages and treatment. It was supported by the majority of Republicans in Congress and managed to pass despite President Truman’s veto attempt. Many historians believe that the Taft-Hartley Act was passed in response to the unprecedented level of strikes that the post-war United States witnessed in 1946. During, the war the vast majority of unions had agreed to refrain from strikes over wages and benefits to assist the war effort; however, with the war ended and wages falling across the country, strikes consistently broke out in almost all major American industries.

The Underwood Tariff Act, also known as the Revenue Act of 1913, was signed into practice by President Wilson. It lowered the existing tariff rate from forty-percent to twenty-five percent, in an effort to encourage foreign trade. It also established a graduated income tax following the passage of the Sixteenth Amendment (which had established the constitutional right of the Federal government to levy income taxes).

This is a tricky question. To begin with, the Federal Reserve (the “Fed”) is an immensely complicated topic, and one that is (mostly) far beyond the scope of your course. More importantly, however, the FRA of 1913 did not create the first Bank of the US. Hopefully you’ll remember that the First Bank of the US was Hamilton’s brainchild, and came into being during the 1790s. The FRA created the Federal Reserve, which—and this is a gross oversimplification—created our central banking system.

JFK launched an ambitious attempt to re-energize the economy and provide for greater social equality. Much of this New Frontier legislation met with opposition in Congress, as Republicans and Southern Democrats blocked a great deal of laws from passing; however, the Trade Expansion Act did pass Congress. It gave the executive branch the ability to lower existing tariffs by as much as fifty percent. The intention was to stimulate the economy.