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22:3 Hoover and the Depression Practice Questions pg. 691

22:3 Hoover and the Depression Practice Questions pg. 691. Hoover’s Philosophy on the Role of Government in the Economy. Facilitate voluntary cooperation between labor and management Opposed direct relief Believed in rugged individualism. “Rugged Individualism”. Phrase coined by Hoover

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22:3 Hoover and the Depression Practice Questions pg. 691

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  1. 22:3 Hoover and the DepressionPractice Questions pg. 691

  2. Hoover’s Philosophy on the Role of Government in the Economy • Facilitate voluntary cooperation between labor and management • Opposed direct relief • Believed in rugged individualism

  3. “Rugged Individualism” • Phrase coined by Hoover • Individual responsibility • Direct relief weakens “moral fiber”

  4. 1930s election • Economy got worse • Democrats take control of House • Republicans maintain one vote lead in the Senate • What does this reflect?

  5. Hoover takes Action • Federal Farm Board • Federal Loan Bank Act • Reconstruction Finance Corporation • Public Works Project-Boulder Dam

  6. Federal Farm Board • Formed cooperatives • Stored surplus grains and cotton • Effort to raise crop prices

  7. Federal Home Loan Bank Act 1932 • Created a Federal Bank that would lend to Private Savings and Loan Banks who would then lend to individuals to refinance their homes/farms

  8. Reconstruction Finance Corporation • $2 billion to banks, life insurance companies, and big businesses • Trickle down economics

  9. Boulder Dam • Public Works project • $700 million into circulation

  10. Bonus Army • 10-20,000 WWI Vets • Patman Bill voted down • MacArthur actions • Last nail in Hoover’s coffin

  11. 1932 Election • Hoover’s economic policies ineffective • Democrat Franklin Delano Roosevelt elected

  12. 23:1 The New Deal

  13. New Deal PlatformRRR • Alleviate effects of depression through relief, recovery, and reform • “The only thing we have to fear is fear itself”

  14. Four Freedoms

  15. FDR’s Brain Trust • Pre-term advisors

  16. Fireside Chats • Radio addresses • Bully pulpit

  17. First 100 Days • Special session of congress • 15 pieces of New Deal legislation

  18. Emergency Banking Relief ActEBRA • Bank Holiday-banks closed to prevent withdrawals • Restore confidence in banks

  19. Glass Steagall Banking Act 1933and the FDIC • Federal Deposit Insurance Corp. • Federal insurance to private banks • $5000-$250,000, $400,000 • Restore confidence in banks

  20. Federal Securities Act and the SEC • Securities Exchange Commission created • Regulates stock market • Restore confidence in stock market

  21. National Industrial Recovery ActNIRA • Ensure fair business practices and promote industrial growth • Child labor laws, set prices and wages, unionization, etc.

  22. Agricultural Adjustment ActAAA • Paid farmers to lower production to raise prices • controversial

  23. Tennessee Valley AuthorityTVA • Works project • Flood control, hydroelectricity • Impoverished Tennessee Valley

  24. Civilian Conservation Corps • Works project • Men 18-25 • Building and conservation projects • $30 month/$25 home • controversial

  25. Federal Emergency Relief Administration • $500 in direct relief to needy and in indirect relief works projects

  26. Public Works AdministrationPWA • Created by the NIRA • Gave money to states for public works projects

  27. Civil Works AdministrationCWA • Federal works projects including schools and teacher jobs • Created 4 million jobs

  28. Home Owners Loan CorporationHOLC • Government loans to homeowners to prevent foreclosures

  29. 21st Amendment 1933 • Repealed 18th prohibition amendment • “What America needs now is a drink”~FDR

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